A page full of info!

Typically, 10% to 20% is standard depending upon the size of the transaction.

We have to approve both you as a borrower AND a boat as the collateral. You can certainly change the boat after the application is approved, but it will require establishing the loan value of the new collateral.  Initial loan approval commitments can be valid for 30 to 60 days from the date of pre-approval.

Usually we have an decision in 24-48 hours, often less.

Yes, lenders will often consider sales tax in the total price of the vessel.

Approval commitments are generally valid for 30 to 60 days (varies by lender) and rate commitments typically range from 30 to 60 days.

Yes, up to $150,000.00 is most cases.

Boats of documentable size and/or loans over $100,000 typically require USCG documentation (some exceptions apply).

Yes, wherever possible we will help with these services or recommend a qualified professional to meet your needs.

It depends on the loan amount. Loans under $50,000 are generally limited to a max of 15 years, while loans over $50,000 are offered 20 years. This may vary with age of the vessel. 

What is the oldest boat you finance?

Vessels aged 20 years is standard, but we can finance boats up to 30 model years old, or older in some exceptional cases.

Yes, but with limitations.  Most of our banks that write refinances require that the original loan be at least 1 year old and that the balance due is over $65,000 to be eligible.

Most used vessels over $100,000 will require a survey. In some cases, when a boat is only a few model years old and/or is a smaller purchase – lenders may not require a survey.

For a qualifying boat, typically interest on the loan can be tax deductible but you should consult with your tax professional to be certain.

In most cases it can be owned in a Trust or LLC – check with your attorney and tax advisor for more detail.

Yes, we do have some options for non-US citizens. Additional documentation and restrictions may apply.

We have a new lender that is allowing for liveaboard finiancing!

Yes, with additional requirements.

Yes and No. A married couple may combine incomes and credit in order to purchase a boat. BUT - Co-Signers are not a thing. EACH PERSON on the loan must be able to qualify for the loan on their own. 

Some lenders allow for part time charters (72 per year) while some do NOT allow charters. We have 1 lender currently that will allow for Full time charters if the vessel is in a managed fleet. If you are considering charters, PLEASE talk to me about that early on. You will need a "Coastwise Endorsement"

I work with some of the best providers in the industry and would be happy to send you a recommendation. 

Buying a boat as a self employed borrower can be tricky. We need ALL taxes, ALL schedules, for EACH business that you own. Bottom line is that whatever you told the Federal Government you made - This number will be used to determine your debt to income ratios. 

Banks do not base values on "Advertised prices". They generally value boats on the wholesale side.  They commonly use NADA, BUC or Sold Boat values. The bank is concerned with the value that they see if they were to have to sell it at wholesale.  There are a few articles covering this over in my BLOG

Here is a great article on Coast Guard Documentation