Boat Loans

New Website – BoatLoans.com

Boat Loans — Thu, 26 Jan 2012 17:06:45 +0000

New Website (www.boatloans.com): This website has been designed to assist boat buyers (or existing boat loan customers who desire to refinance their loans) with the process of obtaining a loan. We have many years of experience in assisting customers and strive to provide the ultimate customer service to our clients. Rising Tide Media, well known internet development and marketing group specializing in the fishing and boating industry, has started a relationship with a premier financial services company for the boating and RV industry. Rising Tide Media has worked with another company for years prior to selecting their new partner. Please visit our site often as we try to streamline your boat loan process.

Marketing for Boats

Boat Loans — Thu, 26 Jan 2012 17:03:42 +0000

Marketing for boats: The National Marine Manufacturers Association, the boating industry’s primary source of recreational boating research, statistics and technical data, recently released their 2010 U.S. Boating Industry Marketing Communications Influence Study. Of particular interest in this study, it was noted that the most influential marketing channels to prospective buyers were ranked as follows:

1) Dealership experience,
2) Internet research, and
3) Boat shows

The study continued by stating another key finding of the buying experience is prior to purchasing a boat, the average boat buyer seeks information from more than four different sources. The most often cited sources were internet research, advice from friends (word of mouth), boat magazines / publications and boat shows.

Many of the boat dealerships are spending their marketing dollars covering the dealership experience and boat shows but ignoring a key component of the buyers marketing channels. Rising Tide Media, a leader in boating website design, hosting, and marketing, is available for immediate consultation services to enhance the effectiveness of your marketing campaigns on the internet. Visit www.risingtidemedia.com for more information and we look forward to increasing the effectiveness of your internet marketing program.

How to improve the process of getting a boat loan

Boat Loans — Thu, 26 Jan 2012 16:44:53 +0000

How to improve the process of getting a boat loan:

Be realistic: before deciding to purchase a boat, determine a realistic monthly payment that fits your budget. Remember, the cost of owning a boat is much higher than the monthly loan payment you make.
Select a professional: the best way to obtain a boat loan is to get the help of a trusted marine
finance specialist. They help many customers get boat loans through their direct relationships with community and regional banks.
Be prepared: have your bank and investment account statements available from the previous month and be able to complete a personal financial statement listing all of your assets and liabilities. Make copies of your most recent two years of tax returns as well as proof of current year income (paystubs for W-2 wage earners or internally prepared income statements for self-employed individuals).
Be knowledgeable about your credit scores: after completing a credit application, set aside some time to review your credit report with your marine finance specialist and explain any item which has a negative impact on your credit report.

Based on the information your finance specialist obtains during this initial period, they will determine the best lender for your boat loan. All lenders are not alike and your finance specialist can assist you in getting the best rate and loan term based on your personal financial condition. Although the lending criteria have increased and most boat lenders are prime lenders only, there are lenders that specialize in boat loans for bad credit and boat loans after bankruptcy.

The finance specialist works for you and is always willing to answer any of your questions throughout this process.

Apply now for a Boat Loan

Purchasing a new or used boat

Boat Loans — Thu, 26 Jan 2012 16:39:47 +0000

Purchasing a new or used boat: Acquiring a new boat should be a very special time for an avid boater, but unfortunately there are so many aspects which cause this experience to become overwhelming. We recommend customers take advantage of the voluminous information that can be obtained from the internet, but more importantly select industry professionals that can assist you throughout the entire boat buying process. There are many boat dealers/brokers that can guide you in selecting the best boat for you and make sure you get good value for your investment. There are many financing options for your boat purchase and it is highly recommended that you work with a trusted marine financing specialist. There are finance companies that specialize in assisting customers with the boat loan process and these finance companies have direct relationships with community and regional banks/lenders that specialize in financing boats. Remember the bottom line, these industry professionals are working for you and should work to make sure the buying process is smooth and enjoyable because buying a boat should be fun.

Effective Interest Rate on Boat Loans

Boat Loans — Thu, 26 Jan 2012 16:37:04 +0000

Effective Interest Rate: Interest rates on boat loans are at historical lows and many customers with boat loans can deduct the interest they pay on their boat loans on their tax returns, effectively reducing the amount of actual out of pocket interest expense. For more information on the deductibility of your interest paid on boat loans, customers should consult their tax advisor or can review IRS Publication 936 “Home Mortgage Interest Deduction”. This publication states “For you to take a home mortgage interest deduction, your debt must be secured by a qualified home. This means your main home or second home. A home includes a house, condominium, cooperative, mobile home, house trailer, boat, or similar property that has sleeping, cooking, and toilet facilities.” We recommend you consult your tax advisor to determine if your boat loan interest qualifies as a deduction.

Boat Loan Terms

Boat Loans — Thu, 26 Jan 2012 16:32:13 +0000

Boat loan term: we are frequently asked whether there is a correlation between the term of the boat loan (typically 15 or 20 years) and the actual expected life of the boat loan. There has been much research done on this subject by the National Marine Bankers Association and the actual life of the average marine loan is between 36 months and 72 months. Therefore, there is no direct correlation between the term of the loan and the expected life of the loan. The term of the boat loan is really designed to allow the customer to have a payment which is more affordable while keeping the bank comfortable with collateral value given that most boats if properly maintained can remain operable for 30 years.

Boat Shows

Boat Loans — Thu, 26 Jan 2012 00:02:08 +0000

Boat Shows are in full swing and now is the time to choose the most experienced and cost-effective boat loan provider in the industry. Use the following questions as a guideline to make sure you’re selecting the proper company in getting you the best deal while providing superior customer service:

What are the current interest rates available? (these rates may vary based on credit profile and loan size)
Can you pre-qualify me for the loan?
What fees should I expect in connection with the boat purchase and the related loan?
Is there a prepayment penalty associated with the loan?
Who will process the title or US Coast Guard documentation of my boat?
Who will do the boat survey (if the boat is used)?

[contact-form-7]

Boat Loan Rates

Boat Loans — Thu, 26 Jan 2012 00:01:15 +0000

Boat loan rates: is it time to refinance your existing boat or sell your existing boat and take advantage of the low boat loan interest rate environment? This is a difficult decision since nobody really knows where interest rates will go over the next few years given to economic turmoil and upcoming election.

The answer to the question of refinancing your existing loan is typically easy to determine for most boat owners because the costs to refinance our usually quite low. If your interest rate can be reduced by 75 basis points or more than the answer is typically, “Let’s refinance!” However, in recent times boat owners had to be more concerned about qualifying for a refinance that they did in prior years due to the dramatic decreases in the collateral value.

We can assist you in many ways to determine what is the best course of action for your particular case. The marine industry has just started their boat show season and this means lenders may give some rate discounts to encourage activity. We have much experience in this industry and can also assist you in determining the current fair value for your boat, as well as help you find a new boat if you are interested in taking advantage the soft market.

We are here to help and would like the opportunity to display our abilities in saving you time and money throughout this process, contact Intercoastal Financial Group today!

[contact-form-7]

The what, why and how of credit scores!

Boat Loans — Wed, 25 Jan 2012 21:51:03 +0000

The what, why and how of credit scores, especially concerning boat loans: a person’s credit score (commonly known as FICO score) is a statistical analysis of a person’s credit file, which represents the creditworthiness of that person. A credit score is primarily based on information typically sourced from the three major credit bureaus including the payment history, amount of actual credit lines, the ratio of actual usage of credit lines, credit inquiries and collection/bankruptcy information. In the United States, FICO risk scores range from 300-850, with 723 being the median FICO score of Americans in 2010.
Lenders use credit scores to evaluate the potential risk posed by lending money to an individual. Lenders use credit scores to determine who qualifies for a loan, at what interest rate and what loan amount. Many of the larger financial institutions augment their credit process to include an internal scoring system, which can take into additional factors such as marital status, children, and work history.
Boat lenders typically like to lend to individuals they consider to have prime credit scores, which is usually considered to be over 700. There are several non-prime recreational lenders (Medallion Bank and Merrick Bank) that specialize in the boating industry and these lenders have direct relationships with boat dealers and boat finance companies.
If you are interested in obtaining a boat loan, or what to refinance your current boat loan, please click here. We can assist you with the process as well as give you a better understanding of your particular credit score.

Length of Boat Loans

Boat Loans — Tue, 24 Jan 2012 03:21:24 +0000

Fixed rate boat loan terms are available from 10, 15, 20 years, the terms available are based on the amount you are looking to borrow. The rate of your boat loan is determined by many key factors outside of your credit score. The length of terms for your boat loan will be outlined by the lending bank. In addition to the length of the loan the boat loan down payment amount also plays a role in the determination of your boat loan APR rate.