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Thread: Anybody ever sell a boat and have buyer assume loan?

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    Default Anybody ever sell a boat and have buyer assume loan?


    I am interested in selling my boat and have the buyer assume my current loan. Anybody ever done this? If so, how does that work? I do know that the loan has to be assumable to do so.... Thanks for any info...

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    You might want to google that!

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    The buyer has to be approved by your lending institution to assume your loan....he also has to sign papers with them.

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    and also MAKE SURE it doesn't leave you as a co-signer if it does and they don't pay the bank will come back on you.
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    Best thing to do is just tell the buyer to get his own loan.

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    I must agree with wannabe and G , buyer get his own loan !!!! If he cannot that throw up red flags everywhere.


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    Quote Originally Posted by partsman1 View Post
    I must agree with wannabe and G , buyer get his own loan !!!! If he cannot that throw up red flags everywhere.


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    I would be surprised if any lenders would allow a "boat loan" to be assumed.

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    I'm with the rest who advise against such. I have been in retail for the last 35 years before retiring a year ago. I believe assumable loans only exist in mortgages of real property and not on installment type loans, so I doubt very seriously that your lending institution would go along with any sort of an assumption. A new loan in the buyer's name could proceed under the circumstances that (1) the amount owed on the loan was less than 80% of the loan value (or whatever) guidelines of a bank, credit union or finance company; (2) that the buyer had credit that surpassed the minimum approval guidelines of that (particular) lending source; and (3) that the buyer could come up with any amount between the stated loan value and the amount owed on your contract if (in fact) there is a difference (over the loan value).
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    Quote Originally Posted by partsman1 View Post
    I must agree with wannabe and G , buyer get his own loan !!!! If he cannot that throw up red flags everywhere.


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