Out of state purchase with Financing question

raleighjeepguy

New Member
Joined
May 27, 2007
Location
Raleigh,nc
Guys,
First off long time no see! Secondly I have a stupid question and trying to figure out how to handle it. Figure you guys do alot of out of state purchases and might have some input.


Found a boat I want in Knoxville, TN. We came to a pretty good agreement on price based on the disclosed/assumed condition. I'm good with the number and so is he. I would however like to look at the boat/test it before I make a 15k mistake.


Basically its a 6hour ride for me. My bank is saying they won't cut me a check until they have a copy of the title, power of attorney, vin, etc. Overall basically they won't just send a check with me b/c his bank still has the title.

So they want me to go up there, check the boat, come back, wait and go up again with the check, and then deal with the title. Sounds like bs to me and there has got to be a simple solution where I can go up there, ok the boat, and leave with it.

Anybody have any suggestions or is my bank 100% correct on this one?
 
Personal loan, or a loan with "different" (HELOC, etc) or no collateral. Buy the boat, convert the loan after you get the title in your name.

You'll probably pay a higher interest rate on the initial loan, but it will only be for a month or so.
 
Your bank is just being difficult. How many times does the bank have the ttile in hand when they cut the check? rarely.

Imagine if one bank said they had to have the title to cut the check and the other bank said they weren't releasing the title until they got thier payoff. You'd have a stalemate.

One side has to blink. It's usually the institution cutting the check.
 
saf-t scissors said:
Personal loan, or a loan with "different" (HELOC, etc) or no collateral. Buy the boat, convert the loan after you get the title in your name.

You'll probably pay a higher interest rate on the initial loan, but it will only be for a month or so.
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Yep, this is what I do. Take a person loan out, go buy it and then take it by the bank and finance the boat and use that money to pay off the personal loan. If you can do it all within a few days you'll only be out like $5 in interest at most.
 
Yea no dice. I asked the same ? and they said they wouldn't be able to provide me a personal loan in this "climate" without the security of the boat..........:poop: . If its just bs I'll say gtfo and use another bank. I just wanted to make sure they were smoking dope before I went somewhere else.
 
I just bought a Motorcoach from a gentleman in South Carolina. It was not paid for so his bank was holding the title. I drove to SC and checked it out after making arrangements with my bank here. The Coach looked and checked out good and we gave my bank the VIN #s and they wired the monies to the SC bank and the deal was done. I came home with the coach and the title was mailed to me. No check, no hassel.
 
Hmmmm..I bought my boat in TN and it came with a TN title

something smells bad
 
We bought a boat last summer in CT. We could not get a boat loan to pay for the boat. We had to move some money around. Refinance a car (I didn't know you could do that) and luckily we had enough cash to make up the difference until we sold the other boat. We went through the same process you did. But we didn't get far. You could always buy the boat with a finance company out there? Is it a dealer? Then refinance it through your bank.

Don't forget you're going to need some sort of tags on that trailer to transport it back to NC and that you'll need insurance on it as soon as your drive away. There is alot of little stuff that will eat you up when buying a boat. NC Wildlife will issue a title to the boat with a notarized bill of sale. They have one on their website that I would use just in case. The DMV needs a title for the trailer and some place have titles to motors(which they should they are just as expensive as the boat).
Good news is that if your buying it out of state there is no sales tax, that saved us a ton of money when we bought our boat. Well, we saved about as much as is cost to ride up to CT and back. That was a really exciting three days!
Good luck, make sure you put it on that water!!
 
BigBody79 said:
Good luck, make sure you put it on that water!!
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On the water? Nah, I think you've got that wrong. Everybody I know parks their boat in the back yard and lets the weeds grow up around it.

Boats are really just expensive garden gnomes.
 
saf-t scissors said:
On the water? Nah, I think you've got that wrong. Everybody I know parks their boat in the back yard and lets the weeds grow up around it.

Boats are really just expensive garden gnomes.
Click to expand...


I resemble that remark....but it is fun the 3 times a year it makes it out....

Anyone want a Ranger 481VS???
 
I've been buying boats for the last 18 years and it is becoming more difficult to get them financed through a traditional bank loan. I usually only deal in high performance/drag outboard boats but the value of a boat is based on the condition and banks are getting wise to this lately. Inboard ski boats are selling new in the 60k-70k dollar range, this is not chump change to banks. I'm sure everyone has seen the brand new 70k wakeboard boat uncoverd out in the rain and snow. That 70k boat will need 25k in repairs in short order and that is the banks investment rotting away. A bank in these times of easy bankruptcy and people walking away from loans are very timid to loan on boats. My banker will do a personal loan and then convert it to a traditional loan only after seeing the boat, trailer and motor in person.
 
I suppose I am doing in wrong,

I kept a journal and we put our boat in the water close to 40 times last year and just as many the year before but no journal!

Gas is going to hurt that this year.

The boat isn't that bad on gas it is the gas in the truck to and from the lake that hurts the most.
 
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