loan values

[DAULEY]

how does a bank dertermine the amount they will loan on a boat

[gold-n-rod]

how does a bank dertermine the amount they will loan on a boat

My credit union will loan up to 100% of NADA Book retail (plus all the add-ons, see price guide).

[DAULEY]

i have a buyer for my boat but they want to get a loan for 90+ %of selling price will a bank do that
i do not want to except offer if this is not feasable

[gold-n-rod]

i have a buyer for my boat but they want to get a loan for 90+ %of selling price will a bank do that
i do not want to except offer if this is not feasable

A lot will depend on his credit worthiness (as determined by his credit scores) and his relationship with his lender. I'd collect a non-refundable deposit and give him 3-5 days to secure financing. If he's not sucessful, the boat goes back on the market. If he won't pay the deposit, boom..... there's your answer, he's not serious.

PS: Per my above post, my credit union will also add to the loan any taxes and fees related to the sale (sales tax, registration, title fees, etc.).

[DAULEY]

thanks randy

[Carl C]

Randy got this one right on! Good luck with the sale. The deposit needn't be huge but should be enough to pay for re-advertising the boat.

[DAULEY]

i asked for a 250 deposit to be paypaled to me by 1oclock today and said i would give them to tuesday to get loan will see if i get deposit