Can I Finance a Boat That Is Not Listed in NADA?

“It isn't in the book. Is this cash only?” Not necessarily. Let's see whether an accepted valuation source or documented comparable sales can support the loan under an available program.

Identify the boat precisely

Send the builder, model, year, hull information, engines and listing. Custom boats, limited-production models and unusual configurations can be harder to match to standard guide entries.

The program determines whether another accepted guide or documented comparable sales can support the review. There is no universal rule that three listings or one appraisal will unlock the loan.

A survey has a different job

A survey can provide valuable condition and valuation information. It does not automatically override the lender's accepted valuation method or permitted advance. Ask which information the program needs before paying for a report solely to obtain a larger loan.

Separate desirability from financeability

The boat may be desirable and the price may make sense to you. We still need to determine the approved loan and your required cash. Your cash is the full purchase cost—the agreed price plus taxes and fees—minus the final approved loan, minus any deposit that's credited. Don't add another generic down payment on top of that. Until we know the taxes and fees, that number isn't final.

Send me the listing early. Let's investigate the available path before assuming either that the boat is unfinanceable or that its asking price will be supported.

Keep reading

• Guide values and completed sales
• Information from boat builders

Have a boat in mind? Send me the listing through YourBoatMoney, or ask ScotBot to help you get started. You do not need every answer before we talk.

Educational information, not a loan offer or guarantee of approval. Requirements depend on the lender and transaction.