Im looking into buying a used cc boat from a private seller, if im wanting to finance something say around 15k how does that work?? Most individuals are cash only and first come first serve I would think. Doesnt the lender usually appraise the boat before purchase??
It works very nice. The actual time people buy things with dollar bills is rare. Over $10,000 there are IRS forms and all that. Checks and even certified checks are often held for several business days before the seller gets access to it. When we do financing, we wire funds all the time. If there is a lien the money goes to the lien holder (lender) first to pay off the existing lien. Anything over the payoff amount can go to the seller. We can even wire on the spot once the boat is inspected and the final OK is given.
NEVER hand a check or dollars to a seller before you know the lien situation. Sometimes when sellers are all fixed on getting cash, there is a reason. Look at the ownership papers, either titles or MSO's. Even in non-title states there are ways to cover yourself. With used boats loan amounts are based on NADA values if that is what you mean by "appraise".
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