Extra Extra Extra!! We now offer a LIVEABOARD PROGRAM for our marine and RV customers

(910) 471-6337

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A page full of info!

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Reviews

Good Company

2021 Year in review

Good Company's new Sealion 34!

Watch as Center Consoles Only videos our team taking delivery of the new SeaLion 34! 

One of my recent customers vlog about his experience

Matts Mission Marine 

Chatting it up with Capt Tim

Had a wonderful conversation about financing with Capt Tim Wilson of Coastal Carolina Fisherman and Capt Chip Berry

Frequently asked questions

Some of our most frequently asked questions. If the title is BLUE, click for more information.

 

How much do I have to put down on my boat?

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

Can I get preapproved for my boat loan?

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.

How long does it take to get approved?

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

Can I finance the sales tax on my boat purchase?

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

How long is my boat loan approval good for?

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

Do you offer stated income boat loans?

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

Is US Coast Guard Documentation required?

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

Can you assist with US Coast Guard documentation? Insurance options? Title and Registration?

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

How long can I get a boat loan for?

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.

Are refinance rates the same as boat purchase rates?

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.

Is a marine survey required?

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.

Are boat loans tax deductible?

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

Can I own the boat in an LLC or Trust?

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

Can I finance my boat if I am a Non-US Citizen?

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

Do you finance liveaboards?

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

Can I fund my boat while it is overseas?

Yes, with additional requirements.

Can I have a Co-Borrower?

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. 

What about Charters?

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"

What about Marine Insurance?

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

I own my own business. What now?

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. 

Boats like this one are selling for $XX,XXX but you are saying its worth $YY,YYY ?

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

Coast Guard Documentation

Here is a great article on Coast Guard Documentation 

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Most Images used on this site were taken  by me  - www.thesandcatcher.com 

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