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  #1  
Old 09-16-2015, 01:03 PM
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GuitarMan GuitarMan is offline
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Default Need some advice on selling my boat

I am working on selling my boat, but I will need payment from the buyer to send to my lending institution to clear the title.

Any suggestions on how I can do that while making the buyer feel comfortable that this is a legit transaction . . . what are some ways I could reassure him?

Any advice would be much appreciated.

Thanks!
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  #2  
Old 09-17-2015, 06:18 PM
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CI_Guy CI_Guy is online now
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I bought a boat under those conditions a few years ago. The seller was very upfront about the loan needing to be paid off. We both talked to our bankers and set up a wire transfer. We met at the sellers bank, my bank wired them the money, I was given the title and the seller a check for the balance.
A lot of boats have loans on them so it shouldn't be surprising to a buyer that there is a loan on the boat. Just be honest and upfront about it.
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Old 09-18-2015, 06:49 AM
Frontier Mule Frontier Mule is offline
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I would not be too worried if you are getting enough to pay off the loan. Just be upfront with the buyer. I am a banker and have made many calls for my customer's prospective buyers ensuring that with payoff the boat will be free and clear.
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