Home   |  Message Board   |  Information   |  Classifieds   |  Features   |  Video  |  Boat Reviews  |  Boat DIY
Boat trade with open loan? - Walleye Message Central
Walleye Message Central

Go Back   Walleye Message Central > Boat Financing (Sponsored Forums) > Boat Loans / Extended Warranties 101

Reply
 
Thread Tools Display Modes
  #1  
Old 08-10-2021, 07:04 AM
FinmanPoozie FinmanPoozie is offline
Keeper
 
Join Date: Apr 2012
Location: North New Jersey
Posts: 269
Default Boat trade with open loan?

The last 3 boats I traded were paid off & I had the title in my hand. That was simple. Dropped the old boat off the same day I picked up the new 1.

But, I'm looking at a trade in again & have a loan on the current boat. How do you guys normally do that? Assume I'm not upside down in the loan to keep it simple.

With today's boat supply chain delays, I'd like to hang on my boat until about 45 days before an expected delivery & I'm very OK with a 6-7 month wait time on an order being shipped. 45 days or so lets the loan be paid off, the dealer get the title & the 3 credit agencies getting the "paid" notification which boosts all of the FICO scores ahead of the new loan app approval.

How does it work? Do I lose my boat months ahead because that's part of the deal?

All of my FICO 8 scores are in the low 800s, so getting a loan is a non-issue. I have the budget to swing 2 boat loans if needed. I'm not sure with being in the 800s if getting another loan would even be approved, despite being in the 800s. I'm new to the 800+ party.

Feel free to chime in because I'm pretty lost with how it's done. I know I could ask the dealer, but I have more faith in most of us here over what a dealer says.

Happy Fishing!!

Last edited by FinmanPoozie; 08-10-2021 at 07:06 AM.
Reply With Quote
Sponsored Links
Advertisement
 
  #2  
Old 08-10-2021, 07:35 AM
bbheli bbheli is offline
Wallhanger
 
Join Date: May 2018
Location: Illinois
Posts: 1,106
Default

Quote:
Originally Posted by FinmanPoozie View Post
The last 3 boats I traded were paid off & I had the title in my hand. That was simple. Dropped the old boat off the same day I picked up the new 1.

But, I'm looking at a trade in again & have a loan on the current boat. How do you guys normally do that? Assume I'm not upside down in the loan to keep it simple.

With today's boat supply chain delays, I'd like to hang on my boat until about 45 days before an expected delivery & I'm very OK with a 6-7 month wait time on an order being shipped. 45 days or so lets the loan be paid off, the dealer get the title & the 3 credit agencies getting the "paid" notification which boosts all of the FICO scores ahead of the new loan app approval.

How does it work? Do I lose my boat months ahead because that's part of the deal?

All of my FICO 8 scores are in the low 800s, so getting a loan is a non-issue. I have the budget to swing 2 boat loans if needed. I'm not sure with being in the 800s if getting another loan would even be approved, despite being in the 800s. I'm new to the 800+ party.

Feel free to chime in because I'm pretty lost with how it's done. I know I could ask the dealer, but I have more faith in most of us here over what a dealer says.

Happy Fishing!!
Why trade it in, that gives you the lowest of the price. Sell it outright. if you have a loan you have two options, an agreement that you provide a bill of sale and if you have a loan on the boat you pay it off and get and forward the title. if the bank is local handle the transaction at the bank.

Lot's of guys on the pro programs place the boat for sale months ahead of the date it would be due back if they did not buy it. They make the deliver date clear to the buyer and once agreed they get a sizable deposit and sign an agreement.

I think you will always get more money selling the boat outright vs trade-in. When you boat shop just make sure they are clear no trade because like with cars they play games with the numbers. On paper they want it to appear they paid more for the trade they take in and write down the selling price. It's all a game of math and tax.
__________________
2018 Lund 202 GL Pro V
Humminbird Helix G2 x 2
Talon
Ultera
Kicker
Smartcraft
Zipwakes
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -6. The time now is 05:24 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2021, vBulletin Solutions, Inc.
vBulletin Security provided by vBSecurity v2.2.2 (Pro) - vBulletin Mods & Addons Copyright © 2021 DragonByte Technologies Ltd.