"Take Over Payments"

How does a private seller or buyer broker a "take over payments" deal on a boat/motor/trailer loan?

Is it safe? Where can one find help with researching this kind of arrangement?

Thanks/

"The take over Payments" I have seen in the past were done through the original owners bank. The new buyer had to be approved by the bank for the loan, and then they continued making the payments to the bank once ownership of the vehicle or boat was transferred. Any other way is sketchy.

takeover payment with the new buyer making the payments to the owner of record with a bank or credit union lien is a terrible idea an one that has many outcomes that are all bad most of the time in loan agreements you sign that you will not do this. then there is the insurance deal of trying to get insurance on something that you dont own. if folks dont have good enough credit to buy a boat they dont need one.

"take over payments" is also called "assuming a loan" or "loan assumption". I am not aware of any lenders that will do a loan assumption on a boat loan. The new owner will most likely have to get approved for their own loan, and the new lender will send payoff to the previous owners bank to complete the transaction.

Thanks y'all

Kinda figure it was like what you all have said.

sb