How to Buy Used Power Boats

With the current economic problems, you should be able to find a reasonably priced used power boat if you have cash or the means to finance quickly. Many boat owners are feeling the pain from our economy and would be willing to part with their boats for the right price. There are several ways to get a decent deal on a used boat.

Where To Find Used Boats

• Look in your local newspaper, as many people will sell their boats using this media source.


• Go to any marina located close to you and walk the docks to look at the boats that are moored there. Notice "for sale" signs that are placed in windows and along the sides or back of the boats.


• Talk to the marina manager to see if they know of any boats listed for sale that you could look at. Many times the marina itself will own boats that they have taken back from the owners because of overdue moorage payments.


• Check for dry dock boat yards. A dry dock is where most boat owners repair their boats or, in some cases, store them during off season. This is a great opportunity to find a good deal.


• Look up Boat Tader online for your area. Many people cannot afford to keep a boat these days and will trade or work out a fair price with you.


• Check out any online boat auctions. Usually you can put in your area code to see if any boats are for sale.

Financing

• Grab some boat brochures from a marina or boat accessories shop to find finance companies who still make loans on boats.


• Use an asset you already own as collateral for the boat loan.


• Work out a deal for owner financing by providing the seller with a monthly cash flow and a small amount of interest. Use a short term note with a balloon payment if possible, and keep records of payments to show a bank when you are ready to refinance and payoff the seller.