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Boat buying question

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Ok, so I have a question. After saving for quit a while I am ready to buy a boat. I actually found one a couple weeks ago, and negotiated a good deal, but then my issues started. I was planning to finance the boat through my credit union at work. I also called the local bank that I deal with in Houma. They are both telling me in order to get a boat loan now, you have to provide a copy of the titles for the Boat, Motor, & trailer. Issue is that these items weren't required a few years ago, and it seems that a lot of people don't have all these items. This morning I found the exact same boat just 2 years newer, but the same issue. The owner doesn't have all the titles. Anyone have any idea how to get around this or solve this problem?
Thanks
Cory
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Re: Boat buying question
yes its is required now if u own a boat either u have titles to all three or if its financed then the bank has the titles. make the owners get the titles
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Re: Boat buying question
Boats and motors just started having 'titles' in the last few years. The trailers were the only things with titles for a long time. The finance companies have pushed to title the boat and motors since they could only repo the trailers for non-payment. I think there is a way to get an older boat and motors titled, have to check with possibly Dept of Wildlife and Fisheries. I'm sure the current owners will have to prove there isn't a lein against the boat to get a title.
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Re: Boat buying question
Bought a 2005 Blue Wave a couple years ago and couldn't get boat loan because they don't give boat loans for boats over three years old. Had to get personal loan to buy the boat. No titles were necessary. Might be an option for you depending on price as higher interest rate may not be feasible on newer boat with higher price.
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