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.

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.

Try to Visit AutoFinancing I heard they have offers like that.. http://www.autofinancing.net

Simple, when they get denied, tell them to live within their means untill they develope the means to buy a boat.

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

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.

I know this thread is a little older, but not true. In the past 10 years and currently I've had three Bajas and a Fountain financed with US Bank. They will finance 90% of NADA up to 15 yrs over $25K. And my current Baja is a 1999 (bought August 2010). Gone are the days of no down payment and they did make me document the 342.


Unless they vary their lending practices at the region or state level. All my loans have been in OH or KY.

Essex will only do up to 1050 HP

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.

Suntrust constently bugs me to take out a loan. But they have my Corp. $.

Resource One credit union will do any boat.
BBVA Compass will do triples also.
Key Bank?

Thanks for the info Dewayne!! I'll pass that along to my client.

i recently got my loan for my nordic thru bank of the west

C/U's
 

PACU in va will do any boat 06 and newer no money down as long as you are around 700 c/s... if you want a boat might want to hurry 3 years ago they did my 01 donzi zx, friend of mine got a 03 sonic last year, that was the oldest they would do.... called them in Jan. told me had to be a 06 or newer...

Check with Donna Ryan at Essex. She has been with them for a long time and might be able to get around some of their road blocks. She will definitelty go to bat for her customers. Donna can be reached at 866-377-3948 Ext. 1047056

Thanks!

Im looking to finance a $50k 1998 30' Spectre with twin
(07) 300 XS's still under warranty.

I have a credit score of 790+
Debt to income ratio is next to none
Want to put zero down for 20 years

Anyone else done something close to this if so where and who?

Im in California

JASON

You wont find anything zero down unless it's a credit union and they will not likely go more than 6-7 years. Jason at coastal financial can do 15 yrs with 15% down. His contact info is right above your post in the other thread.

:Score-101010:

Sorry, but this makes no sense financially, especially for somebody with a "debt to income ratio that is next to none"
If you need 20 years for a 50k loan, then there is a problem. It is highly unlikely that you will find any 20 year loans, at least not for under 100k.

Use a credit union 2 months ago with no problems.

True that means you can not afford it. Here are some numbers and facts. To start off with your going to go 20 year in for a boat that is already 13 years old? You really going to keep it till its its 33 years old?

If you go 20 years and your rate is say 5% which I think is probably better than you will see but you will pay 329 a month you will almost pay 30,000 in interest in that boat. Does that make sense??? If your going to do this at least do a ten year you will only pay 13 in interest and your payment will still be low 500's.
Your best bet is to save up 10-20k and take a 7 year loan out max. You go the route you are thinking you will be upside down on that boat forever.

Michigan first CU, 7.49% up to 250,000 and up to 240 months. High performance Ok, and they are very very lenient with the age of the boat.

Citizens community federal