How

[kygorski]

How do you sell a boat under the terms take over payments, any advice appreciated.

[GeoFisher]

How do you sell a boat under the terms take over payments, any advice appreciated.

Legally, you CANNOT............

YOU own the note, not the person you sell it to for take over payments.

If the person defaults, you're SCREWED.

Only way I'd do it is through the bank with a legit credit check.

Later,

Geo

[CATCHEMALL]

Usually that means you pay them the pay off on the loan. Usually you can go to the bank and basically just put the loan in your name. I know there is a little more red tape in volved but you get the idea.

[HURRICANEBOB]

How do you sell a boat under the terms take over payments, any advice appreciated.

I agree with Geo and Catch. And there's another benefit to the buyer. He might get a lower interest rate buy just getting his own financing and buying the boat for the exact amount needed to close your loan. Rates are down. If the buyer can get a lower rate than what you had, he not only has the boat he wants, but also has a lower monthly payment.

But by all means, don't eneter into any type deal without a full written release from the loan by your bank you owe money to now. Even very good freinds run into finance problems, and when they do, the boat payment gets paid after the house payment, car payment, and the food and utilitites.