Selling my boat tips

[garwood]

I'm ready to sell my boat. It's a Maxum 19' bowrider. I was pretty happy with the boat, but my family and I are ready for a bigger boat. The problem is, it's a year 2000, and I'm upside down in it (I owe more than it's worth). I haven't called the bank yet, but I was wondering if any of you know - Will I have to pay the difference right away? And does anyone have any good tips and what to look out for while selling a newer boat?<br /><br />Thanks in advance for any help.<br /><br />Mike.

 

[DJ]

Re: Selling my boat tips

Yep, You need to pay it off first. You'll need the titles for the boat and trailer in your hand when you are selling it.<br /><br />I would not consider buying a boat that the title is the hands of the bank. Been through that firedrill-never again!<br /><br />Take cash or certified (bank) checks only. No money orders ar personals. <br /><br />Be prepared to demo the boat to the prospective buyer. Have it CLEAN, CLEAN, CLEAN.

 

[cole1340]

Re: Selling my boat tips

Hello Garwood,<br />I don't want to sound mean but, you are NOT ready to sell your boat. You can try and trade it in but then you will be upside down in the new boat because the difference will be tacked on to the new boat price and you don't want that. If it were me,I would buy a box of straws and tell my family to suck it up until I could at least break even selling it. Maybe one more season? Double up on a few payments? <br />Do what djohns19 said and make sure it is Clean, Clean, Clean. If you MUST get a new boat right now, make sure you have the cash to pay the difference in hand before you try to sell the old one. Call your bank and find out what the 10 day payoff is and figure out what you can get for your boat (NADA.com) and then make your decision. Could be a little or it could be alot?<br />Good Luck.

 

[Pursuit2150]

Re: Selling my boat tips

I don't know what kind of a loan you have on the present boat, or how much you owe,plus the new price difference!. But you might consider a home equity loan, or a home equity line of credit. That way the loan interest is a tax deduction. Shop around at the local banks. In NJ you can get a Equity loan for about 6% or less. Try Commerce.