Quick Answer: How Do I Purchase A Boat From A Private Seller In Florida?

How much of a down payment do I need for a boat?

Standard down payment is 15% but depending on your boat age, loan amount, and loan term the required down payment can be between 10% – 30%.

This is the total amount you have already paid toward your down payment.

The total amount that you are given for any vessel that you trade-in as part of this purchase..

How do you avoid sales tax on a boat in Florida?

Specifically, if a nonresident purchaser comes to Florida, buys a boat, and fills out the correct paperwork, the purchaser does not have to pay Florida sales tax on the boat. The key to obtaining this benefit is the purchase MUST be through a Florida dealer and all the required paperwork must be completed.

Is it better to buy new or used boat?

When deciding to buy a new or used boat, Price is by far the biggest reason to go the pre-owned route. … Not only is the price lower, but like a used car, much of the value depreciation has already happened, so a used boat will hold its value better as well.

Is a boat worth the money?

Boats are a good investment if you don’t overshoot your budget. If you research your options and go for a vessel that you can afford, nothing trumps the joy of spending time on the water. However, a boat can definitely also be a bad investment. A rule of thumb is to only buy a boat you can afford to pay for in cash.

Where is the best place to buy used boats?

Craigslist, Kijiji and magazine classifieds Without a doubt, the best place to buy used boats online is in the wilds of Kijiji, Craigslist, and the classifieds. We have found many boats for sale on Craigslist that never appeared anywhere else online, but there are a few secrets to scoping out the very best deals.

How much is boat insurance a month?

The general rule of thumb when it comes to calculating average boat insurance prices is that you’ll pay about 1.5% of the value of your boat in annual rates. To insure a boat worth around $20,000, it would cost you only about $300 per year to have it fully insured.

How much is sales tax on a boat in Florida?

Current Tax Law & How You Can Benefit Currently, Florida has a sales and use tax for boats which is set at 6% of the purchase price. However, Florida caps the total tax amount due on a vessel at $18,000. This tax cap law went into effect July 1, 2010, and is still in effect today.

Can you get a boat loan for a private seller?

You can look for boat loans through local banks or credit unions. Often, you will get your best financing deal with these sources, and with a private sale of a used boat, it will be your main source of financing. … With a private sale, you will need this information from the seller.

Can you sell a boat without a title in Florida?

As a title state, Florida requires a transfer of vessel title from owner to purchaser in order to obtain legal ownership. It is a crime in the state of Florida to take an abandoned vessel without first getting a title to it; doing so is considered theft and could result in fines or even jail time.

Is it easier to finance a new or used boat?

Your credit score Your lender may also restrict the type of used boat you can buy. Additionally, understand that while a used boat loan may come with a slightly higher interest rate than a new boat loan, it is not any easier or harder to finance a used boat loan.

Is financing a boat a bad idea?

Consider the downsides of boat loans Some estimates say your boat’s value could drop by as much as 20% within a year. … You’ll repay more over time than what the boat is worth. Worst of all, if you can’t make your payments on a boat loan that’s a secured personal loan, the boat will be the first thing you lose.

What is the best month to buy a boat?

DecemberDecember is the best time to buy a new boat and get a great deal. In fact, if you’re looking for a bargain, between December 14 and the end of the year is the best time of all.

Do I need a license to drive a boat in Florida?

Florida does not have a “boating license.” The Boating Safety Education Identification Card is proof of successful completion of the educational requirements and is valid for life.

How do I purchase a boat in Florida?

How to Buy a Boat in FloridaHow Much? First decide how much you want to spend or can afford. … Type of Vessel. Next, determine what type of vessel you plan to purchase – size, draft, type, etc. … Equipment. … The Yacht Broker. … The Offer. … Survey and Sea Trial. … Acceptance of Vessel. … Closing.More items…

How do I find out who owns a boat in Florida?

Re: Need to find the owner of a Florida boat You/anyone can go to your county tag office with someone’s license plate number, fill out a request form, and the tax assessor employee will give you the name and address of the tag owner.