Buying boat with loan on it...

[webbow]

Buying a boat from individual who has a loan on boat.
What's the best procedure if I am paying in-full?
Thanks in advance...

[barbarian]

IMO, you need to personally get to talk with a loan representative of his to discuss payment and document transfers.

[Bassman Ia.]

Better have a clear title in hand.Best thing to do is accompany the owner when he pays the boat off. Every lending institution can repossess that boat if it isn’t paid off—— even if you own it

[nitro61]

Go to the bank that has the loan and let loan officer handle the trsansacation.

[bassnman81]

I wouldn't do it myself, but if I did I would only do it at his bank or lending institution to make sure there are no liens on it and the title is clear. It can be a nightmare or not. Lots of boats for sale here that might be worth taking a look at.

[WVBullet]

I done that with an out of state boat. My bank stayed in contact with his bank and when I said ok they wired the money and done. Went smooth.

[webbow]

Ok...thanks! It's the pits but some good deals out there.

[barbarian]

It can be a little more work on your end, but 100% safe (possibly more so) and 150% worth it for right boat / right deal.

[Chainslinger1959]

Go to the bank that has the loan and let loan officer handle the trsansacation.

That’s the best way.

[Matt1212]

I done that with an out of state boat. My bank stayed in contact with his bank and when I said ok they wired the money and done. Went smooth.

This is how I always do it, let the banks handle it

[DaveTTN]

Every boat I have sold over the last 30 years has had some remaining balance on it. It is no big deal, just let the banks handle the transaction. Someone said make sure you have clear title. Some states like here in Tennessee don’t title boats so just get a bill of Sale from the seller with all the details. Also the bank should be able to provide documentation on the transfer of loan.

[BMCD]

If you can get a bank involved, take a loan and pay it off 2 months down the road.

I have sold several boats always with a balance owed. The bank 2 bank transactions are very smooth, if they do not have titles in hand you can sign a POA to get the titles mailed directly to you when the payoff is received. A signed Bill of sale is your protection.

[Highcentered]

I would guess very few newer boats for sale are paid for in full.

[rivertrail]

Yep I bought one last year. Went to his bank where he had the loan and paid them directly and paid the seller the balance. Worked perfect and wasn't a problem at all.

[joefish]

Go to the bank that has the loan and let loan officer handle the trsansacation.

This is what I did recently when I bought a boat out of state.

[Sam378]

I would guess very few newer boats for sale are paid for in full.

I just sold my 2019 Phoenix that was paid for, ran deal through my dealer and ordered the new one, paid the small remaining balance and boom it’s paid for too. Much better that way. I won’t own a boat with a note on it

[itsahog]

Go to the bank that has the loan and let loan officer handle the trsansacation.

this, and if this seller doesn’t like it, then walk away from the deal.

[Ththomp2]

I’d bet it’s quite the opposite and 75% are bought with no loan needed. Now the used market...bet a lot of those purchases are financed.

I would guess very few newer boats for sale are paid for in full.

[tx_basser]

I sold my last boat that way.. I sent the guy screenshots of my making the online payment to pay off boat after I received his money. It all is up front and open it should be be fine.

[Riccochet]

Work directly with the sellers bank. I sold a vehicle that still had a loan. The buyer paid my bank the full amount I was asking, which was more than my loan remainder. The bank paid off the loan and cut me a check for the difference. They also handled the title transfer to the new owner.

It was very easy and the bank handled all the money.