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High-Performance Boat Financing Still "Extremely Limited"

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Old 04-06-2011, 04:07 PM
  #41
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QUESTION , so what make's a boat a performance boat ?
is it top end speed ?
and what would that speed need to be over to make it a high performance boat ?
so let just say anything over 60 mph is considered high performance and insurance rate's are almost double on these type's of boat's .
then you have the guy's that buy CC boat's that run 70 mph + and instead of calling them performance boat's the insurance guy say's it's a cc fish boat and you pay half price for insurance . this goe's on everyday , i guess it's like the glass is half empty or is it half full .
the reason for this i have been looking at different boat's some known performance boat's and other's that are cc " sleeper " boat's . they both run the same speed upper 70's but since the cc is not listed as a performance boat i can get a loan with 15 % down instead of 50% for the performance boat and when i check with my insurance guy same goes for that more then double for the so called performance boat even thow the 2 boat's run the same speed ?
so what make's a performance boat a performance boat ?

thank's
mike
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Old 04-06-2011, 04:33 PM
  #42
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Default Performance Boat ?

The boatbuilders website and ads in various performance boat magazines are one way to get the answer.
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Old 04-06-2011, 04:48 PM
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Originally Posted by sy goldberg View Post
The boatbuilders website and ads in various performance boat magazines are one way to get the answer.
By that logic sellers should just start calling 46 Skaters large fiberglass pontoon boats then getting loans should be easy.
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Old 04-06-2011, 05:08 PM
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I guess to the moral of this story is, if you are going to own a fast boat that makes thousands of horsepower and you can't even fish out of it or spend the night in it, you should just pay cash and not ask anyone to finance it or loan money on such a toy.

I would never make such a loan to someone, so why even think about asking anyone else to.
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Old 04-06-2011, 06:10 PM
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Originally Posted by sy goldberg View Post
Please correct me if I'm wrong,but isn't representing a high performance boat as a bow rider or a cruiser in order to circumvent a lender's guidelines a form of fraud ?
Technically, but most lender's loan policies are not that specific. It is really up to the loan officer to do their homework. Loans above a certain threshold should require some sort of collateral verification. If not, shame on the lender.
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Old 04-06-2011, 09:26 PM
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Does anyone know if you can even get a 20 yr performance boat loan in this day and age? If so what would the intrest rate be and how much money down is required or what % down?
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Old 04-06-2011, 10:53 PM
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So what kind of rates are you guys getting, I would love just to lower mine from the 7.25%

I hate that high of a rate.
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Old 04-07-2011, 07:54 AM
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So what kind of rates are you guys getting, I would love just to lower mine from the 7.25%

I hate that high of a rate.
6% for 12 years on a 2002 model.
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Old 04-07-2011, 08:11 AM
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I don't feel like it's my job to classify my boat to a lender (or insurance company for that matter). They have all the serial numbers, Hull ID, etc. They should set their own policies on what they will lend on or insure and for how much. If they don't know any better they should be in the business.

I have 6%.
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Old 04-07-2011, 08:24 AM
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Quote:
Originally Posted by On Time View Post
By that logic sellers should just start calling 46 Skaters large fiberglass pontoon boats then getting loans should be easy.
Actually, then I have a fiberglass TRI-toon dcb
It does have seating for 10

Last edited by drejustice; 04-07-2011 at 08:32 AM.
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