Things You'll Need:
- Financial statements such as pay stubs and last year's taxes
- Time to search for a boat
- Complete information on the boat you want
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Step 1
You know the state of your finances. You probably all ready know exactly how much you have in your savings and checking accounts. You also probably know that you need to get a loan to buy a boat. For these reasons why don't you make things simple and take the steps to pre-qualify for a boat loan first? The main reason this is a good idea is because you will find out just how much money you will be lent. This will make the actually shopping experience easier. When you make your loan appointment, be sure to ask if they ever give out loans for boats. Then on the day of your appointment bring along all the necessary information. This includes your social security number, your pay stubs for at least the last four pay periods and your last year's income taxes.
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Step 2
Tell the banker the type of boat you wish to buy and an idea of what price frame you had in mind. Then fill out the application and be sure to ask these three vital questions: How much will the bank lend you? How much of a boat's value are they willing to lend you? (This is not the asking price but the true value of the boat.) Finally, ask for an estimate of how much your monthly payment will be if you find a boat that costs the highest amount they are willing to lend. If you like the answers to all the questions, have them write you out a pre-qualify agreement.
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Step 3
Now it is time to go shopping. Where do you shop for a boat? Start at your local marina. Usually, there is a boat dealer or two set up there. If you don't find what you like, ask around and see what other boat owners suggests.
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Step 4
Once you find that perfect boat, inspect it and write down all of the details of it. You will needs its serial number, model number, registration number and other important details. If the boat you are buying comes with an outboard motor, write all of its numbers down, too. You will need all the information that comes with the trailer, too (yes, it is best to buy a boat that is all ready equipped with one). Also be sure to write down its length. Does the boat come with any accessories such as spare tires, life jackets, fenders, steps, winches or anchors? Whatever comes extra make a note of it. Accessories (even the small ones can help increase the value of your boat). If you have a digital camera, you may even want to take some pictures of the boat.
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Step 5
Take all your detailed notes back to the bank (and any printed pictures of it you may have took). The bank will now determine the value of the boat. This is where all those detail notes comes in handy. If you want to do some research on the value first, go to NADA website. You can get a value form there that can help you break down the value of the boat, the trailer, and the motor.Be careful that you understand every question on the form. For instance, a fire extinguisher is not the type you buy at a store. They are speaking of the built in fire extinguishers that most outboard motors do not have.
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Step 6
Take your information to your bank (if you haven't all ready). Come up with some numbers that would work for them.
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Step 7
Call the seller and see if he/she will sell the boat for the amount that the bank agrees to pre-qualify a loan for you. If the seller agrees, make a scheduled appointment with your bank to close the deal.
