HUMPH
Well-Known Member
- Nov 4, 2009
- 7,618
- Boat Info
- 2003 410DA
2009 Walker Bay 13’
- Engines
- CAT 3126TA's 350HP/
50HP Honda
I should have corrected....$250K for single $500K for a couple. Besides, a second wife is not worth $250K is she?
Financing
- Thread starter Tallmans
- Start date
I should have corrected....$250K for single $500K for a couple. Besides, a second wife is not worth $250K is she?
Mr Salt
New Member
- Jun 14, 2008
- 632
- Boat Info
- Raymarine/Raytheon electronics, Sat TV, Yacht Controller
- Engines
- 2003 Caterpillar C-12s Twin Disc Transmissions
This is a high risk loan on a boat with only 10% down. You will be upside down the day you close, remember a baot slaesman gets 10% commission. This looks like a loan that has insufficient collateral and I am surprised you can that good of a rate, especially 90% financing. Look at the other thread that is currently on the board for financing. Buyer beware.
Tallmans
New Member
Mr Salt,
Thanks for your insight. Do you think $45k for a new 2007 260 SD is a bad deal? My research tells me this is a decent deal. I know the dealer is getting a rebate from Sea Ray, hence why I can get it for $45. List on this boat was $61k, realizing this boat is now 3 years old.
Thanks for your insight. Do you think $45k for a new 2007 260 SD is a bad deal? My research tells me this is a decent deal. I know the dealer is getting a rebate from Sea Ray, hence why I can get it for $45. List on this boat was $61k, realizing this boat is now 3 years old.
Mr Salt
New Member
- Jun 14, 2008
- 632
- Boat Info
- Raymarine/Raytheon electronics, Sat TV, Yacht Controller
- Engines
- 2003 Caterpillar C-12s Twin Disc Transmissions
I am not trying to value the boat, I am not qualified to do so. Nor am I saying the deal is good or bad. The boat is worth what someone is willing to pay for it It looks to me that if you are the first owner the value of the boat is $45,000, the bank is looking at the boat as collateral. If the value is $45,000, the day after you buy it it is worth $40,500 after deduction resale commission. Interest rates reflect risk, the 10% down raises the lenders risk to a very high level. No lender wants the collateral back but if they have to take it back they would like to get their principal back from it.
I hope this helps a little.
