We are starting the process of looking for a new boat. we have only had our present one less than a year but simply put it was to good of a deal to not test the waters with (pun intended). we paid cash so that certainly made matters less complicated.
As we are starting to look at boats I gave community bank a call to see what they could do as far as rates and such. I have been dealing with them for years and they always come close or beat the big banks with rates.
I ask about the process of acquiring a loan, requirements and how they placed a value, i assumed a survey. But no, they use exclusively NADA guides. Which, if you are a boat buyer, is a great but not realistic, place to get a value from. For example, a 2000 Nordic Tug books at $132,000. Oh and that Nordhavan, 2005 43' it is worth $250,000.
This particular bank isn't really in the business of yacht lending and the few boats that they hold interest to are bass boats, ski boats and the occasional 25'ish cabin cutey. They are humans and if i wanted an exception to this i am sure that they would at least take my cause to their board of directors.
Where or how does NADA get values? because it looks like they just started throwing out numbers.
Oh and if anyone knows where i can by a 'average' condition Nordhavan 43 for 250K please forward it to me!
As we are starting to look at boats I gave community bank a call to see what they could do as far as rates and such. I have been dealing with them for years and they always come close or beat the big banks with rates.
I ask about the process of acquiring a loan, requirements and how they placed a value, i assumed a survey. But no, they use exclusively NADA guides. Which, if you are a boat buyer, is a great but not realistic, place to get a value from. For example, a 2000 Nordic Tug books at $132,000. Oh and that Nordhavan, 2005 43' it is worth $250,000.
This particular bank isn't really in the business of yacht lending and the few boats that they hold interest to are bass boats, ski boats and the occasional 25'ish cabin cutey. They are humans and if i wanted an exception to this i am sure that they would at least take my cause to their board of directors.
Where or how does NADA get values? because it looks like they just started throwing out numbers.
Oh and if anyone knows where i can by a 'average' condition Nordhavan 43 for 250K please forward it to me!