Thread: Boat value

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  1. #1
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    Boat value

    Why do lenders only look at the base price of a boat, motor and trailer? I'm looking at a 2018 Ranger Rt198p with 36 hours on it. It has 2 Solix 12's, Ultrex with I-pilot, Humminbird 360 and other add ons that add up over $10,000. Why aren't these figured in with the value of the boat? The price of the boat is in the mid 30's but lenders only see the base model price and that it's 'used". This boat doesn't have a scratch on it and the motor still has warranty till the end of 2023. So if I order a new boat with all these options on it I can get financing but not on a gently used boat? Don't get me wrong, I can still get financing but I have to bring a big load of cash to the table because they only look ar the base value of the boat.

  2. BBC SPONSOR
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    #2
    NADA and boats is much different that the auto side of NADA. There is no adds or deducts for condition on hours like mileage on a car. There is also no regional adjustments so a 5 year old salt water used boat carries the same value as a 5 year old low hour Michigan boat. The other thing you are up against is that some banks use different value systems. Some allow adds for equipment and others don't.
    When it comes to equipment, most of the $$ items on a bass boat are screwed on. In banks eyes, they can also be unscrewed and removed and the "value" is now gone.
    If you don't mind me asking, what finance options have you tried already?
    Let me know if we can help.
    Thank you,
    Ken
    (517) 543-6921 - Office

  3. Lenny B LennyB's Avatar
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    #3
    Because it's an investment for them and the add-ons are easily taken off and sold if the loan goes sour. The boat, motor, and trailer have titles with VIN numbers that are easily traced and require licensing/registrations to use legally.

  4. Member
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    #4
    Thanks for the information. I didn't realize NADA was so different between boats and autos. I noticed your impeccable reputation at Reclending Ken and I will fill out an online application and see what we can work out. Thanks.

  5. BBC SPONSOR
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    #5
    Let me know when you send it.
    (517) 543-6921 - Office
    Thank you,
    Ken