Repo boats are marine vessels that have been repossessed from the owner. Learn more about boat repos and how to find these vessels for sale at much less than retail prices.
If you are looking to buy a fishing boat or any other type of vessel, finding and buying a repossessed boat may get you the marine vessel of your dreams at much less than you would normally have to pay.
When someone can not complete the payments or default on their boat loan, the bank will often repossess the boat from the owner and then put the vessel up for sale to try and clear any losses they may have on the books.
Savvy buyers can find deals on new and like new used boats for a percentage of their value. Untrained buyers beware that there are risks to buying these types of craft without knowing the history of the vessel.
If you are new to buying repo boats, you may want to have a friend or professional, that knows boats, help you with your search.
Repo Boats
There are a couple of different ways to find fishing boats, sailboats, ski boat or other marine watercraft that have been repossessed, and are now up for resell. You may want to look for boat auctions and boat liquidators that carry the type of watercraft you are looking to buy.
While some great deals can certainly be had through these sources, it is important to very careful, because it is normally buyer beware, and all sales are final type of deals.
Brand New, Used or Salvageable
When you scour the dealers, do not be surprised to find marine watercraft in all types of condition. These could range from brand new to barely usable.
You may also be able to find brand new boat repos that have been repossessed by the bank from boat dealers that have gone out of business. There are many auctions and liquidators across the U.S. where a great may be found.
The video below talks about how the repo boats are on the rise and that not only are there many from previous owners, but there are also many coming on the market from boat dealers who have defaulted and went out of business. In these situations, people can put in a bid and name their own price for a brand new watercraft, because the bank has repossessed the vessels and needs to get rid of them and clear their books.
Some national businesses specialize in auctions to sell repossessed vehicles such as Cranky Ape bank repo auction.
Repo Boats – Many different types of Watercraft
Virtually all types of marine vessels may be available for sale as a bank repossession.
Also see:
• Lund Boats for sale
• What is a boat?