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Posts: 1237
Location: South Portsmouth, KY | Hey guys. im lookin at buying a boat thats 500 miles away.obviously i want to test drive it first but how does one go about gettin a loan to a guy thats 500 miles away without makin a dozen trips up there and back? the bank wont let me take out a loan without having the title first.
Edited by muskie_man 8/15/2011 1:42 PM
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Posts: 1767
Location: Lake Country, Wisconsin | Check out other banks Justin, the bank should not need to have the title upfront, rather give you a few weeks past the sale date to turn it into them. I have gotten 2 bank loans from different institutions and I had to provide them with boat type, model, make, year. etc. only.. |
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Posts: 216
Location: Elk River, MN | I just bought a boat out of Texas and the bank required the title before I got the loan. I was surprised as well.
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Posts: 512
| My bank gave me a line of credit so i could go purchase the boat over the weekend, then when i came back in monday, they just did the loan..
cost a few bucks in interest, but was the only way i could do it..
Dave |
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Posts: 470
Location: Blaine, MN | Put up some type of collateral (i.e. truck or HELOC) and get a general loan for the $ amount you intend on buying the boat for. That way you go through all of hoops prior, and get the loan and can show up for the test drive with cash in hand. 1 round trip.basically instead of the bank being on the title to your boat until payoff, if you used a vehicle/home other asset as collateral they would just be on that title instead until payoff. |
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| Working in the banking industry, I think the idea of securing a line of credit ahead of time is the way to go. Issues with boat titles have been around for a long time. People selling boats that they still owe money on, etc. When I worked in Michigan, our biggest competitor was very easy to get a boat loan from but when the boat ended up not having a clear title, the borrower was still on the hook for what they borrowed. They owed money and didn't own the boat. |
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Posts: 2068
Location: Appleton,WI | i live in wisconsin and bought my out of florida didnt have any problems with getting a loan with out a title check around at differant banks. |
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Posts: 1887
Location: syracuse indiana | well here in indiana , the state must have the title to get you the plates, then the state will send the title to the bank, they cant ask for it becouse of us paying the state the tax and such and the bank still gets their title |
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Posts: 216
Location: Elk River, MN | I assume to get plates you are referring to the trailer title vs. the boat title. In MN, the DRN doesn't charge sales tax on the boat so we just have to pay sales tax on the trailer.
Also, I went with Bank of America and ended up with 6.37% |
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Posts: 60
Location: Colgate, WI | Bought our boat out of North Dakota. Took a combination of Bank Checks and Cash. Paid taxes and registration when we got back to Wisconsin.
Pretty easy deal, but the seller was a good guy and the boat was as represented.
Blair |
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