Selling my boat to a person and "carrying the paper" for the loan?

[SM]

I am selling my boat to an individual and he would like to make payments to me instead if getting a loan. I already have a promissory note and a bill of sale. I was wondering if I keep the pink slip in my name and just give him the registration and the bill of sale? Do I add myself as a lien holder somehow on the pink slip. When you buy a car, you don't get the title till the loan is all paid off. I want to make sure the liability is transferred from me as the boat owner to him (the new owner) I will still be able to repossess the boat in case he misses a payment. Just curious and help would be much appreciated.

I own the boat outright and will have the individual list me as an additional insured on his policy. It is a Bayliner 245. If the boat is damaged, he will be liable for it as he will have a loan that he will need to pay off with me.

[strykertech]

If you own the boat you can add him as a registered owner and you the legal. If you dont own it then you just owe the bank and he owes you. This is pretty risky and not many people do it. If for some reason the boat is damaged you owe and he does not unless you go t court and all. If he decides not to pay you still owe or your credit is hurt not his.
What kind of boat is it?