Marine lender recommendations

[dgasmd]

I am probably going to use a lender for a boat loan in the future. Is there any marine lenders out that are worth recommending? Or is this pretty much a go to your local bank and deal with them type of loan? It should be obvious I have never had a boat loan or have looked into it.

[jostalli]

There are many threads on marine financing but they are dated so I would also like to know who people are using these days and what sort of deals they got (or didn't get).

[avb3]

There are so many variables. How old is the boat (many lenders age restrict). What is it made of? FRP is assumed, but I doubt you would get an financing on a concrete boat.

How much money is the boat? How much equity will you be putting into it? Will it pass a survey? What part of the country are you in?

Etc. Etc.

It is a much more complex question then the way you presented it, so you will have to give a bit more details if you want any answers that might guide you.

[dgasmd]

Ok. 2008 beneteau made of fiberglass. No live aboard of for chartering. Live ad docked in fl. Is that enough??

[avb3]

Have you tried any of these lenders?

[Dulcesuenos]

Essex credit had rates as low as 4% great people. Though we didn't use them in the end.

[Doug Brown]

Hi - if your vessel is USCG documented, you can get what is called a "perferred ship's mortgage".

It has a much lower interest rate (usually 1-2% lower). It requires that you have the vessel insured at all times and that the docuementation is always kept current.

There may be other requirements.

When shopping for a loan, be sure to ask about one. If they don't know what you are talking about, go else where.

[dgasmd]

Thanks for the replies. Although I can do a google search like anyone else, I guess for a moment I thought that I could get first hand recommendations based on experience from people here. I guess no such luck!

[GeoPowers]

I went with USAA to finance a 3-year old Beneteau, a similiar situation to yours. USAA was helpful and polite, but you could tell that large boat loans were not their forte (at the time in 2009 at least). They weren't the most efficient with requests for documents, and sometimes seemed to be in the learning phases of boat loans. That said, their customer service is alway excellent. You could probably get a better rate elsewhere, however.

With the age of your boat you should have no problems securing a loan assuming you have decent credit and will pay a fair price for it. Lenders seem to like new(ish), fiberglass boats.

Good luck!

Frank

[bstreep]

Try Essex Credit. They do this all day long and know what they are doing. The note will end up at Key Bank. Also good folks.

[s/vPainkiller]

We went through Grant Smalling at Lending Associates when we purchased our current boat 2 yrs ago. They are affiliated with Massey Yachts, so they are very experienced with boat financing. They also handle the documentation. We just refinanced also with Lending Associates. Very satisfied customer. Their web site is below.

Specialists In Yacht, Aircraft & RV Financing

Scott

Edit: I meant to mention that Sun Trust was the underwriter on our loan as well.

[pwilliams]

I second the Essex Credit recommendation. COSTCO has a deal going on right now advertising a 4.3 % rate.

Sun Trust owns the paper on our boat and I recommend them as well.

Good Luck

[KENAI]

We bought our sailboat (2007 Hunter 49') this past May. Our lender was Key Bank. Their customer service SUCKS!, but they had the least amount of restrictions for everything from type of boat to how old it was. The other problem we encountered when shopping around for a lender was where we lived in relation to where the vessel was located. (We live in Alaska and keep our boat in Florida) So Key Bank made it easy to have a pre-approved loan so we could shop for the best boat that fit our needs and not the banks. The rate was good 4.74% for a 20yr loan. Just be prepaired to deal with multiple people at mutiple key bank locations.

[jostalli]

What were the insurance requirements from these lenders?

[msulc]

We used Trident Funding (Welcome To Trident Funding Corporation). My wife used to work there, and we still used them after she no longer did. I know many satisfied customers who keep coming back. They have different offices on the east and west coast.