boat loan questions

If I have a check from my bank for up to 75,000.
I want to buy a boat but its out of state.
I want to buy it from a person or dealership.
I want to use some of the loaned money to purchase some upgrades, ballast, speakers, etc.. and pay for taxes and stickers, etc..

How can I do this? Can I write the check to myself? Should the dealership or person be willing to write me a check if I give them a check for more than the asking price? What are the options in this situation?

For example:
20,000 for a boat
1,400 for taxes
$500 for registration, plates, misc state things.
$1000 for speakers/amp
$600 for ballast
For a total of $23,500

Smitty - have you picked out a boat yet?

Are you looking to spend around 20K? I am going to sell 22ft Moomba Kamberra V-Drive - has everything you need...... around 22K
I live in Toledo....

Sorry for the highjack - but I am looking to post it soon. Email me if you are interested.
NChristian@GoRetriever.com

I have not picked out a boat yet. I just had the general question about how it would work with the loan.

Im looking to spend no more than 35k. Im always up to looking at pictures ;) Ill shoot ya an email as well. Are you on maumeewake.com ?

*back on topic

You can take a personal loan or home equity and spend as you please. A secured loan, which is secured with boat, will be made out to seller...ie dealership or private party.

IMO - avoid financing the extras and try to pay those expenses out of pocket.

When I bought my boat the bank gave me about 10K more than I needed and the dealership offered to write me a check back for the over payment. Instead of doing that I just had the bank print me a check for the amount I needed to avoid the interest on the additional money.

Where I am going with this is if you buy a boat from a dealership or private party if you give them a check for over the amount they should be able to write you a check back. Private party sellers may be a little scared off by that though, sounds kind of shady to the average person.

Sounds like questions for your banker. If you are buying from a dealer though you could have them add anything to the boat before you buy and maybe inflate the price some so he can throw in some accessories. Unless you are getting a good deal though you are going to be ridiculously upside down in the boat if you really finance everything.

$500.00 for registration and trailer plates in Ohio???It's $48.00 for the reg. and $48.00 for plates.

For example: