Financing advice on '78 O'Day 25

[Scott21120]

I am planning on purchasing a '78 O'Day 25, and I'm looking for ideas on the financing. I will need to finance between $5,000 and $7,000, depending on when the actual purchase takes place. In my first round of discussion with my bank, they said they don't have a value for a boat going back that far, and would require a survey. The purchase price is at the upper end of my budget, and I am hoping to be able to avoid the added expense, and having inspected the boat myself, I am happy with it's condition. My general question is - is there a valuation guide that may be satisfactory to the bank that would go back to a 78 O'Day? It is a local bank and may be more flexible than a larger national bank. Any other suggestions would be appreciated.Thanks,Scott

 

[Ric Shultz]

look in the for sale colum

What about looking in the for sale colum as evidence of pricing?

 

[mike C16582]

no loan without a survey

unless you are getting your loan from a bank in a third world nation, you will need a professional survey!!! That is the only way the bank can insure that they are not being "hoodwinked" They will not take your word. ALso, your bank can look up the value of your boat in the NADA buyers guide. There is a value on that boat.

 

[mike C16582]

here's the NADA link

just look up your boat and check the appropriate boxeshttp://www.nadaguides.com/Values/ValueManufacturer.asp?LI=1-14-0-2004-0-0-0&Lnk=1&wSec=4&wPr=0&wPg=1027

 

[Scott Fuller]

problem solved

I solved the problem by taking a loan on my Jeep instead of the boat - not sure why I didn't think of it earlier!Thanks for the tips though!