boatconnection

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.

WakezoneINS

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.

matthewsmith

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

phragle

iTrader: (3)

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

offshoredrillin

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

29 sst

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.

Baja_342

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.

ctconsulting

Essex will only do up to 1050 HP

WakezoneINS

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.

PARADOX

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