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Started By
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Boat Buying Process from an Individual??
Posted on 4/27/17 at 7:15 am
Posted on 4/27/17 at 7:15 am
I have never bought a boat (or a car) from an individual. What is the process/paperwork needed?
If I go into my bank, what are they going to require? I am sure it will be more than me showing up and saying, lend me $xxxxx for this boat I found this guy is selling and I want to buy. What if said guy is still paying on the boat and his bank has the title? TIA
If I go into my bank, what are they going to require? I am sure it will be more than me showing up and saying, lend me $xxxxx for this boat I found this guy is selling and I want to buy. What if said guy is still paying on the boat and his bank has the title? TIA
3
Posted on 4/27/17 at 7:21 am to WPBTiger
Y'all agree on a price. Go to your bank or financial place of choice, they will work with his bank that it's currently financed with on paying out the balance so they can receive the title and you'll sign all papers at your bank
Posted on 4/27/17 at 7:34 am to ItFliesItDies
quote:
Y'all agree on a price. Go to your bank or financial place of choice
Should have mentioned that we are also four hours apart.
Posted on 4/27/17 at 8:02 am to WPBTiger
You give him money, he gives you boat.
Posted on 4/27/17 at 8:06 am to WPBTiger
Easiest way I have done a purchase with distance involved like that was to take out a personal loan before hand. Cash or Cashiers check in hand, make the deal. Meet at his bank, bank knew ahead of time and has the title in hand. Pay off his loan, bank releases title, with lien release letter, transfers to you with bill of sale and everyone leaves happy.
At the time, boat loan rates and the signature loan rate I had were so close I didn't even bother to refi, but once home you can swap to a boat loan if you need to.
At the time, boat loan rates and the signature loan rate I had were so close I didn't even bother to refi, but once home you can swap to a boat loan if you need to.
Posted on 4/27/17 at 8:44 am to Chris4x4gill2
Easiest deal to make is you have cash and they have title.
Avoid the whole bank bullshite.
Avoid the whole bank bullshite.
Posted on 4/27/17 at 8:55 am to Chris4x4gill2
quote:
bill of sale
Not needed in Louisiana. The notarized title serves as the bill of sale.
Posted on 4/27/17 at 9:16 am to WPBTiger
don't you need to do a title transfer on the trailer?
Posted on 4/27/17 at 9:20 am to Chad504boy
quote:
don't you need to do a title transfer on the trailer?
Yes. There will be 2 titles. One for the trailer and one for the boat and motor. You can go to a title place to do the trailer. They will also notarize the title for the boat but you will have to mail that to wildlife and fisheries. You will only pay taxes on the trailer. I valued mine at $100.
Posted on 4/27/17 at 10:10 am to Chris4x4gill2
Do you need to go to bank with a purchase agreement or some other document to start loan process?
Posted on 4/27/17 at 10:14 am to WPBTiger
Call your bank and ask them what they will need. The easiest way is to pay cash then go get a loan with title in hand.
This post was edited on 4/27/17 at 10:15 am
Posted on 4/27/17 at 12:04 pm to Janky
quote:
Not needed in Louisiana. The notarized title serves as the bill of sale.
In AL and TN boats aren't titled.
Posted on 4/27/17 at 1:19 pm to Chris4x4gill2
And in AL your trailer doesn't need a tag.
And in AL, if you don't get the registration card from the previous owner to turn in when you register, you're potentially screwed.
And in AL, if you don't get the registration card from the previous owner to turn in when you register, you're potentially screwed.
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