What do most banks, credit unions, and other lenders use to determine the loan value on a used boat? I would like to have an idea if the amount someone is asking on a boat is realistic as far as financing. It seems a lot of people are very sentimental when pricing their personal boats for sale.

We subscribe to NADA and can help with a value. You are right, some guys put the boats up for sale and maybe really don't want to sell it. We are doing a bunch of loans for used boats so we know some are priced right. Let us know if we can help with anythiin including a value.
Thank you,
Ken, Todd & Chris

I use nada for consumers. I find that most boats price out close to the retail low value or below that for good deals.

When I select the boat I do not add the options listed. Just pick the boat year make model and check value.

Start here: http://www.nadaguides.com/Boats/Power-Boats

the used market has changed sinnce this the first of the year used boats are bringing top dollar if they are in good shape when you are shopping if you think it is a good deal you better buy it because if you dont somone else will

I understand Falcon boats are not in NADA.Very popular boat here on Texoma and used one's will get pricier since Falcon closed,not due to product.

You are correct about boats not being in NADA being s tough loan to get. Lenders need to know what they can get or what it's worth before they give the money. You know banks, they never loose.
Thanks, Ken, Todd & Chris

FYI I have seen in the "Fact" section on bank websites where one of the stipulations is they will not lend on a boat brand that is no longer in business. Others may be more forgiving?

Problem with NADA is its a national average, some parts of the nation are bringing down used boat values being they are selling for pay off to get out of a payment. Do banks take this fact into account when lending in a region that is not as hard hit?

I have not seen anything change based on geography. Basically it boils down to year, make, model and some accessories. Each lender treats options a bit different, some put more value on them than others. Some lenders cap the amount of options allowed as a percentage of the BMT value.
Thanks,
Ken, Todd & Chris

4 place I see this. Send me an email to ken@reclending.com if you need to say somethiing. Let me know.
Thanks, Ken

I have never been able to purchase a used boat for the dollar amount quoted in the nada or any other printed material. I would like to know where nada actually gets their info. I have never known a dealer that provided any info to nada or anyone else. The prices quoted in nada have always been low compared to the actual selling price much less the asking price. The prices that are quoted in the nada book are base price with out any options, so I have been told. Some of the big bass boats prices include the trailer price but most don't.

The numbers in NADA are a guide and starting point. Lenders want to know that they can get thier money back if it comes to a repo and wholesale auction. You are correct, options sometimes can be added to increase value but each lender looks at options a bit different. Some lend down from retail and others lend from wholesale up. Most of the entries will have a line there that says what is included. That also changes for the package boats like Nitro where there are few options. Just part of the puzzel.

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