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Old 05-08-2006, 12:18 PM
  #11
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30 years?
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Old 05-08-2006, 01:54 PM
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My max term is 20 years.
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Old 05-08-2006, 02:31 PM
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That's what I thought. Didn't know if someone was actually writing 30 year marine loans. You never know these days. With 40 year mortgages and talk of 50 year notes......all bad signs for the economy.
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Old 05-08-2006, 03:34 PM
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Default Re: boat financing

newcoast!! working with kyle (loanranger) and scott great rates and service even great price on coast guard documentation , also can't go wrong with a fellow sonic owner either !!!
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Old 05-08-2006, 03:59 PM
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Default Re: boat financing

Quote:
Originally Posted by damdonzi
That's what I thought. Didn't know if someone was actually writing 30 year marine loans. You never know these days. With 40 year mortgages and talk of 50 year notes......all bad signs for the economy.

don't forget 84 months on a car/truck.. i'd go 50 on a home but no boat/car/truck.. house i can get back out of..
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Old 05-08-2006, 04:04 PM
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Default Re: boat financing

Just got my loan from Scott at Newcoast. Very simple. 2 day turnaround. Good rate. Coastguard doc.
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Old 05-08-2006, 05:07 PM
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Default Re: boat financing

I can get you 25-30 yrs., but it's tough to get for a performance hull...you wouldn't be buying a big cruser would you?
Hugh Pollock
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Old 05-08-2006, 05:08 PM
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Ooops...I meant "cruiser".
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Old 05-08-2006, 06:01 PM
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I'm wondering do any lenders who cater to the marine market finance boats for commercial purpose (eg a parasail boat) I'm looking into purchasing an additional boat and adding a location to our business in NC. I know pleasure boats financed through marine lenders give you great rates and great terms, I just hate the thought of dealing with a lender who has no clue about boats and trying to get a business equipment loan to pay for a $135,000 boat. I'm just wondering if any of the minds here have some insight on this.

The business here is only really 4-5 months a year so the longer terms would allow more flexible cash flow options. Most operators simply pay thier payments for 5 years or so and then sell the boat and finance a new one. Having a coast guard inspection and diesel power a well maintained boat holds its value extremely well and there is a huge market for used boats with a COI.
 
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Old 05-09-2006, 08:21 AM
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Default Re: boat financing

Quote:
Originally Posted by jtmiller02
I'm wondering do any lenders who cater to the marine market finance boats for commercial purpose (eg a parasail boat) I'm looking into purchasing an additional boat and adding a location to our business in NC. I know pleasure boats financed through marine lenders give you great rates and great terms, I just hate the thought of dealing with a lender who has no clue about boats and trying to get a business equipment loan to pay for a $135,000 boat. I'm just wondering if any of the minds here have some insight on this.

The business here is only really 4-5 months a year so the longer terms would allow more flexible cash flow options. Most operators simply pay thier payments for 5 years or so and then sell the boat and finance a new one. Having a coast guard inspection and diesel power a well maintained boat holds its value extremely well and there is a huge market for used boats with a COI.
Sorry, none of my banks would do a commercial boat.
Kyle
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