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Bank Repo Boats

By Edited Nov 28, 2013 0 1

Bank repo boats are an attractive option for many looking for a new watercraft. Whether you want to water ski, fish, cruise the lake or relax, there's sure to be one out there for you. Where do you find these things? Are they a good deal? What do I need to look out for? Those are all very good questions that we'll take a look at. If you are considering purchasing bank repo boats, there are some things you should know.

How do I find them?

It would be wise to start your search locally when you're looking for bank repo boats. Local lenders seem to have more of these available than ever before. This only makes perfect sense. A few years ago, when the economy was doing better, consumers were taking out long term loans on their watercraft toys. As the economy has gotten worse, more and more people have lost their jobs, so making payments was impossible. When the payments aren't made, the lender repossesses the watercraft. It would be wise to call or stop by local lenders in your area to see if there are any decent bank repo boats available. You just may find one at a great price.

On occasion, businesses will purchase bank repo boats from the lenders to sell for a profit. Some companies will look to get full price, but plenty of others still sell them at a greatly reduced rate to make quick money. To find these dealers, you will want to check online sources like eBay or other auction sites. From time to time you will also get lucky when you look for bank repo boats this way, and find the lenders advertising their own watercraft for sale. There are plenty of other online sellers out there. Many of them advertise bank repo boats, but simply use it as a selling technique. In addition, you should be looking out for scams. Some of the companies that purchase them for resale go through them very carefully. If they find major problems, they simply unload them at a cheap price, sticking the consumer with a bad deal.

There are plenty of other ways to find good bank repo boats. Try searching through the newspapers in your area. If you are willing to travel some distance, get the papers from major cities near you, so you have some more options. It seems that every single week there are more bank repo boats available in the newspaper. Keep your eyes open and you should be able to find plenty of them to check out. Don't forget to let your friends know you are looking for bank repo boats, so they can help you find the right one.

What should I look for?

When you consider buying boats from bank repo, there are plenty of things to look at. Was it well maintained? How much damage is there? Is the hull in good shape? What is the actual book value? The overall condition is generally the biggest factor in determining the value. Hull damage is very costly to repair, and in some cases, can be very unsafe. Other things, like carpeting, can be repaired fairly inexpensively, and could even be tackled by the DIY enthusiast. If you consider bank repo boats, the condition and general appearance will be very important. These are all very key things you should consider when you determine if you are getting a good deal for the money. It seems that repossessions are often in worse shape than average, but that's not always the case. Keep a close eye on details when you consider bank repo boats to make sure you get a great deal.

Inspect in person whenever possible when you consider purchasing bank repo boats. Not only will you get a better idea of the condition, but you may be able to hear the motor run. I would suggest buying a motor flush. They look a little like ear muffs and connect to the bottom portion of the motor at the water intake, above the prop. The motor flush is connected to a hose and supplies water to the motor. By using one of these, you'll be able to hear the motor run, without risking the damage that can occur from running a motor out of water. Listen to the motor carefully. If you are not sure what to look for, get help form a friend or family member that does. When you consider purchasing bank repo boats, you want to make sure the motor runs well. In many cases, the motor has more value than the hull and trailer combined. Never assume the motor runs well on any bank repo boats you consider.

Ask the seller if you can tow the watercraft for a short distance before purchasing any bank repo boats. This is especially important if you have traveled a fairly long distance to see it. Tow the boat for several miles. When done, immediately feel the hubs and make sure they aren't hot. The hub is at the center part of the rim that holds the tire. It's the part that sticks out at the middle. If it's hot, you may have some serious problems with the bearing in the wheels. If you tow bank repo boats with this problem, you may not be able to make it home. Trailers, while not nearly as valuable as the hull or motor, are very important for safety and general transport. Never assume the trailer is road worthy when you consider bank repo boats.

Look at the extras included on the bank repo boats you are considering. Does it have a trolling motor? A new foot controlled trolling motor cost anywhere from $450 to $1500, making it a big bonus and increasing the value. Basic fish locators, while handy, are not nearly as valuable, but are a nice thing to have when included in the purchase. Other things, like factory matching seats have real appeal to many buyers. When you consider bank repo boats you want to get the best deal you can, so more extras are generally better.



Jul 10, 2010 4:28pm
Great article, Jason!
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