5 Things to Consider Before you Bid
1. How will you pay for the boat?
Do you have reserves in your bank account to cover 100% of the purchase price, or are you getting a loan to buy the boat?
If you’ve got the bank reserves in your bank account, you are ready to pay for the boat. But if you’re getting a loan, make sure your loan is already approved for a certain amount.
Also make sure your lender knows the age range of boats you are considering in your search because some lenders won’t lend on boats above a certain age.
Also, figure out how long it will take your lender to fund the boat purchase after you are the winning bidder of an auction. You have 10 days to close on the purchase with the seller after you are the winning bidder and this will give your lender plenty of time to fund.
2. Is the Boat Right for You?
Make sure a boat is right for you before you place a bid. Review all of the boat details and make sure you know all of the features the boat has. Are those features that you’re looking for?
And if you’re using a loan to purchase a boat, does the boat meet your lender’s specific criteria?
If you have any questions about a boat or a trailer that aren’t already answered in the auction listing, get those questions answered before you place a bid. You can get your questions answered by the seller, directly from the auction listing page.
Please read through your Buyer Rights in a Sweet Boat Auction.
3. Do You Want to Arrange an Inspection?Active bidders in an auction have a right to arrange an inspection of the boat during the 7-day auction period. The winning bidder may also do the boat inspection during the 10-day period to complete the purchase with the seller.
4. Buying a Boat Located in a Different State
If you’ve never purchased a vehicle out of state, it tends to be a smooth, seamless process. For those who are looking to buy a boat located out-of-state, boats can be delivered just like cars.
If you have questions about shipping, reach out to us at Sweet Boats and we can walk you through the process.
If you’re the winning bidder of a boat, you’ll have 10 days to complete the sale and arrange for boat delivery through a shipping provider. This is plenty of time to plan for shipping
5. Buying a Boat Located in a Different State
Tell your insurance agent you’re buying a boat and will need binding insurance coverage upon taking possession of the boat. Your insurance agent can provide quotes for a policy, so start this process as soon as you decide you’re ready to bid on a boat. Give your insurance agent the make, model, and year of both the boat and the trailer. Your insurance agent may want to know about certain features of the boat or trailer.
This information can be found in the boat auction listing page on Sweet Boats. Don’t wait until the last minute before you arrange boat insurance because there may be a slow turnaround time on your policy, which could cause a delay.