Hello,
Is it possible to get vendor finance on a car or boat?
Where i borrow say 75% from the private vendor and put in the other 25% cash? or maybe more 50/50.
The financier could take security over the car/boat with REVS (motor reg office) so it cant be sold etc.
Would anyone be interested in a deal like this with high interest rate over say 5years?
I would like to do a deal with you, contact me on [email protected]
I also have a 96 EF Falcon on dual fuel worth $7500 you can take as additional security.I have thought of this before, but the ecurity of the asset is the concern. Because the car or boat depreciates instead of appreciating, if the wrapee was to default, you would be left with debt.
If the wrapee defaults with a house, you are left with an asset that can be re wrapped.
With a car, if there was substantial damage done, it can cost more to repair than it is worth.
The other consideration is that it is ‘generally’ easier to obtain finance for a relatively small loan such as a car or boat compared to getting a mortgage.J
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