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KirkB

Advice On Upgrading Boat

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KirkB

Hey what's up everyone?  Long time, no post but I've been out enjoying the VTX a lot!  Anyways, I was looking into upgrading to a LSV this spring most likely and was looking for tips/advice.  My current boat, also my first boat purchase, was done through Essex and the whole process was kind of a pain.  If buying from a private party is it possible to just get pre approved so when you find a boat you can pay with the check or does the loan company need to approve the purchase? i.e. boat inspection and all of that?  It would be nice to purchase through a dealership but I'm not sure I can find as good a deal.  I also have a boat I'm looking to unload and as I'm sure they'll take a trade in, I feel they'll probably low ball it in order to make money on the deal.

If you're on your second boat, or third, or fourth, or fifth lol how did you guys do it?  I'm assuming I'll have to go without a boat for a little while :cry:

 

Thanks in advance for any insight everyone!

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ahopkinsVTX

Are you looking at shopping used or new? If new/leftover stock most dealers have good financing in house where they work with local lenders. If used I’d shop around local credit unions. They seem to have the best rates, at least here. 

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KirkB

Used.  Probably 2015-2017.  Depending on the price of course.  I have a price in mind so it's more of a matter of what I can get for the number.  Definitely want to go the 23 LSV route though.

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ID AX

We are looking at our 4th boat in 8 years and 3 of them have been new.  Our first boat was used but at a dealership.  I have traded every single one in on the next one. We only pay tax on the price difference so the lower trade in value is somewhat offset.  Plus, I don’t have to deal with demos and financing for the buyer.  I have a potential buyer for my ‘15 LSV and he has already been told it will be a pass through at the dealership.  I will pay for all the paperwork so it doesn’t cost him anything and I get full price plus tax benefit.  If you have a good relationship with a dealer it might be worth looking into all your options.  Their are a crap ton of used LSVs on the market right now.  

Edited by ID AX

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rakr

Ill second @ahopkinsTXi comment on a credit union. The big one local to west Michigan was a full point less than any other bank or marine lender I spoke with.

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rakr

Also, I got pre approved by the CU in advance and they did a credit check, and based the approval based on some assumptions. Better to go higher than lower. As far as actual payment to the current owner, I would check with the bank as to the actual protocols. 

There is a possibility that the current owner will also have a note, so there will be some coordination between the banks on title transfer. I could speculate, but I would defer to your bank of choice. 

I would recommend getting pre approved sooner than later because if you drag your feet, you find the boat! 

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KirkB
1 hour ago, rakr said:

Also, I got pre approved by the CU in advance and they did a credit check, and based the approval based on some assumptions. Better to go higher than lower. As far as actual payment to the current owner, I would check with the bank as to the actual protocols. 

There is a possibility that the current owner will also have a note, so there will be some coordination between the banks on title transfer. I could speculate, but I would defer to your bank of choice. 

I would recommend getting pre approved sooner than later because if you drag your feet, you find the boat! 

That's what I'm thinking too.  I figure if I'm pre approved I can find the boat I want and don't lose it in the process of getting approved.  A dealership sounds like the smoother route but I don't have any real close to me.  Boulder Boats has some nice ones but they're a ways away.  Now I'm seeing some people being put at the back of lines for not buying their boat at the service shop they use.  I wonder if that's happening to me now lol.   

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