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.