Boat financing process?

[boatman37]

So still working on a deal with the 2006 Crownline but have a few questions about the financing and transfer process and thought maybe somebody here has been through it and might have some input. I went through Essex Financial and was literally approved in 15 minutes a couple of weeks ago. Survey and sea trial is scheduled for this Wednesday. The current owner has a bank loan that needs to be paid to release the title. I spoke with Essex the other day and once they receive all paperwork they will wire the funds to the current owners bank to cover the payoff. My question is what happens now? Do they hand the title to us to go to a notary? Or do they mail the title to Essex and we do a power of attorney type thing? About how long would/should this process take?

Just curious as to when we might expect to get the keys to the boat. Getting to be that time of year and we might only get a couple of weekends on it before we have to pull it. Assuming I have the survey report Friday and get everything sent to Essex (they need copy of insurance, survey, copy of current registration, current payoff, etc). I would think by the middle of next week the sellers bank would have the funds and we can do the transfer, meaning we could be on the water next weekend? That's my hope at least.

We have really been having issues with this whole deal but after a bunch of phone calls today I think we are good to go now. The boat is winterized and the shop said it will be ready tomorrow afternoon.

 

[PMC]

Contract, survey, go or blow decision, finalize paperwork, wire funds, go boating!
I did all the paperwork out of state via FedEx and it took 10 days from beginning to end.

My experience with Essex was not good, and I eventually fired them. I found another agent, polar opposite, that understood all my concerns (logistics and timeline), and was a rock star! IMO having a good agent is key to organizing the process and minimizing stress level

 

[scooper321]

Yes to the power of attorney. You’ll get keys at settlement. The settlement company will pay off the bank and get the paperwork done for titling. You’ll get temp title papers at settlement. The actual title will come along later. A lot like buying a house.

 

[Bentwings]

Looking at a 1998 SR 450 Sundancer. The boat is loaded and looks very nice.

I’m interested in following this thread. I’ve been working all summer on trying to arrange a loan. Most cases the year of the boat is too old. 1998. Then the value is too high. $110,000.
As soon as I say liveaboard they can’t hang up quick enough.

I did talk to Essex. They will not pre approve the loan but are not afraid of live aboard or age. The problem I see here is I don’t have a very good bargaining chip. I don’t feel I can strike a good deal without the loan in hand. I would think the broker would not view me as a serious buyer. Plus as noted they don’t have a very good internet rating.

I have not done this before so I admit to being a greenhorn.

The survey is turning out to be a lot more than I was ready for. It could go over $2000, possibly more. Right now it looks like Aug 20 would be the soonest the survey could be done. Since the boat is out of the water now it may help in the end as the surveyor wants to see it both ways so the broker could leave it in the water until the loan either goes through or not. Then I will have to foot the bill for haul in and out.

Our boating season ends Oct 15 somit would be a stretch getting ready for winter liveaboard. I may have to just park it until next spring. The marina said they could make a door or entrance in the shrink wrap so I could get in it whether of not it is in the water. Plus I could do what ever work on it I wanted within reason.

Insurance was another shock. $6000 per year. My own car insurance quoted the boat at $2400. This was the lowest. Unfortunately they have not sent me the hard copy yet. There are two other quotes in between.

This has got to be the most complicated purchase I’ve ever been party to. My last house was over and done with in one day. I already had the loan pre approved, insurance was easy, we looked at the model and completed the purchase the next day.

Maybe I’m just in over my head and need to go back to the 37-38 foot boats.

Byron

 

[aerobat77]

I’m interested in following this thread. I’ve been working all summer on trying to arrange a loan. Most cases the year of the boat is too old. 1998. Then the value is too high. $110,000.
As soon as I say liveaboard they can’t hang up quick enough.

well, i see in your profile and other posts you are 76 years and you are asking for a 15-20 year loan for a toy which now is already 20 years old .

after payoff the boat is 40 years old and you are 96 .

i guess no serious bank is seeing a useful project in it .

should you be a retired person with a pension please be aware a 450 sundancer is capable to overhelm your monthly income by just topping off the fuel tanks , not to mention maintanance / insurance / marina costs as well payoff the loan .

and you may enter very costly repairs with the engines /drives and much more.

when it comes to live aboard round the year i would say any plastic hull is a bad idea , the 450 sundancer no exeption .

what is your exact plan on handling this project ?

 

[Bentwings]

Thanks for your very straight out observations. Yes I’m considered an antique by many. However I am in excellent health. I walk 3-12 miles a day every day with my dog. No umbrella when it rains. We do blizzards too. I did play senior baseball (not softball) until I was 72. I’d still be playing except for eye problem.

So yes age and end of life is a consideration. I’m ten years into retirement. I still work part time in a trailer construction and fab shop. I also drive my classic car with the car guys. No longer do shows however. I don’t own new cars nor ever will.

Sitting around playing tiddley winks or card games isn’t in the picture. I don’t smoke,drink or do drugs and I’d like to think I eat healthy. My docs say there is no problem with my diet. I actually weigh less now than I did when I graduated from HS.

As far as the boat project I’m well aware of the fuel costs and other maintenance costs. You are right about potential major
Problems. Blowing a rod out of a big diesel would be catastrophic. However it doesn’t happen very often and is usually a result of poor maintenance. Certainly crawling around in the engine room of these boats is not easy. I do most of my own car and truck repair and I’m not opposed to getting dirty. My diesel pickup has 410k miles on it and I’ve done most of the maintenance on it. It’s been through all the oil modifications and the changes to low sulfur fuel and now biodiesel so I’m aware of diesel issues.

After talking to the surveyor and noting what he does, I can see why he charges his price. The motors and trans. get oil analyzed. Then run and tested in a sea trial. He would do a lot more than I expected. I can test the coffee maker, washer/dryer and cooking devices. He will check the electrical systems that I would not. Testing the hull both in and out of the water as well as all the systems that are under cover is what I would pay for. His rep. and qualifications are stellar and I’d feel pretty confident that the boat would be fully operational and in excellent condition for the age if his survey is good.

While we never know when we will die, we do look ahead. I have enough life insurance to cover the boat and have assigned what happens if I go early. I have a younger sister that is like a second mother to me. If she ever gets control of me I’ll have to wear a collar shirt to dinner and wash behind my ears. LOL

I’ve already looked into purchasing a small home in the country. They are incredibly expensive for what you get. I don’t want a hundred year old hobby farm with an antique house and broken down barn. Nor do I need 3 bd, 3 bath, 3 car garage that none of my vehicles would fit in. I have a 1150 sq ft apartment now that I use less area in than the boat has.

I don’t intend to go hotrodding the boat. Just easy cruising and relaxing time. Even just sitting on the deck at the slip watching the sun rise and set would be something I’d do. Close to the city but away from the masses.

So thanks for your questions.....well received.

Byron

 

[scooper321]

Thanks for your very straight out observations. Yes I’m considered an antique by many. However I am in excellent health. I walk 3-12 miles a day every day with my dog. No umbrella when it rains.

Love the spirit in your post! But... use the umbrella...

 

[aerobat77]

thanks for the reply and please do not read any 'insults' in it -quite the opposite ! a great idea and respect you have the willingness with your age.

but i,m wondering if you are aware of potential running costs of a 450 sundancer and if you can afford it . a cat diesel will not throw you a rod , but failed injectors and a hole in the piston might also be not pretty . it has a lot of technology inside which is aging.

i,m also wondering in your choice . a 450 is surely a great boat, but designed to have fun , cocktail partys and some chicks on the bow during summer months , not for living aboard year round i quess .

i would assume a steel hull trawler style with a fully enclosed cockpit might be an idea , not a canvas zipped open cockpit during freezing temperatures .

just saying before your dream becomes a nightmare.

 

[Bentwings]

Hi, you are not insulting at all. Far from it. I like straight out questions, logical thoughts and conversations.

Let’s look at the trawler. Yeah, big with plenty of room, shorter somslip costs would be less. Nice slow pace. In my life style this would equate to a model T sedan or touring car. Not even a Coupe. A friend even had one in HS that I helped him and his dad restore. It even had a hand crank to start it.
It was fun then but now, nah. Maybe a big old Caddy or Lincoln 40’s era town car. Nope, I’m not in the big old classic club.

I just sold my ‘41 Willys Coupe with a supercharged small block Chev. About 500 hp and 2800 pounds. It was a fun build and I drove it 25k miles. The only car I’ve ever sold that I made money on. I miss it dearly. It was most weather capable except snow. Truth be told it was violently fast car to be cruising back roads.

So back to the trawler..... I would view it as a tug boat. Put a big bumper on the bow and make a streetrod boat. Not sure what to call it..riverrod boat? LOL

The SR would be more like my big Buick RoadMaster Estate Wagon. It’s considered an “old people’s car”. However these come with a Corvette motor and towing package that gives a good rear end ratio. It make these big “ land yachts”. A true performance car yet capable of 22-24 mpg on reg gas. Mine does this easily. It could carry 8 people and tow a 21 foot SR cutty in AC comfort. It’s a fun car to daily drive. I suppose one could call it a “land trawler”. LOL

As far as parties and intertaining and cute chicks, I’m not a good host. Nor do I attend these things. Yeah, I’m an Owl I guess. I would maybe host a breakfast, lunch or dinner with the hotrod guys and a sedate cruise of the local river. There would be a mini car show in the parking lot. We do these things. I don’t even have a TV set. There is a reason but that’s for another thread. I can intertain myself with various hobbies and my dog.

Blowing a rod out, this is more of figure of speech we use in the streetrod community. Certainly burning a piston is possible. I’d be really disappointed if that happened. I drove my hotrod Willys for at least 3 years an never used more than 2-3 pounds of boost. Yeah these diesels have sophisticated computer control but are much better than mechanical control. Granted you really can’t hop them up or modify them but it’s not necessary anyway. So you can see I’m pretty easy on parts as we say.

I’d be more worried about running aground or hitting something submerged. The Miss has ever changing bottom but the channel is very well monitored so paying attention to the area....situation awareness as we were taught is the name of the game.

I don’t talk on my phone while driving so it would be the same on the boat with radio communication being the exception.

Even when walking my dog the phone is there only for emergency...not playing stupid phone games. Oops sorry I hit a nerve.

Yes winter is a concern. I have spoken with a couple people that currently are live aboards. I received a good education of what needs to be done. They have no real problems. Even -20 below and ice storms while challenging are no more so than living in this apt.

Sorry for these very long replys. I’m not an English major but noted as one who can wear out a keyboard.

The door is open....come on in.

Byron

 

[bahamabreisus]

Bentwings, as a liveaboard in North Carolina, I still find our winters challenging to say the least. Our marina has a habit of turning the water off for weeks or more. I would imagine your water will be off the entire winter. Do you have a plan for water.

 

[Bentwings]

Turns out the three selected marinas all have full time electric and water. Somehow the water hose is submerged then you pull it up and uncap it and hook your white hose to it. The people say that it’s more of a problem draining you own white hose completely and hanging it up properly. We get really cold weather like -20 and more for a couple weeks. The underwater bubbler takes care of ice in the slip. They also come by once a month to pump the black tank..more if you need it. Most people use the club house....at least those that don’t have to “ go” ever hour.

I did live in Lexington NC for about 5 years. We had a near record snow the first year. I was the only one that had a snow shovel in the area. The only ones that made it to work that day were us “Yankees” . The only ones crazy enough to drive in the snow.

Oh oh the power just went off. Gotta go.

Byron