Tag Archives: repo boats

Credit Union Repo boat

Where to Find Repo Boats For Sale by Banks

Where to Find Repo Boats For Sale by Banks

Buying a boat can be an expensive investment, but did you know that banks and credit unions sell repossessed boats directly to the public at significantly lower prices? Many people are unaware that thousands of banks and financial institutions across the U.S. offer these boats for sale, often without the extra fees and commissions that dealerships and brokers charge. This guide will walk you through how to find and purchase a bank repo boat, helping you save money while still getting a great watercraft.

Credit Union Repo boatBank Repo Boat for sale

What Are Bank Repo Boats?

Bank repo boats are boats that have been repossessed by banks or credit unions because the previous owner failed to make their loan payments. When a borrower defaults on a boat loan, the lender takes back the boat to recover their losses. Since banks are not in the business of owning or maintaining boats, they are eager to sell these repossessions as quickly as possible. This creates an excellent opportunity for buyers to find high-quality boats at below-market prices.

Why Buy a Repo Boat from a Bank or Credit Union?

1. Lower Prices Without Extra Fees

Unlike dealerships and brokers who add commissions and service fees, banks and credit unions typically sell repo boats at auction or direct sale without these added costs. This means the price you pay is often significantly lower than buying from a dealer.

2. Nationwide Availability

Thousands of financial institutions across the country have repossessed boats for sale, and many of them list these boats online. With the right resources, you can search for available boats across the U.S. from the comfort of your home.

3. Motivated Sellers

Banks and credit unions want to get repossessed boats off their books as soon as possible. This means they are often willing to sell at a discount, making it easier for buyers to negotiate a great deal.

How to Find Bank Repo Boats for Sale

The best way to find bank repo boats is to go directly to the source. Here’s how you can do it:

1. Check Bank and Credit Union Websites

Many banks and credit unions list their repossessed boats on their websites. Searching for terms like “bank repossessed boats for sale” or “credit union boat repos” can help you locate these listings. However, this process can be time-consuming because you have to visit multiple websites individually.

repo boat

2. Use a Repo Listing Service

Instead of searching multiple bank websites, you can use a dedicated resource like RepoFinder.com. RepoFinder is a free website that compiles a nationwide list of banks and credit unions selling repossessed boats directly to the public. It simplifies the process and helps you find the best deals in one place.

3. Contact Local Banks and Credit Unions

If you prefer a more personal approach, you can call local banks and credit unions and ask if they have any repossessed boats for sale. Some institutions may have listings that are not widely advertised online.

4. Attend Repo Boat Auctions

Some banks and credit unions sell repossessed boats through public auctions. You can check auction websites or local auction houses to see if any repo boats are available. While auctions can offer great deals, be sure to research the boat’s condition before placing a bid.

Tips for Buying a Bank Repo Boat

1. Set a Budget

Before you start shopping, determine how much you are willing to spend. Remember to factor in potential repair costs, taxes, and registration fees.

2. Inspect the Bank Repo Boat

Since repo boats are sold “as-is,” it’s important to inspect the boat thoroughly before making a purchase. If possible, hire a marine surveyor to evaluate the boat’s condition and identify any hidden issues.

3. Research Market Value

Check the market value of similar boats to ensure you’re getting a fair price. Websites like NADA Guides and Boat Trader can help you compare prices.

4. Understand the Paperwork

Make sure the boat has a clear title and that there are no outstanding liens. Banks typically provide the necessary documents, but it’s always good to double-check before finalizing the purchase.

5. Be Prepared to Act Quickly

Since repo boats are often priced lower than market value, they tend to sell fast. If you find a great deal, be ready to act quickly to secure the purchase.

Conclusion

Buying a bank repo boat is a fantastic way to save money while still getting a high-quality watercraft. By purchasing directly from banks and credit unions, you can avoid extra fees and commissions, making it one of the most cost-effective ways to buy a boat. Whether you search bank websites individually, attend auctions, or use a free resource like RepoFinder.com, there are plenty of opportunities to find a great deal. With the right approach and due diligence, you can enjoy your dream boat at a fraction of the price.

 

boat on the water

Navigating the Waters: How to Shop for a Repossessed Boat in Time for Spring

As the chill of winter begins to thaw and thoughts of sunny days and clear waters start to fill our minds, the idea of owning a boat becomes increasingly appealing. For those looking to make this dream a reality without breaking the bank, shopping for a repossessed boat can be an excellent option. 

Repossessed boats are those taken back by lenders or financial institutions from owners who have defaulted on their loans. These boats are often sold at a fraction of their market value, offering savvy shoppers the chance to score a great deal. Here’s your guide to navigating the market of repossessed boats in time for spring.

Step 1: Understand the Market

Before diving in, it’s crucial to understand the repossessed boat market. These boats can come from a variety of sources, including banks, credit unions and auction houses. They vary widely in type, size, condition and age, meaning there’s likely something out there that meets your needs and budget. However, it’s important to recognize that the market can be competitive, especially as spring approaches and more buyers enter the fray.

Step 2: Do Your Research

Start by identifying the type of boat that suits your lifestyle, whether it’s a fishing boat, sailboat, speedboat or something else entirely. Consider factors such as size, engine type and capacity. Once you have a clear idea of what you’re looking for, research the average prices of similar boats in good condition to set realistic expectations for what a repossessed version might cost.

Step 3: Find Repossessed Boats

Repossessed boats can be found through online auctions, specialized repossession sales websites and sometimes directly from financial institutions. Registering with auction sites can provide alerts and updates on upcoming sales. Additionally, contacting local banks, credit unions and marinas directly can uncover unlisted deals that have yet to hit the broader market.

Step 4: Inspect Thoroughly

Inspection is a critical step in the process. If possible, visit the boat in person or hire a professional marine surveyor to assess its condition. Look for signs of wear and tear, damage and potential costly repairs. Check the hull, engine, electrical systems and onboard equipment. A thorough inspection can prevent unpleasant surprises and additional expenses down the line.

Step 5: Secure Financing

If you require financing to purchase a repossessed boat, start this process early. Some lenders may be hesitant to finance repossessed boats due to their uncertain history and condition. However, credit unions and marine lending specialists are good places to start. Pre-approval for a loan can give you a budget framework and make you a more competitive buyer.

Step 6: Be Ready to Act Quickly

The best deals on repossessed boats often don’t stay available for long. Be prepared to act quickly once you find a boat that meets your criteria and budget. This means having your finances in order, being available to view or inspect the boat promptly and being ready to make a decision.

Step 7: Consider Additional Costs

Remember to account for additional costs beyond the purchase price. Repairs, maintenance, storage, insurance and registration can all add to the total cost of ownership. Ensure that the overall investment remains within your budget even after these additional expenses.

Browse Repos – Pontoon Boats, Fishing Boats, Deck Boats and More! 

Purchasing a repossessed boat can be an excellent way to enter the boating lifestyle or upgrade your current vessel in time for spring. While the process requires diligence, research and sometimes a bit of patience, the rewards can be substantial. To browse our inventory of repossessed boats for sale, visit RepoFinder.com today. 

couple sitting on boat

Get Your Summer Boat from RepoFinder and Save Big Money!

Owning a boat offers a sense of pride whether you’re fishing, sailing or relaxing on the waves. You don’t have to worry about renting a boat and getting it back on time. With your own craft, you can take it out on the water whenever you want and for as long as you’d like. Many boat owners say they practically “live” on their boats in the summer!

If you’re ready to own your own boat but aren’t in a position to buy something shiny and new, a repossessed boat can be the perfect solution. Let’s learn more about these types of vessels and the benefits to expect. 

What is a Repossessed Boat? 

A repossessed boat is a boat that was once owned by someone who wasn’t able to make their payments. Boats are often more expensive than people realize – some cost more than cars and homes! Not only are there monthly payments but also storage fees, insurance, fuel and docking/mooring fees. 

With all the costs associated with owning and maintaining a watercraft, some people find themselves in over their heads. They end up defaulting on their payments, and eventually, the lender comes to collect the boat. 

Lenders make money off borrowing money, so they don’t care to hold onto repossessed boats. If they can’t work something out with the owner, the boat will be sold to the general public at a steep discount. In exchange for this discount, the boat is sold as-is. 

What are the Benefits of Buying a Repo Boat? 

The benefits of purchasing a repo boat are the same as buying a repo car: 

  • Save money. Lenders want to get recreational vehicles off their lot as soon as possible. To make these vehicles attractive, they discount their prices and are often willing to negotiate. 
  • Great selection. Many repossessed boats are in great condition. The owners simply couldn’t afford to care for the boat, and therefore, let their payments go. At RepoFinder, you can find a like-new boat with all the latest features. 
  • Easy negotiations. You can negotiate a lower price with the seller, especially when it comes to boats. This is a niche market, so the competition is lower. Plus, vessels take up a lot of space that banks don’t have. 
  • Shop from home. RepoFinder makes it easy to shop for recreational vehicles from the comfort of home. Look at the images, message the seller with questions, place a bid and more. 

If you’re looking for a stress-free way to buy a boat while saving money, browse through RepoFinder today. We’re constantly getting in new inventory – and boats are in demand right now! Find your dream boat today and save big money with RepoFinder.

woman on pontoon boat

Looking for a Cheap Pontoon Boat? Check Out Bank Repo Pontoons

Thinking about buying a pontoon boat? In recent years, pontoon boats have become popular all across the country. Individuals, couples and families appreciate the simple change of pace these boats offer. Whether it’s fishing, partying, relaxing or water sports, these boats are able to do it all. 

Why Own a Pontoon Boat 

Before buying a boat, it’s important to assess your needs and budget. Pontoons are not good for rough waters or speed, and they have a wide turn radius. As long as you’re looking for a sturdy, comfortable and customizable boat, a pontoon will serve you well. 

In fact, you can turn your pontoon into a party boat with LED lighting and built-in speakers. Or, opt for a kid-friendly amusement park with inflatable water slides and tubes! And because these boats are relatively easy to maintain, they have a longer lifespan compared to other watercraft. You can also save on insurance, as pontoons are very safe boats. 

How Much Do Pontoon Boats Cost? 

The average cost of a pontoon boat is between $18,000 and $70,000, but they can go much higher than this. This is a wide range, but there are many factors that influence price: age, condition, features, engine power, etc. 

If you’re looking for a cheap pontoon boat, a great option is to shop for repossessed boats. This opens up a new inventory of affordable boats in fair or good condition. While it’s common for repossessions to need some maintenance, some are like new and were only taken because their owners couldn’t afford the payments. 

What are the Benefits of Buying a Repo Pontoon Boat? 

Repossessed inventory presents another opportunity for people who are looking for affordable boats and watercraft. This makes sense for many people because they may only use their pontoon during the summer months. 

The advantages to buying a repo pontoon boat are: 

  • Pay a fraction of the price 
  • Afford higher-end models or brands 
  • Get attractive financing from the lender (who is also the seller) 
  • Ability to negotiate with the banks 

Things to Look for When Buying a Used Pontoon Boat 

Buying a repossession does not necessarily mean that you’re sacrificing quality. Aside from the boat needing a good cleaning, you may only have to make a few light repairs. We do recommend being a smart shopper, doing your homework and inspecting the following: 

  • Furniture and flooring
  • Condition of the hull 
  • Motor performance 
  • Underneath the boat (it should be raised on a trailer)
  • Gauges and dials 
  • Shift and throttle 

RepoFinder.com has a wide inventory of repo boats, including family friendly pontoons. Click on your state and you’ll see a list of banks and credit unions in your area that have repo inventory. By doing your research, asking the right questions and completing an inspection, you can find a great boat at a fantastic price. 

boat on the water

Don’t Sink Your Budget! 4 Ways to Save Money on a Boat

This entry was posted in Repo Boats and tagged , , on by .

It’s officially summer and many people are scrambling to figure out what they’re going to do for vacation. Things are slowly opening up, but many people are still scared to travel due to Covid. That’s why we’re seeing more families invest in RVs and boats so they can safely enjoy the summer season. 

But what about the cost of a boat? Not only is it expensive on the front end, but also you need money in the bank to pay for gas, repairs, maintenance, docking and more. Is there a way you can save money on a boat right now? Actually, there are many! Below you’ll find our tips for buying a boat without sinking your budget. 

1. Know what you plan on using the boat for.

A quick search of boats will turn up an endless selection of fishing boats, pontoons, sailboats, wakeboard boats and more. To know which one is right for you, determine what you plan to use the boat for. Do you enjoy fishing? Going tubing or water skiing? When you know what purpose you want the boat to serve, you can narrow down your options and look for the cheapest one. 

2. Determine the maximum size you need.

It’s tempting to get a big boat, but usually the bigger it is, the more expensive it is to buy and maintain. Even if you plan on inviting people out, is this worth going over budget for? Ideally, you should stick to boats that offer just enough room for your needs. 

3. Consider where you plan to store the boat.

Where do you plan to keep the boat when you’re not using it? Some people keep them on trailers while others dock them at home port marinas. Obviously, the bigger the boat is, the more storage space you’ll need. If your boat is especially large, you may need permits or professionals to move it. 

4. Shop for used boats instead of new ones. 

Probably one of the best ways to save money on a boat is buying used. Pre-owned boats are far less expensive than new ones because of depreciation. Not only are you limited to used boats for sale, but also you can shop this site for repo boats. These boats have been repossessed by their owners and are now being sold by the banks. Because vehicles aren’t valuable to banks and lenders, they’re often willing to negotiate a great deal! 

To save money on a boat, find the cheapest boat for your needs (no bigger, no extra features) and shop for it used instead of new. RepoFinder.com has a full list of repossessed recreational vehicles like boats, ATVs and RVs that are perfect for your summer vacation needs. Browse our site today for free and see what you can find in your price range! 

buying a repossessed boat

5 Tips for Buying a Repossessed Boat

If you love the idea of spending your weekends on the water, but you don’t want to spend a fortune on a boat, you should consider repossessed boats for sale. These boats are cheaper than buying from a dealer, and you can get a great boat out of the deal. 

It’s important to know that repossessions are sold “as-is,” which means you are responsible for all repairs. You’ll want to do your research and ensure you’re getting a dependable repossessed boat at a fair price. 

Below are five tips for buying a repo boat that will allow you to spend your free time on the water. 

1. Check out repossessed boats from bank lenders.

You can find repo boats at auctions or through banks, lenders and credit unions. We recommend working with banks and lenders, as they are motivated to sell. They want to get the boats off their books, allowing you to get a great deal on them. Plus, if you need financing, the banks will put together attractive financing for you. The same rules apply – good credit scores lead to lower rates. 

2. Be prepared to act fast – repo boats go quick.

Repossessed boats don’t stay on the market long. These watercraft are in high demand, especially at decreased prices. Don’t be surprised if a boat you’re interested in has multiple bids, which will drive the price up. 

Knowing how competitive repo boats are, it’s important to act fast when you’ve found a boat that you like. Waiting just a few days can cause you to lose the boat to another bidder. If you do miss out, don’t worry. There are plenty of other repo boats in the sea! 

3. Know what the boat is appraised at.

When a boat is listed as a repossession, it sometimes gets more attention because shoppers know it may be open to negotiation. However, it’s hard to know how low banks are willing to go. Before making a bid, know what the NADA Marine Appraisal and BUC boat appraisal guides say. Lenders usually use these guides as a benchmark when pricing boats. 

4. Be ready to clean and tidy up the boat.

Buying a repossession does not mean that you are compromising quality. A lot of repossessed boats are in decent condition – their owners just couldn’t afford them anymore. However, be prepared to give the boat a good cleaning and some basic maintenance. Most owners don’t tidy up their boats before a repossession. It’s also possible the boat hasn’t received maintenance in a while. 

5. Ask to do a survey and sea trial.

It’s strongly recommended to have the boat inspected before placing a bid. Ideally, you’ll want to do a thorough survey and make sure the boat is sea-worthy, though you’ll have to ask the bank. Also, if the boat has diesel engines, consider bringing along a diesel engine specialist who can take a look. You’re inheriting all of the boat’s problems when you purchase it, so you want to do your research. 

Want to own a boat without spending a fortune? Check out RepoFinder.com for a full list of banks, lenders and credit unions in your area that are selling repossessed boats and other vehicles.