How Can I Find Someone Who Will Let Me Take Over Their Boat Payments?

To find someone willing to let you take over their boat payments, you can try the following methods:

  • Browse online boat marketplaces and classified ads where owners may list boats for sale with potential loan assumption opportunities.
  • Check boating forums or social media groups where boat owners may post about their desire to transfer their boat loans.
  • Visit local boat dealerships or marinas and inquire if they are aware of any boat owners interested in loan assumption.
  • Network with friends, family, or boating enthusiasts who might know someone looking to transfer their boat loan.
Can I Take Over Payments on a Boat That’s Used?

Yes, you can take over payments on a used boat. Payment takeover, also known as loan assumption, is a process where you assume responsibility for the remaining loan payments on a boat that someone else purchased. This can apply to both new and used boats. 

What Happens if the Boat Owner Defaults on the Loan After Payment Takeover?

If the boat owner defaults on the loan after the payment takeover, the consequences will depend on the terms outlined in the payment takeover contract and the lender's policies. In most cases, the buyer (new owner) becomes responsible for the loan, and any defaults or missed payments will impact their credit history and financial standing.

Are There Any Tax Implications When Taking Over Boat Payments?

Tax implications may vary depending on your local tax laws and regulations. In general, when you take over boat payments, you’re not making a new purchase, you’re assuming an existing loan. Therefore, there may not be immediate tax consequences. However, it’s advisable to consult with a tax professional to understand any potential tax implications, such as sales tax or property tax, associated with the loan assumption and boat ownership in your specific jurisdiction.


  • U.S. Coast Guard (USCG): The U.S. Coast Guard is a valuable resource for boating safety information, regulations, and educational materials.
  • BoatUS Foundation: The BoatUS Foundation offers educational resources and programs to promote safe boating practices. Their website provides free online courses, safety checklists, and guides for boat owners.
  • National Marine Manufacturers Association (NMMA): The NMMA is a trade association that represents the recreational boating industry. Their website offers information on boat manufacturers, industry statistics, and boating trends.
  • offers a wide range of boating safety resources, including articles, courses, and videos. They cover topics such as navigation, emergency procedures, and boating etiquette.
  • Discover Boating: Discover Boating is an excellent resource for individuals new to boating. Their website provides insights on boat types, buying guides, and tips for planning boating trips.
  • American Boating Association (ABA): The ABA advocates for boaters' rights and provides resources for responsible boating. They offer boating education courses, safety information, and news updates related to boating legislation.

About the Author

Christopher Murray

Christopher Murray

Personal Finance Expert

Christopher Murray is a professional personal finance and sustainability writer and editor who enjoys writing about everything from budgeting and saving to unique investing options like SRI and cryptocurrency.

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