Ten Tips For Selling Your Boat.

1. Market it!: Advertise heavily. Place ads in local boating press, the big daily newspaper and, if it’s a large boat or one of limited availability that buyers will likely travel out of state to see, place ads in the pricier regional and national venues. Picture ads draw more traffic. Rent space at some highway-side lot where hundreds of passers-by can see it—more than in your driveway.

2. Fired-up!: Start the engine and warm it up an hour before a prospect comes to see the boat. A dead battery or balky start—even for an excellent engine—turns buyers off.

3. Pledge of Allegiance: Looks are important. Spray-on furniture wax can be applied and wiped-off quick and easy. The gleam doesn’t last more than a day, but it’s perfect for that prospect who calls and says he’ll be over in an hour.

4. Empty Promise: It’s better to show empty stowage areas and remark how spacious they are then to have all your gear jammed in them to the point of overflowing. Remove your crap.

5. Touch Points: A professional detail job makes sense for a boat in pristine condition. If your boat rates “average” or “good” focus solely on the more glaring blemishes. Compound-out rust stains bleeding from fittings, re-tape shredded boot stripe, de-grease the engine, clean the bilge, etc. If the cabin is musty, surreptitiously place air fresheners.

6. Fogged-out: If clear curtains are scratched or clouded by age, remove them for the initial viewing.

7. Bottom Job: If the boat is bottom painted, apply a fresh coat. It makes the boat look sharper. Also spray paint outboard and stern drive skegs that have the paint worn-off.

8. Sea Trial: With the canvas removed, all but safety gear stowed ashore and light in fuel and water, your boat will plane easier, handle more nimbly, and attain a faster top-end speed. Try to convince the buyer to limit ride-along friends and family to as few as possible, for the reasons above, and so the true “roominess” of the boat isn’t painfully obvious.

9. Paper Chase: Have all title, registration, extended warranty and, if available, service records on hand in a binder. It’s impressive, even if the buyer's initial reaction to it seems ho-hum. See how much a boat lender will finance for a potential buyer.

10. Be Realistic: Figure out your bottom–line price well in advance of meeting the first buyer. Consider the dollar costs of advertising, storage and maintenance while it's for sale as well as the time costs involved in showing the boat.

By: Bill Schrama

If the buyer needs a boat loan please visit www.boatfinance.com for loans from $5,000 and higher.

Is that repo boat really a bargain?

You can get a good deal in today's glutted market, but you also can get burned if you're not careful.

Repossessed boats can offer what seem to be amazing deals, especially with owners defaulting on loans in record numbers. Banks contract with repo firms to recover the boats and then sell them off, often at auction, to stem their losses as quickly as possible.
The excitement of the chase, a handyman's skills, a gambler's instinct and weakness for a deal, and old-fashioned opportunity all motivate people to buy these boats. But keep in mind, there is a potential downside to factor into the equation, including a lack of history and no warranty when bought at auction. Add in the fact that the owner who couldn't keep up with his payments probably neglected maintenance, and the boat's potential value declines further.
"Neglected maintenance is a problem," says Jonathan Klopman, an expert forensic surveyor based in Marblehead, Mass. "There's also an element of buyer fantasy when it comes to repo boats, but the chances of getting burned are higher than some people think."
However, some people do very well on the repo market for reasons ranging from skill at sizing up a boat to sheer luck. Others do poorly and regret they ever considered the idea. Let's see what to look for to help make sure you'll be in the first group.
Caveat emptor
Repo boats sell "as is," with no warranty or guarantee. In addition to unloading boats in a hurry, not having to back them up after the purchase is another reason they are sold at discounted prices. And though a sea trial is usually part of the boat-buying process, depending on the repo company, you may have to give this up, too.

Brad Ferguson, president of Northeast Marine Liquidation (www.northeastboatsales.com) in Pawcatuck, Conn., stresses the importance of having repo boats properly surveyed.

"Not being able to do a sea trial is a huge issue," says Klopman. "If you start the engine when the boat's up on blocks, all you know is that that starter works. It's unrealistic for the average buyer to expect the same 'return it to Home Depot without the receipt' mentality if they have buyer's remorse."
The only time you'll be able to get any satisfaction is if the original boatbuilder's warranty is still in effect. Damage won't be covered, but defects might be, depending on the problem and when the warranty clock started ticking. You may also find that the engines, generator or electronics are under warranty, in which case you should register with the OEM as the new owner. Absent this, your risk is greater, but so are the potential rewards if there are no surprises.
A late-model boat that was well taken care of, kept under wraps and not abused in any way can be a great find, but expect to pay more for it. The banks that own these boats have three essential objectives: 1) sell the boat for as much as possible, 2) sell it quickly, and 3) see first objective. Even if a boat has issues, it may still be a good deal; just make sure you get a deep enough discount to cover major repairs. And while it comes with no guarantees, make sure it's all yours, with no liens against it. This should not be an issue with reputable auctioneers, since a clear title is typically guaranteed in the sales agreement.
If a boat was stolen and stripped, make sure you understand how much it will cost to restore it to original condition. If the electronics and gauges were cut out with a Sawzall, you're likely looking at an expensive repair job - not only to replace the fiberglass panels, but also to match the repairs cosmetically to the surrounding surface. This is not an easy fix, though it is a handy skill to learn if you're willing to put enough time into it. If the windlass, engines, generator and other major components were stolen, with a lot of damage in the process, replacing everything with new components could be more expensive than buying a similar higher-priced, undamaged model from a dealer.
Dealers often buy repo boats at auction, spruce them up, and sell them to consumers. However, they may not know any more about the boat's history than you do, and the price they're asking most likely is substantially more than they paid for it, so there's less room for the price to justify the added risk. That leaves the dealer's warranty to close the gap, but if it's only a 30-day warranty, it won't be worth much if the boat starts falling apart halfway through the season. For my part, I would want a 12-month stem-to-stern warranty before buying such a boat.
Klopman also points out that high-performance boats have a high potential for abuse, given the way they are used. And it takes a very high level of skill to work on them, so know what you're getting into. A more sensible plan if a go-fast appeals to you is to just get a prescription for Viagra and buy a Mainship.

Repossessed boats offer the potential for getting a lot of boat at a value price, but the buyer must be aware of the risks.

Where a previous owner kept the boat also will be a factor in its condition. "It makes a big difference if you're looking at a Florida boat that's been baking in the sun, floating in warm salt water, and used for 200 hours a year for the last 10 years, or if it's been moored in fresh water on the Connecticut River, stored under cover in the winter and used for 50 hours a year," says Ron Milardo, owner of Cooper Capital Specialty Salvage (www.cooperss.com), a salvage management company based in Old Saybrook, Conn. "If you can find the Connecticut boat and it's been maintained by the selling dealer since new, paying more money for this boat is likely far and away your best deal."

Milardo adds, "Do your homework, make your best bid and be ready to deal with the consequences - for better or worse."
If all a boat needs is cosmetic work - this is what the repo dealers look for - you may have found yourself a diamond in the rough. A little scrubbing, compounding, waxing, some new upholstery and canvas, and voila. If you're looking at a larger cruiser, you might focus initially on making sure the boat is reliable, with fully functional systems, then sequentially over the next few seasons refinish the saloon, upgrade the galley, Awlgrip the hull, add new electronics and so on. As long as it's seaworthy and reliable, this may be a smart way to go, since you get to enjoy your new yacht without being boat-poor.
Project boats
Distressed boats - those that were holed running aground, that partially (or completely) sunk or partially burned - will take a very high level of skill and lots of time and money to bring back to life. These boats can take more work to restore than a kit boat would take to finish off, so be forewarned.

Would-be buyers should do their homework and take the time to personally inspect the boat.

My advice is to start small if you want to undertake a rebuild. It's virtually a certainty that it will take longer and cost more than you think it will. If you've worked in home or commercial construction and are handy with tools, you'd still be amazed at how much longer it takes to refit a boat than, say, rehabbing a recreation room that's four times the size. Decks can be curved, pitched and cambered; hull sides are never straight, at least not for any distance; and a good deal of machinery, plumbing and wiring is crammed into incredibly small spaces. And it all has to be accessible.

On the other hand, very few projects are more rewarding - for me, anyway - than buying an old boat that's still beautiful below the surface, structurally sound but cosmetically shot for a song and bringing it back to life.
Forewarned is forearmed
The best approach is to first inspect the boat yourself to see if it really has potential, then hire a competent, experienced surveyor who can find the rotten transom, debonded coring and ruined engine. If you haven't used a surveyor before, a good first step is to contact the National Association of Marine Surveyors (www.namsglobal.org) or the Society of Accredited Marine Surveyors (www.marinesurvey.org). There's a wide range of ethics and competence among surveyors, as well as the time and trouble they'll take to dig around and look for evidence of abuse, neglect and damage.
Brokers I've spoken with say you should ask around to make sure a surveyor is competent and has no conflicts of interest, such as a close relationship with the seller or seller's agent.
The marine surveyor can help you determine whether the boat is a good deal and you can use any defects he finds as a negotiating tool. Major problems with the boat's structure or machinery may prove too much for you to take on, in which case the surveyor has done you a favor by putting a halt to a project that's over your head technically or financially.

Be sure buying new engines won't put you over budget if the boat's propulsion is questionable.

If the boat is far from your home and you know the model well, it might make more sense to have a surveyor inspect it before you do, since travel expenses can quickly add up to more than the price of a survey. If a number of boats at a nearby repo center interest you or there are several locations to check out, line up a surveyor and call him in when you find a good candidate. I recommend meeting the surveyor at the boat when possible. You'll learn something about boats in general and a lot about your surveyor.

If you can't sea-trial the boat, have a percentage of the purchase price put into escrow to go toward the cost of repairs to the propulsion, generator, air conditioning and other systems. The money is released to the seller upon successful completion of a post-purchase sea trial. However, don't count on the escrow covering much in the way of actual repairs, says Klopman.
"Say 5 percent of the purchase price is set aside in escrow," he says. "A new engine or generator, or even relatively minor repairs like a new exhaust system, will quickly suck all of that up. And don't expect yards to be working any cheaper than they did a couple of years ago, when the market was strong. They're still charging $100-plus an hour for labor. Same with the parts needed to fix your boat - they're just as expensive as they were a couple of years ago, or more so."
Some yacht brokers may resist an escrow transaction, since this amounts to holding a percentage of their commission, but it's in your interest to make the sale contingent on the equipment working properly. The surveyor and the sea-trial escrow or contingency plan will reduce your risk. Klopman says he has seen a trend in the last 10 years with a few bad-apple brokers and sellers using dishonest surveyors who will run the engines for 15 seconds in January in New England and call that a successful propulsion check, just so that all of the buyer's money is released to the seller.
Dollars and sense
Boat auctions can be live or by sealed bid, in person or over the phone. One of the biggest auction companies, National Liquidators (www.yachtauctions.com), uses a sealed-bid system to sell its inventory. The firm - headquartered in Fort Lauderdale, Fla., and with Midwest and West Coast locations - sells bank repossessions, foreclosures, brokerage boats that need to be moved and boats seized by the government for non-payment of taxes, drug running or other offenses. It even offers financing.
National Liquidators recommends personal inspections and takes the additional step of requiring that you talk to one of its 10 brokers to go over the boat before submitting a bid so you know what you're getting into and head off any surprises. It also encourages you to bring in your own surveyor.
National Liquidators also will facilitate a sea trial, charging a $500 fee that includes the services of one of its captains. If the boat doesn't pass, you get your deposit back, though not the sea trial fee. The company says its bigger boats are often in the water and ready for demo, though the smaller ones usually are not. It says most of its boats are less than three years old and usually sell for close to book value, so you pay for the extra assurance its sales process affords.
"It's important to do business with a reputable auctioneer," says Milardo, the veteran salvage management company owner.
When it's time to make your bid, don't be afraid to start low, Milardo says. "If it's not accepted, the bank may come back with a counteroffer," he says. "Its sole objective is to recoup its note and the repo company's expenses."
Milardo continues: "However, there's often a long delay between an offer being made and the seller, usually the bank, responding to it. Banks don't always have their act together when it comes to boat liquidation, so it can take awhile for them to figure out whether an offer is acceptable or whether they should they wait for a better one."
Of course, someone might outbid you, but that's the name of the game. Chances are that if you are an earnest buyer and your offer is reasonable on today's market, eventually you'll find a boat at the right price.
Klopman points out that boats are selling for around 20 percent less than they were a couple years ago, so that's your real pricing baseline. If you see a boat you figure is 40 percent off its normal value, then you're really getting a 20 percent discount from the depressed market price. The bottom line is you're assuming a lot of risk with a repo boat, so for the deal to make sense the purchase price should reflect your added exposure. In round numbers, this may come out to around 40 percent off the boat's retail value.
Milardo says there are so many popular production boats from 21 to 34 feet in the normal retail pipeline, let alone on the repo market, that their value is considerably depressed, and that's not going to change anytime soon. "Buying in this class at auction should deliver a boat for dimes on the dollar, and that's a big problem for high-volume boatbuilders, whose biggest competition is their own new and used late models," he says.
Keep in mind that the various boat blue book values may not be worth much in this "Great Recession." The same goes for the prices you see on some of the broker Web sites; I'm told the actual selling price may be artificially inflated to make it look to future clients like the broker got more for a past sale than he actually did.
Klopman recommends working with a good broker or dealer. "Tell him what you're looking for and let him find you a suitable boat - the best combination of price and condition," he says. "There are plenty of great deals to be found working through dealers and brokers, and the original selling dealer, especially, should know the boat's history. Paying more up front could be a far better deal with a well-maintained boat that's been regularly updated and cared for by the selling dealer than the same boat that's been neglected for five or 10 years and selling for 40 or 50 percent off. That's because your risk is essentially zero - you know what you're getting, and you have a boat you can use right away, which is the whole point."
Sounds like good advice.
The repo calculus changes if you buy a boat at a deep discount, say 40 to 50 percent off and you can do the fix-up work yourself. Your time is worth something, so don't leave that out of the equation. One approach is to find a 10- or 20-year-old Viking, Tiara, Hatteras or similar well-built boat and have the essentials (propulsion, electrical, electronics, etc.) taken care of - for anywhere from $100,000 for a smaller Tiara to $250,000 for a larger Viking or Hatteras. The end result could be a reliable, comfortable three-stateroom, two-head boat you and the family can enjoy for many years to come.
Conclusion
Given the state of the economy and the marine market, there may never be a better time to buy a boat, whether through a broker, dealer or at auction. Go slow and wait for the right boat at the right price, and find a top-notch broker or dealer - and surveyor - to help. Keep your time, abilities and tolerance for risk in mind when making a decision. Prepare for the worst and hope for the best. Saddle up and enjoy the hunt.
Eric Sorensen was founding director of the J.D. Power and Associates marine practice and is the author of "Sorensen's Guide to Powerboats: How to Evaluate Design, Construction and Performance." A longtime licensed captain, he can be reached at eric@sorensensguide.com This e-mail address is being protected from spambots. You need JavaScript enabled to view it .
This article originally appeared in the February 2010 issue.

Need a boat loan for a repo boat? visit www.boatfinance.com to apply.

Reposted By: Bill Schrama

Financing a used boat purchase

Financing a Pre-Owned Boat

Purchasing a pre-owned boat can be a very good choice if you want to save thousands of dollars or get more boat for your money. Boats depreciate the largest percentage in the first 2 years. After 2 years if the boat is maintained the values hold strong.

If you're buying a pre-owned boat from a dealer you will likely get a helping-hand with the loan process. Many dealers have a Finance Manager on staff who can handle the whole transaction, from assisting with the application, vessel titling and through to the loan closing.
Other dealers may not have a finance specialist on their staff, but they may employ an outside loan service company that handles all the same tasks, and it will arrange all of the details.
Some dealers may simply send you to a bank or financial service company they refer business to, to have them handle the transaction.

You can save even more money by looking for a private seller and cutting out the dealer as the middle man. There are a few specialty lenders out in the market that will finance private party purchases and assist with the settlement. This is a great service because your getting the resources of a professional dealership with the savings of a private party pre owned boat purchase.

Boat Finance LLC located in North Palm Beach Florida offers financing for all types of used boats from $5,000 and up. Please visit our web site at www.boatfinance.com for more information.

By: Bill Schrama

Don't Go Off "Half-Cocked"!


When is the last time you exercised the seacocks on your boat? If it's been a while, you should consider doing it before you take that next cruise. Why? Because a seacock is worthless unless it works when you need it.

 The first thing to do is to make sure the valve looks like it is in good condition; and not suffering from any electrolysis. Badly rusted or corroded seacocks can suddenly break off or start leaking.

Another excellent idea is to tie a wooden plug of the proper size to the seacock handle so that it's immediately available as a last resort in case you do experience a seacock failure.

         
Seacocks come in a wide variety of sizes depending on the usage. The most common are bronze fittings, but there are also stainless steel and nylon fittings. Each probably have their advantages but bronze is tried and true and it seems like the best alternative.

Make sure you don't connect any dissimilar metals, because the electrolysis it causes is deadly.

When you are dealing with as important an area as holes in the bottom of your boat, it's a also good idea to use double hose clamps and check the fittings on a regular basis.

To keep seacocks functioning reliably, they need to be operated every once in a while, and lubricated at least once a year. Cone and plug type seacocks need to be disassembled to be properly serviced, but ball-valve seacocks are easily maintained by spreading a dollop of waterproof grease on both sides of the closed ball.

By Bill Schrama
www.BoatFinance.com

Top 10 Boat Names 2014

For the past two dozen years around this time, the Boat Owners Association of The United States (BoatUS) has released their annual list of top ten boat names, and we usually pay attention to see if any boat names jump out at us.

The 2014 BoatUS list of top ten boat names are...

1. Serenity
2. Second Wind
3. Island Girl 
4. Freedom 
5. Pura-Vida 
6. Andiamo 
7. Island Time 
8. Irish Wake 
9. Happy Hours 
10. Seas the Day

Maybe you've seen these boat names before. Heck, if they are popular enough to make the top 10 list, you've probably got one or more of these boat names in your marina. Maybe your boat name is even on the list.

Some folks use lists like these to come up with boat name ideas, while others peruse them to decide what NOT to name their boat, as they would prefer to choose something more unique. 

Let us know if your boat name is on this list, or if you've seen any of them around on the water.

List is courtesy of www.boatus.com

Additional boat name ideas can be found at the Boat Name Blog - www.boatnameblog.com
Please visit www.boatfinance.com for the money you need to go boating.

Red Right Return... Right?

Red Right Return... Right?

An answer to that age-old question, "What Side of the Buoy Do I Go On???" 

Guest blog by Vincent Pica
Chief of Staff, First District, Southern Region (D1SR)
United States Coast Guard Auxiliary

Red, Right, What? ©iStockphoto.com/Robert Rushton

Two of the “great mysteries” of boating are:

[1] how do I dock this thing in front of all these people and not look like a land-lubber, and

[2] Good Lord, what side of this buoy do I go on?

We will address #1 in a later column. We will address #2 right now and forever!

Here we go...

Imagine this. You are on one of those reality TV shows and you have won! In addition to the big job and the big bucks, the host throws in a beautiful penthouse apartment in a brand new 50-story condo overlooking the marina and harbor. You get so excited that you faint straight away. You wake up in the elevator and you see the elevator numbers flashing by…

If the numbers were going up, would you be leaving the building or returning to our new home in the penthouse? If the numbers were going down, would you be returning to your new home in the penthouse or leaving to go to work..? Clearly, if the numbers are going up, you are returning home. If the numbers are going down, you are leaving.

And the same is true of the buoyage system in the entire United States… While certain pearls of wisdom work in local waters (“keep the reds and the ocean on the same side of your boat”), they don’t work everywhere and they also fail to educate you as a mariner as to “how the system works” and why…

Of course, many of us have heard and used the old saw of “red, right, return” – meaning when returning from sea/to your harbor/home, keep the red buoys on your right. But often harbors line cheek-to-jowl along a shore. Are you leaving one or returning to the other? So, let’s extend the old saw and get it right forever more…

“Red - Right, Return; Left, Leaving.” Keep the red buoys on your right when returning and on your left when leaving. And, if the numbers are going up, you are returning (to your penthouse in the sky!) If the numbers are going down, you are leaving (to that great job you just won!)

Be wary of one thing – “discontinuous numbers”, meaning big jumps between buoy numbers or the numbers starting to go the opposite way. This means you have entered a new seaway or road and you need to recalibrate the direction of the numbers. For example, if returning from sea via an inlet, you will certainly see the buoy numbers go up in step. But what if, for examples, pass Nun#4 and see ahead Can#15? That’s a big jump and undoubtedly means you are entering a new seaway. Now, what side? Quickly check your chart. If the next buoy after this hypothetical Can#15 is Nun#16, you are still “returning from sea.” If, however, it is Nun#14, you are “leaving harbor” as far as the buoyage system is concerned! Remember: Red-Right-Return; Left-Leaving. In this case (leaving), you would now take Can#15 to starboard so that you can subsequently take Nun#14 to port (left leaving!). Never fails (in North America).

Want to know why our reds are on our right when returning from sea and not the other way around as in Europe? Well, when we were at war with the mightiest navy in the world over 230 years, the revolutionaries turned all the buoys around so that the English men-of-war would run aground… and we just kept them that way ever since…!

“Red - Right, Return; Left, Leaving.” If the numbers are going up, you are returning as far as the rules of the road are concerned… Always…

BTW, if you are interested in being part of USCG Forces, email me at JoinUSCGAux@aol.com or go direct to the D1SR Human Resources department, who are in charge of new members matters, at DSO-HR and we will help you "get in this thing…"

 

                   Need a boat loan. Loans from $5,000-$35,000 for anything you need to boat!

                                                  www.boatfinance.com

11: Cleveland Coast Guard National Safe Boating Week

Start the 2014 boating season with a safety check and refresh yourself with the safety rules.
Need a boat loan? www.BoatFinance.com

Safe Boating Week 2014 is May 17-23

BURLEY -  Idaho is a boater’s paradise. Hundreds of thousands of motorized and non-motorized vessels take to Idaho waterways annually. The Idaho Department of Parks and Recreation (IDPR) would like to remind boater’s to “Wear It” – Always wear your life jacket.


May 17 – 23, 2014 is National Safe Boating Week and Idaho intends to participate with several events. A complete listing of events is available on the IDPR events calendar.
 

Boating safety partners across the U.S. and Canada are teaming up to promote safe and responsible boating, including wearing a life jacket each and every time you are on the water.

“Life jackets are more comfortable and lightweight than ever, with many new styles including ‘suspender’ and ‘fanny-pack’ styles. Always make sure your life jackets are U.S.C.G. approved,” said Juelie Traska, Boating Education Coordinator for the IDPR. “Drowning remains the primary cause of death in recreational boating accidents. Statistics released by the U.S. Coast Guard indicate that eighty five percent of boaters who drowned in 2012 were not wearing their life jackets,” said Traska.
As part of Safe Boating Week, IDPR is advising boaters to take the time to check safety gear, replacing old life jackets as well as servicing boats and review boating laws before heading out for that first day on the water.
“Remember to practice safe and responsible boating, by wearing your life jacket and staying alert and aware while on the water,” said Traska. “By practicing these simple steps you can save your life as well as the lives of the people boating with you,” she said.
IDPR recommends four important things a boater can do to reduce accidents and fatalities. First, take a safe boating course; second, get a vessel safety check; third, never boat while under the influence of alcohol, drugs or prescription medications, and fourth, WEAR your life jacket.
For additional information on Vessel Safety Checks and Safe Boating Courses in Idaho, visit www.boat.idaho.gov.
Idaho’s Department of Parks and Recreation manages 30 state parks and recreation areas throughout Idaho.  The mission of the agency is to improve the quality of life in Idaho through outdoor recreation and resource stewardship. Learn more about Idaho’s State Parks and Recreation Programs by visiting: www.parksandrecreation.idaho.gov

By: Bill Schrama

                    Need a boat loan to get out on the water and start practicing safe boating.
                                                 www.boatfinance.com

Need a Boat Loan?  

Boat Finance is your money line!

Finance your boat before you negotiate the purchase price!

You can be approved for up to $35,000 to buy a new or used boat, motor, equipment upgrades, anything you need for your boat and the proceeds will be deposited into your checking account in as little as 48 hours from approval.

Boat Finance offers 3 or 5 year unsecured personal loans with low interest rates starting from 6.73% APR.

It’s a simple free online application. Visit www.boatfinance.com for your money boat line for anything you need to boat.

Everyone knows how difficult it is to get a loan from a bank today and using credit cards for large purchases just isn't a smart financial move with all the gimmicks attached to a credit card.


Boat Finance LLC connects you to a new loan Marketplace of 3 or 5 year unsecured personal loans with low interest rates starting from 6.73%.

You can be approved for up to $35,000 to buy a new or used boat, pay for boating related expenses and the proceeds will be deposited into your checking account in as little as 3 days.

You can finance your boat before you negotiate your purchase price!

All loans are fixed term, fully amortizing, unsecured personal loans. Your monthly payment will be spread out evenly over the term of your loan and will always be the same amount each month. There are no penalties or fees for paying off your loan early or for making extra payments to reduce your balance. We also do not charge any application fees.

Applying for a loan will allow you to check your rate before you decide to accept our loan offer. You will be presented with an interest rate quote for your loan, as well as a full payment schedule over the 3 or 5 year loan term you select.

You may apply for a loan and check your rate without affecting your credit score. A "hard" inquiry will appear on your credit report only if you decide to finance your boat with us and accept the loan offer which we present to you.

By Bill Schrama

Finance your next boat at http://www.boatfinance.com/

Tips on Buying a Boat Suitable for Boat-Towed Water Sports

Boat Buying Guide - Part I - Avoid disappointment and do your homework.

Once you fall in love with power boating there's no turning back. It's in your blood forever. Shopping for a new boat can be challenging. So many decisions to be made and so many things to consider. It's often a bigger decision than buying a car, which is essentially a means of transportation to get you from point A to point B. A boat is usually a multipurpose investment that can be used for waterskiing, wakeboarding, barefooting, tubing, jumping, fishing, riding to your favorite hangout, weekend getaways, and more. And each of these events sometime require different qualities in a boat to get the best performance.
Before you take the boat buying plunge let me clue you in on two of the most widely spoken quotes in the boating world. "The happiest day of a boat owner's life is the day they buy the boat and the day they sell the boat" and "Boats are nothing more than holes in the water, into which you throw money."Sounds so gloomy, doesn't it? It doesn't have to be. That's why it is so crucial for you to do your homework prior to purchasing a boat. Most people who are about to buy a boat have visions of nonstop fun on the water, but the reality is boats can be lots of work and require extreme care and regular maintenance in order for that fun on the water to be long lasting.If you're still up to the challenge and responsibility of being a boat owner, use following checklist to go by when purchasing a boat.

Once you fall in love with power boating there's no turning back. It's in your blood forever. Shopping for a new boat can be challenging. So many decisions to be made and so many things to consider. It's often a bigger decision than buying a car, which is essentially a means of transportation to get you from point A to point B. A boat is usually a multipurpose investment that can be used for waterskiing, wakeboarding, barefooting, tubing, jumping, fishing, riding to your favorite hangout, weekend getaways, and more. And each of these events sometime require different qualities in a boat to get the best performance.

Before you take the boat buying plunge let me clue you in on two of the most widely spoken quotes in the boating world. "The happiest day of a boat owner's life is the day they buy the boat and the day they sell the boat" and "Boats are nothing more than holes in the water, into which you throw money."Sounds so gloomy, doesn't it? It doesn't have to be. That's why it is so crucial for you to do your homework prior to purchasing a boat. Most people who are about to buy a boat have visions of nonstop fun on the water, but the reality is boats can be lots of work and require extreme care and regular maintenance in order for that fun on the water to be long lasting.If you're still up to the challenge and responsibility of being a boat owner, use following checklist to go by when purchasing a boat. BOAT BUYING CHECKLIST - PURPOSE OF THE BOAT
Decide what your main purpose(s) for the boat will be. Do you want it strictly for tournament waterskiing or strictly for recreational wakeboarding? Or do you have kids that like to do a little bit of everything behind the boat? Will it mainly be a fishing boat that you'll occasionally want to water-ski behind? These factors will determine your engine type (inboard, inboard/outboard, or outboard). Boats.com explains some tips in its article, "Choose the right type of boat for your needs."

BODY OF WATER YOU'LL BE USIN

Larger, more wide open bodies of water require bigger boats, or those with V-drives or inboard/outboard engines. Larger boats handle rough water better than smaller boats. Direct drive boats are good for smaller lakes that generally have smooth water. Serious slalom skiers usually prefer direct drives and serious wakeboarders prefer V-drives. If your body of water is large and often chops up a bow-rider may not be the best choice. You don't want to run the risk of water coming in over an open bow.

COSTS

How much can you afford? Saving money on a purchase up front can cost you in the long run. Be sure to buy quality. Remember to take into consideration the following costs beyond the actual price of the boat and your monthly payments: insurance, boat and trailer registration fees, taxes, fuel, docking/mooring fees, storage, and equipment such as lifevests, fire extinguishers, flares, marine radio, anchor, dock lines, and a trailer if needed. When the boat is not in use you'll want to give it proper storage. Boats.com explains storage options in its article, "Learn the best way to store your boat."

Don't over look maintenance and repair costs to the boat. This can be the most discouraging factor to a boat owner. On average these annual costs averages around $50 per foot (boat length), however they can be significantly higher, depending on if you do the work yourself, or you let a marina do the work for you. This is not an area in which you want to skimp. Good maintenance habits can add years to your boat and save you many pounding headaches.

Also consider these optional items, depending on your water sports preferences: water skis, wakeboards, wet suits, towables (tubes), tow ropes and gloves, weight system for wakeboarding, pylon, boom, tower, etc.

WARRANTIES
Extremely important. No matter how new your boat is, warranties can vary tremendously. This is an area in which you do lots of comparison shopping. If purchasing a new boat be sure to go with a boat manufacturer that stands firmly behind their product and is going to rise to the occasion when things go wrong. Boatbuying.com outlines things to consider when dealing with warranties.

NMMA CERTIFIED
Make sure the boat is certified by the National Marine Manufacturers Association. The NMMA standards exceed the basic regulations set by the U.S. Coast Guard.

DEALER REPUTATION
Extremely important. This could make or break your boating experience. Make sure their service department is reputable and have quick turn around on repairs. To find a dealership in your area see the Dealerships / Sales links list.

WORD OF MOUTH
Find other people who own or have previously owned the brand or model of the boat you are considering purchasing. They can shed light on areas you may have never considered. Other boat owners will tell you the truth.

BOATING SAFETY
Take a safe boating course BEFORE you hit the water. The Water and Boating Safety Resources links page is an excellent source of boating courses and has great links to start instilling boat and water safety in your mind. Make sure that everyone who will be operating or just riding in the boat takes a safety course as well. Don't over look knowing the proper way to tow a skier and how to retrieve a downed skier safely. Also see Drivers Corner, Boating Tips, and the article, "How Fast Should You Go?" which explains boat speeds for different boat towed sports.

PROPELLER TYPE
Three or four blade? Four blades are more expensive, however they have a quicker hole shot and has a smoother spin. Three blades allow a little more top end speed. Prop manufacturers.

ATTEND A BOAT SHOW
Boat shows are a great place to start your boat shopping. For starters, there will be lots of manufacturers under the same roof, saving you travel time to multiple dealerships. Dealers often offer boat show discounts. Popular times of the year for boat shows are in the beginning of the year and the fall. To find a boat show in your area see the Boat Shows links list.

TIME OF YEAR TO BUY A BOAT
Buying at the beginning of the year will allow you to have your pick of the litter. You'll get more choices with colors, features, and special orders. Buy in the spring when everyone is getting boat fever and expect to pay more for your boat. Larger demand, larger price tag. Buy in the fall or later and you'll get lower prices when dealers are looking to unload boats before the new models hit the showroom.

Part 2 in a future post soon!
Don Schrama

Finance your next boat at http://www.boatfinance.com/

Tips for buying a Used Boat

Tips for buying a Used Boat
There are numerous benefits to buying a used boat. Once obvious benefit is the model has been tried and tested by people who bought them new. This is a big factor in determining which boat models are reliable. Another reason is monetary savings. Buying pre-owned can save a significant amount of money, when compared to purchasing new. This may be the reason, “60 percent of first-time boat buyers, purchase a used boat,” as reported by the NMMA (National Marine Manufactures Association). Purchasing a used boat does have risks. You should make sure the boat was properly maintained. Simply put, if things go wrong on a boat, all passengers will likely remember the experience with great detail. For this reason, inspect a used boat carefully before purchasing. If possible, have the boat reviewed by an experienced marine mechanic. In addition, never purchase a watercraft without a test cruise with the owner. First-time boat buyers First-time boat buyers often find themselves lost at sea before they step foot on a boat. There are numerous models to choose and Coast Guard regulations affecting their use. Before you start glancing at used boats, know what the boats primary use will be. If you are looking to spending time cruising in peace, a Sailboat may be ideal. On the other hand, if you are looking for an all-around boat, Bow-Riders and Cuddy Cabins may be practical. To ensure you make the right decision, place considerable thought into boating plans. Once you have an idea, research the Coast Guard operation requirements, and the models that suite your needs. At times, when you view a used watercraft, the boat may not be in water. It is common, depending on the region, to find boats for sale at the owners’ home or the Marina. You can make a reasonable assessment without the craft being in water. Still, if a boat is, “the right one for you,” ask to take the boat for a test cruise before buying. An accurate assessment can not be achieved, unless the boat is operated in the water. Always review the boat manufacturers’ recommendations. Most importantly, consider the recommended maximum weight and number of occupants for the boat. If you plan on spending long days on the water with family, you want room to be comfortable. Also, make sure the recommended maximum weight leaves room for occupants plus carryon articles. On power boats, new or upgraded engines may offset the recommended operation weight or horsepower. The new motor may lack power to bring the boat, “on plane,” or be to strong for the Hull’s design. Also consider the added or reduced weight of the motor. Never exceed the manufactures maximum ratings, especially for a new boat owner. Appearance review of a Used Boat When assessing a boats condition, go by your first impression. If a boat looks horrible, it more than likely was not maintained properly. Remember, Salt attacks everything. If a boat was not properly cleaned, the salt caused damage to the boat. Here are ways to determine if a boat was maintained:

Lift any objects on the boat. Pick up coiled ropes, flooring materials, or articles on deck. Look for discoloration or moss. Light discoloration may be fairly common, but deep discoloration or moss, is a sign the boat was neglected. Moss will commonly be found on the Northern side of any objects and the craft.

Look at metal and wood surfaces. Do you see corrosion? Unprotected surfaces in a salty environment deteriorate rapidly. Teak (Common Wood for Boats) will become unsightly, if not oiled. Aluminum will pit, and it may be cracked or appear weakened.

Look over material used for riggings, depending on the craft. Nylon may appear dirty, frayed, or weakened. On certain water craft, sailboats in particular, riggings are important.

Analyze the Gel-Coat. The Gel-Coat should be waxed annually. This depends how often the boat was cruised. If not done sufficiently, the Gel-Coat will have a dull appearance. Rub your fingertip over the finish. If you notice chalk, you either have to live with a dull appearance or paint the boat. As some people may disagree with this statement, let me say, “I know many people that tried restoring the finish of a boat, but I have never seen anyone succeed. Even buffers and compounds failed”.

Examine the Hull’s for problem areas. This will be seen by a discoloration in the Gel-Coat. If you believe the hull was repaired, inquire about the matter. Ensure the repair was done right.

Make sure bulk heads are secure. Often bulk heads are secured with a laminate. This laminate may separate from the hull over time, leaving the bulk heads loose. If this is the case, I strongly urge you do not purchase the boat. These are areas of interest to find neglect on a used boat. Some of the areas mentioned are irrelevant to performance. They will alert you to little annoyances that need to be replaced in the future. For most boat owners, appearance of the craft is important. Spending hours on a dull and unsightly boat is not enjoyable. However, this reverts back to intentions of the boats. Mechanical review of a Used Boat Depending on the type of boat you are planning to purchase, the mechanics are one of the most important areas. Marine engines are expensive, when compared to Automobiles. In addition, with single engine boats, failures can leave you stranded. Once again, I suggest taking the boat for a test run, and have the motor reviewed by an experienced marine mechanic. For your initial inspection, here are some factors to examine:

Is the engine clean? A dirty engine is a good sign of neglect. As a boat owner, I routinely clean my engine after each use. In addition, I give extra care to the engine after it is run in salt water. Most engines produce an oily film when run. This film will cause salt to stick and induce pitting and corrosion to important parts.

Are there heavy deposits of grime near gaskets or seals? This will indicate both neglect and possibly a significant leak. Additionally, they are a good indicator that the engine was exposed to salt for a long period of time.

If the engine is rusted, there may be problems with the cooling system. Salt water that passes through the engine may be leaking.

Freeze plugs should be made from brass, not steel. If steel freeze plugs are on the engine block, they should be replaced.

If applicable, pull the dip-stick and look at the oil. If the boat has a diesel engine, the oil will be black. Oil with a foamy film may indicate cracks or neglected seals. Two-stroke, oil injected engines have additional components that properly lubricate the engine. Ask if the system has been checked or if any parts been replaced. Consult with the documentation to review the maintenance schedule.

Check the batteries. This should be done whenever you take a boat for a cruise. But for review purposes, if the water is low, you will need to replace the batteries.

Check any steering cables by giving a little tug. If loose, they need attention.

Make sure the bilge pump works. The bilge pump removes water from the Hull. This is an important component.

In addition to the bilge pump, some boats have bilge blowers. Generally bilge blowers are on Gasoline powered boats, but may be found on Diesel powered boat as well. The U.S. Coast Guard requires, “The use of a mechanical ventilation system for all non-open type boats built after July 31, 1980 which run on gasoline”. Always refer to the manufactures suggestion for the bilge blower, especially on Gasoline powered boats.
Happy boat buying!