Financing a 100+ MPH Cat??
08-23-2010, 03:49 PM
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Financing a 100+ MPH Cat??
Is it even possible to finance a 100+ MPH cat anymore? It seems nobody is willing to finance them anymore. If so, what are the requirements and who is doing it? Thanks!
08-23-2010, 05:50 PM
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I think Bank of the west still finances them through Essex. Be prepared to pay a fortune for insurance if you finance.
You can also finance one by refinancing your house and get out of paying for a good portion of the insurance by just carrying liability.
You can also finance one by refinancing your house and get out of paying for a good portion of the insurance by just carrying liability.
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08-30-2010, 05:21 AM
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Crazylt1, I have a guy ...720 minimum score, 20-30% down, 100mph should not be an issue. Call me 269.208.5321 I'll hook ya up with my guy. Thanks, Marc
08-30-2010, 08:33 AM
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try sterling boat bankers...they seemed reasonable when i was in the market for a boat loan
they do require 20% cost of the boat as do many loaners...
they do require 20% cost of the boat as do many loaners...
08-30-2010, 11:49 AM
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I have done some on an exception basis.
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.
08-30-2010, 07:31 PM
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I have done some on an exception basis.
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.
Thanks Dave!
08-31-2010, 01:35 PM
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and this is why I deal only with Navy Federal Credit Union... When looking at buying a new or used boat this past spring the only thing the bank required of me was to pick up the check. They didn't ask what kind, how fast or for any money down. The only thing that factored into how much I spent was wanting to buy another house this winter when prices drop even lower.
