Used boats are just that—used—and prospective buyers should expect to do some work to make their new acquisition look perfect, inside and out. Also know that your new-to- you boat will come with maintenance, storage, fuel, and other expenses that can be potential budget-busters. That will allow you to search out and find the perfect boat without worrying whether you’ll have the loot to pay for it. Buying a boat from a private party takes some extra work—tasks a good dealer would do before putting the boat up for sale—but the effort can pay off with a lower purchase price. Before you buy any car from a private seller, it's essential to find out for sure if the vehicle has a lien or not. The bill of sale must include a description and hull number, purchase date, price, and the signature of both buyer and seller. Boat loans help you finance the purchase of your dream boat. New or Pre-Owned Boats: How to Decide What Type of Boat to Buy. Before Selling Your Boat. If you have found the right used vehicle for you, but the seller has a lien on it, don't panic. A boat that has had only 1 or 2 owners and has been well maintained is a safer purchase than a boat with multiple owners. If the seller is the manufacturer of the vessel, the purchaser should receive a completed "Manufacturer's Statement of Origin". Add the vehicle to your License eXpress account. Text Size: X. And, the bigger and more-expensive the boat, the more you’ve got on the line. Pontoon filled up with water when approaching a stop and sank. How to Get Title for a Boat with a Bill of Sale. Share This Page. A private sale can benefit both buyer and seller since the profit (and some taxes) of a broker or dealership does not come into play. If you purchase a vehicle from another person instead of a dealer, it is known as a private party purchase. As a broker, we represent thousands of individual private sellers. Once an offer is accepted – usually subject to survey – then you enter into a contract in which you are legally bound to buy the vessel. For example, if the boat is listed as selling for … You’ll find the HIN on the upper part of the starboard (left) side of the transom. Purchase a money order or write a personal check to the Tennessee Wildlife Resources Agency for the registration fees. For more on this, see What’s it Going to Cost to Fix This Thing? Arm yourself with the following bits of knowledge ahead of time, however, and buying a used boat can be a fun and affordable way to get out on the water. Here are some tips that can help make your deal a good one. Social Security Number for each new owner(s) or Federal ID Tax Number for companies ; Title Lien Statement if applicable *All liens must be … By Rupert Holmes. Yes, it’s possible that you could get a perfectly fine used boat from a private seller via an online classified ad, but it’s much safer to buy from a boat dealer with a solid reputation (which you can research online), especially if that dealer offers a strong warranty. For smaller boats kept on a trailer, there’s some advantage to seeing the boat at the seller’s home or business—if the seller’s garage, for example, is clean and organized it’s likely the boat has been well maintained. Learn how you can Finance the Formula Boat of your Dreams! What’s it Going to Cost to Fix This Thing? September 1, 2015. Next, give the entire boat (and trailer, if included) a close inspection to ensure that no damage has occurred since the vessel was surveyed. Once you’ve had a survey done, or assessed the condition or value of the boat yourself, you likely know whether or not you’re going to make the purchase. 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