Help With Financing!!!
#1
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Location: west palm beach, FL
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Help With Financing!!!
Hey everyone,
We are a boat dealer in south FL and we are having a very difficult time getting any financing for high perfromance boats, especially ones that are a little bit older. Does anyone have any suggestions? Thanks.
We are a boat dealer in south FL and we are having a very difficult time getting any financing for high perfromance boats, especially ones that are a little bit older. Does anyone have any suggestions? Thanks.
#2
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Of the National Lenders that are left in the Marine Arena:
Bank of America - No Hi-perf boats whatsoever
US Bank - No Hi-perf boats whatsoever
BB&T - no hi-performance unless customer is a substantial banking customer of theirs.
CGI - Will finance V Bottom up to 100mph. No catamarans whatsoever.
M&T Bank - No Hi-perf boats whatsoever
For a catamaran to be reviewed as an exception with Essex,
1) 50% Down
2) STRONG Credit 750 score ++
3) STRONG liquid assets (for when engines or drives go boom)
4) Previous similar boat ownership experience.
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Check with Melanie Jolles at Scott financial, it is hard for hi perf, but if they have all their duck in line and some good money down, it might happen...Tell her Rob referred you....
Melanie L. Jolles
Melanie Jolles, National Sales Manager
Scott Financial Services
Office 877-634-0777
Fax 954-522-7070
Melanie L. Jolles
Melanie Jolles, National Sales Manager
Scott Financial Services
Office 877-634-0777
Fax 954-522-7070
#6
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Got mine done at a local C/U 2 weeks ago. Cat boat over 100. We did have a great relationship with the lender and they had a pile of our money and the person that was buying our boat money. Needless to say they had alot to lose if they turned it down, which they tried to at first but it never came up because of high performance or cat just an income to debt thing that was there mistake.
#7
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Location: Northern, KY (Cincinnati) Lake St Clair, MI Norris Lake, TN
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Someone posted this in another thread.... Looks like CGI... Essex and I've seen Credit Unions... If you need help getting your clients insured, let me know! We'll be happy to help!
Of the National Lenders that are left in the Marine Arena:
Bank of America - No Hi-perf boats whatsoever
US Bank - No Hi-perf boats whatsoever
BB&T - no hi-performance unless customer is a substantial banking customer of theirs.
CGI - Will finance V Bottom up to 100mph. No catamarans whatsoever.
M&T Bank - No Hi-perf boats whatsoever
For a catamaran to be reviewed as an exception with Essex,
1) 50% Down
2) STRONG Credit 750 score ++
3) STRONG liquid assets (for when engines or drives go boom)
4) Previous similar boat ownership experience.
Of the National Lenders that are left in the Marine Arena:
Bank of America - No Hi-perf boats whatsoever
US Bank - No Hi-perf boats whatsoever
BB&T - no hi-performance unless customer is a substantial banking customer of theirs.
CGI - Will finance V Bottom up to 100mph. No catamarans whatsoever.
M&T Bank - No Hi-perf boats whatsoever
For a catamaran to be reviewed as an exception with Essex,
1) 50% Down
2) STRONG Credit 750 score ++
3) STRONG liquid assets (for when engines or drives go boom)
4) Previous similar boat ownership experience.
Unless they vary their lending practices at the region or state level. All my loans have been in OH or KY.
Last edited by Baja_342; 12-02-2010 at 07:42 AM.
#9
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updates or new info?
Does any one have any new lenders they have discovered for the performance boats?
Any updates to this thread? I have clients ask about this often.
Thanks in advance for any new info anyone may have.
Any updates to this thread? I have clients ask about this often.
Thanks in advance for any new info anyone may have.