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Old 28-09-2012, 09:08   #16
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Re: Marine lender recommendations

I don't know what the minimum requirements are. We insured the boat for an agreed value. It was the sale price plus the sales tax (8.75% here in CA).

This coverage included a large sail area, Canada to Mexico.

I also recommend Trident Funding. We used them, they found us our loan at Sun Trust.

Hope this helps.
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Old 01-10-2012, 19:11   #17
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Re: Marine lender recommendations

Banks are usually more focused on car and house loans. If you show up with a boat, they may make you jump through all sorts of hoops because they think it's a car. Or a house. And it's not. Essex Credit does boat loans and there may be other firms that also focus on boats. Dealing with an outfit that knows what they're doing will likely save you lots of wheel spinning.
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Old 01-10-2012, 19:37   #18
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I shopped rates about a year ago and Essex was the lowest. I found the larger banks price themselves out of the market.
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Old 02-10-2012, 07:15   #19
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Re: Marine lender recommendations

We used Sound Community Bank for loans on our last two vessels. At the time they were the lowest rates in the nation. They know boats and did a lot of fishing vessels in the northwest. Unfortunately, because of the economy they stopped for a while.

They are now doing boat loans again and I would suggest you give them a try. We were living in the San Francisco Bay at the time and the paperwork was sent to the titlte company for signatures.
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