Financing ??????

[2fast4u2]

Yes i know banks are not lending the money like they used to...but here is the question.

I am looking at a 22 talon or a 24 skater. When I call the bank and ask for the loan value they simple tell me to NADA it and add the options on that it has and then add the motors on seperate since its an outboard.


When I do that, an '89 24' skater with twin late 90's 225 promaxes kicks out a value of around 16,000 dollars (average retail price).

WTF?

[gregpro50]

NADA is worthless when it comes to boats.

[2fast4u2]

NADA is worthless when it comes to boats.

I definately got that! I am checking on some twins engine eliminators, and some single engine talons and it never says it is worth more than 14k with motors and tailor and all the stuff!! wtf???

[Fuzzbutt]

I agree that NADA is a bit out of touch with boat prices.

I just did my boat and got $1460 for the boat, $105 for the motor and $155 for the trailer.

[Ziemer]

Yes i know banks are not lending the money like they used to...but here is the question.

I am looking at a 22 talon or a 24 skater. When I call the bank and ask for the loan value they simple tell me to NADA it and add the options on that it has and then add the motors on seperate since its an outboard.


When I do that, an '89 24' skater with twin late 90's 225 promaxes kicks out a value of around 16,000 dollars (average retail price).

WTF?

If you are considering financing, make sure you check on insurance before you finalize any deals...The 24 Skater can be difficult to insure and if you are able to find proper insurance, it's gonna be a min of $3k per year.

[merctwofive]

NADA is worthless when it comes to boats.
Obviously not to banks. I think we here know the value of the boats is higher because of what they fetch on the street. The problem is you aren't going to be able to get John Q. Bankmanager to buy into it. Just the way it is. The only way to get around it is to pay cash. My boat NADAs for around what I'm asking for it and I think it's a fair price. I think a lot want their boat to be worth more because they value it, not what others like banks value it for. When you're trying to get a loan, that's all that matters. JMO

[Fandango]

If you are considering financing, make sure you check on insurance before you finalize any deals...The 24 Skater can be difficult to insure and if you are able to find proper insurance, it's gonna be a min of $3k per year.


Very good point, my buddy had to walk from a deal about a year and half ago because getting the insurance became such a hassle

[Matt Gent]

Financing a 20yr old boat (or any boat for that matter) is a bad idea. This is what the bank is telling you.

[qctracing]

Yes i know banks are not lending the money like they used to...but here is the question.

I am looking at a 22 talon or a 24 skater. When I call the bank and ask for the loan value they simple tell me to NADA it and add the options on that it has and then add the motors on seperate since its an outboard.


When I do that, an '89 24' skater with twin late 90's 225 promaxes kicks out a value of around 16,000 dollars (average retail price).

WTF?

With good credit nowadays Credit Unions will not loan 100% of Nada so now your really sol. Especially on boats. If NADA is $16k on a Skater and the boat you want is $25,000 expect to put down at least $12k

[deadeye99]

I know it's not popular, but I agree with Matt Gent. I had a 24 Skater in the 90's. Insurance over 3k back then. Also gas, racing oil, motor repair, rebuild, trailer tires. Buying the boat is the easy part. If you have to finance it where is the money coming from to run it?

[skydog]

Yea buying a bigger Cat is a pain........... And that is just the start of it all...hahah