Loan Value on a 23 Venture...

Easyvictor.14 · Posted: Sun Apr 19, 2015 9:47 pm Post subject: Loan Value on a 23 Venture...

I'm going to buy a 23 Venture, but the banks are all pretty adamant that the loan value of a 2009 23 Venture including tandem trailer, is about $39,000 give or take $2000.
The problem is, every seller recently is asking $55-$60,000.
If they're actually selling for that amount, I'll pay it, but I'm curious about recent actual selling prices?
I have some recent selling prices, but I'd like to get some input from the Brats!!!!!

jennykatz · Posted: Sun Apr 19, 2015 10:18 pm Post subject: venture

You will love the 23 its great look at the 06 and 07 cape cruiser venture also we have a 06 cc venture with a f115 we still get over 4 mpg and if we slow down to 7 mph its about 7 mpg . Good Luck in your search Jim

ghone · Posted: Sun Apr 19, 2015 11:22 pm Post subject:

Your bank is going by average production boat depreciation. They don't know what a C Dory is. You'll be lucky to find a well equipped 23 for $55K. These are actually custom or semi custom boats. They are built to order. Bayliner, Grady etc are production boats built on spec. Your banker may understand "custom" means more. Shop your loan. Other c brats may be able to point you at US lenders.
My new 2011, 22 cost $75k Cdn from the Canadian dealer plus electronics and canvas. They ain't cheap, and they're worth the money.
My new '09 19 c dory prior to my 22 was $43k Cdn. I'll admit sticker shock, but the quality of the 19 and 22 made me realize the profit to the builder was not large.
Good luck on your search, welcome aboard.
George

Aurelia · Posted: Mon Apr 20, 2015 12:54 am Post subject:

I would start by printing out a few listings and if possible carry or send them into the bank as market examples and talk through them with a loan officer.

Greg

ssobol · Posted: Mon Apr 20, 2015 1:36 am Post subject:

C-Dory's are low volume and relatively uncommon and the standard numbers don't work. You need to find a bank that seriously does boat loans. When I got my loan, the credit union had to do some digging to get the boat value. However, they did come up with a number that was very close to what the owner was asking.

When I checked various other places, they where coming up with numbers about a third of what the boat was worth.

Having just checked the NADA website guide for my boat ('08 22 Cruiser), it comes up with a pretty good number.

Easyvictor.14 · Posted: Mon Apr 20, 2015 10:16 am Post subject:

Thanks for the replies.
Essex Credit keeps low balling, Bank Of America won't even write boat loans, my Credit Union will do it at 7%, the search continues!!!!

ssobol · Posted: Mon Apr 20, 2015 10:57 am Post subject:

Most places that do boat loans put them in the class of RV loans. You can get them for 20 years, but they usually require 20% down.

Banks/credit unions located in places near large water are better for boat loans. Probably not much choice in Dallas.

redbaronace · Posted: Mon Apr 20, 2015 6:46 pm Post subject:

I have seen the banks struggle to loan on c-dorys as the value is almost certain to be lower than what the actually sell for.

Give Boeing Employee Credit Union a call. They seem to be more in touch with the actual values on boats and have favorable rates provided you have good credit. You do not need to be employed by Boeing, but will have to open an account with the credit union.

Good luck in your purchase

starcrafttom · Posted: Mon Apr 20, 2015 8:00 pm Post subject:

I will second Boeing. Good rates and I was able to get them to loan me enough for the 27 even though the blue book did not even list the boat. Boeing was fine with a 3rd party appraiser setting the price.

Foggy · Posted: Mon Apr 20, 2015 9:56 pm Post subject:

Get real.

Banks are in business to make money. How do they do it?
1. Undervalue the sellers product so they won't be overextended making them in
good position to make profit and...
2. Loan money to a buyer at 2+%, or more, over what they borrow money for.
3. Expect the buyer to pay more out of pocket.
4. Expect the seller to eat some loss.

And they don't care if you don't like it.

Aye.

Grandma used to say, "For a consumer, there is no such thing as getting a
'fair' deal from a bank."

Grandpa used to say, "There is no such thing as 'fair'."

ssobol · Posted: Mon Apr 20, 2015 10:28 pm Post subject:

My loan is also from BECU.

jennykatz · Posted: Tue Apr 21, 2015 6:26 am Post subject: loans

Take out an equity loan on your home this will be the least expensive way to get cheap money .Rates are around 3-4 % at alliant credit union (used to be united airline CU) Good Luck

Easyvictor.14 · Posted: Tue Apr 21, 2015 8:44 am Post subject:

Thanks all!
If I really wanted to, I'd pay cash for a boat, but I'd rather use the banks 4-5% money than my own 7-13% money!!!

The current loan rates aren't bad, 3.99 to about 5%. The problem is, finding a lender that knows realistic selling prices.

tcr_pnw · Posted: Wed Apr 22, 2015 4:54 pm Post subject:

Most credit unions will use an appraised value by a certified marine surveyor/appraiser as the loan value. There are a few surveyor organizations I believe. You'll have to see which they accept as "approved'.

When I bought my Venture, it was an '06 Cape Cruiser. The banks wanted to value it like a 22 Cruiser give me $20k or something ridiculous like that. Had a survey with an appraisal done. He appraised it at $43500 and they accepted that. He said in the NW it would appraise for more since it is a more desirable boat up here vs. where I bought it. Location can be a factor on value. A center console will fetch more in FL than in WA.

Good luck. You'll love the Venture.

Troy

Easyvictor.14 · Posted: Wed Apr 22, 2015 7:55 pm Post subject:

Thanks!
I'm shopping lenders now....