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??

Ken call me! Left you a message at your office.....

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".
Let us know how we can help.
Thank you,
Ken

How do you know if there is a lien on the boat? Is there a way to look this up? Or is it just the name on the title?

Help me out here as I'm a first time boat purchaser.

From reading other posts on this forum, I'm understanding that a separate Title is issued for each of the Hull, Motor and Trailer. Is this correct?

Any other tips I should be aware of as I will purchase from a private owner that has an existing Lien on the boat?

Aside from getting the Lien cleared, what other due diligence and steps should I look for before deciding to purchase a used boat or not?

Thanks for the help.