Buying a Repossessed Boat
Most people would expect to find good deals on repossessed boats and in some cases they are right. There are a few things to note however when purchasing a repossessed boat. Although some repossessed boats are sold through dealerships, most units are sold at boat auctions.
When purchasing a vehicle at auction, it can be difficult to determine the condition of the boat in the auction environment and in the time allotted. In addition you’ll want to make sure that the proper title work is available for your state and for your requirements. Most vehicles at auctions are sold “as is” and payment is usually required immediately or within a short time after the auction has ended. This can pose a challenge for those buyers intending to finance their purchase.
One option is to set up your boat financing in advance so that you are ready to go buy something before you set foot at the auction. It can sometimes be more complicated that normal financing, however a good finance professional should be able to coordinate the financing if you decide to “raise your hand” at the auction.
During today’s crazy economic ups and downs one thing remains certain. The current environment has created an opportunity for people to take advantage of the significantly reduced pricing on almost anything. If a boat has been on your wish list, now is a great time to buy.
This is the third and final part of a week long series of articles guiding you through the boat buying process in the current down economy. Click below to read part 1 and part 2.
Buying a Boat in a Down Economy
Boat Financing For Non-Current Models and Private Party Used Boats