Boat Loans

2012 Bay Bridge Boat Show

Boat Loans — Thu, 26 Apr 2012 19:09:22 +0000

Throughout the grounds, an equally impressive assortment of marine-related exhibitors will display and share their products to provide one-stop shopping for spring commissioning.
Limited spaces are still available for quality marine exhibitors and tickets are on sale for only $12 for adults and $4 for youth ages 7-12. Children 6 and under may attend for free. Tickets can be purchased in advance at www.usboat.com.

[Show as slideshow]

For Information

United States Yacht Shows, Inc.
980 Awald Road, Suite #302
Annapolis, Maryland 21403
410.268.8828

Location and Directions

The Bay Bridge Boat Show is located at the Bay Bridge Marina at the eastern end of the Chesapeake Bay Bridge. Take Route 50 to Kent Island, Exit 37 and follow the signs to Bay Bridge Marina. Plenty of parking available for $2.00 donation benefiting the Kent Island High School Athletic Boosters.

Please Note: There is no on site parking this year. Parking will be at the Kent Island High School and Safe Harbor Presbyterian Church, both on Cove Point Road with suttle service to the show. Take Exit 37 North and follow the signs to the appropriate parking.

357 Pier 1 Rd., Stevensville, MD 21666-2601

Accommodations

The Best Western located 5 miles from the Bay Bridge Boat Show, special show rates, convenient to restaurants, outlets and area attractions. Call 410-827-6767 and mention the boat show for the special rates.

Question and Answer Regarding Live Aboard Boats and RVs

Boat Loans — Mon, 16 Apr 2012 15:38:32 +0000

Below is a question that was asked by a potential client of boatloans.com
This is regarding live aboard boats and information about financing them.

Please feel free to contact us with any questions you may have regarding buying a boat or the boat loan process.
Our staff will do the best we can to get you a answer that will help you make your decisions.
Thanks
John Eppehimer
===================================
Sent: Friday, March 30, 2012 9:03 PM
To: John
Subject: Re: Thank you

Thanks for the note John. I would like to understand why lenders will no longer loan on a boat that is going to be lived on/AKA live aboard? I have good credit and good income and wanted to convert my $1500 a month apartment payment into a slip rental at a marina and a boat loan. I assume its because if anyone was to default, the boat being considered their home, makes it that much harder to collect?

I decided to table my plans since the loan market for boats these days (liveaboards) is very strict if not non existant.

Name Removed per client
==================================================================
Date: Saturday, March 31, 2012, 8:37 AM
Brad,

I completely understand your frustrations and wish I had a good solution for you. However in October 2010, the government changed some of the laws which govern financial institutions in how they service loans. More specifically, the Federal Reserve Board (“FRB”) published new rules amending Regulation Z which implements the Truth in Lending Act (“TILA”) and Home Ownership and Equity Protection Act (“HOEPA”). The goals of the amendment are to “protect consumers in the mortgage market from unfair, abusive practices or deceptive lending and servicing practices while preserving responsible lending and sustainable home ownership.” The rule requires a creditor to establish an Escrow Account for homeowner’s insurance, real estate property taxes and other insurance obligations (i.e. flood, private mortgage insurance or PMI) on loans defined by the FRB as ‘higher-priced mortgage loans’. These new rules implemented a mandatory 12 month escrow requirement for liveaboards and full-timers living in RV’s. Most financial institutions service the liveaboards and full-timer RV’s on consumer loan systems, which are not designed to handle the new servicing requirements, and not mortgage loan systems. Thus most financial institutions have elected to cease lending for liveaboards.

I know this answer was probably more in-depth than you were anticipating. Please let us know if we can assist you in the future and thank you for the question.
One thing do you mind if I post your question and the answer so It can help others in the future. I of course will not post any of your person info.
John Eppehimer

http://www.boatloans.com

http://www.sportfishermen.com

http://www.risingtidemedia.com

609 254 5573

==============================================================
Sent: Sunday, April 01, 2012 1:08 AM
To: John
Subject: RE: Thank you

John,

If I find a boat that is used, what is the age limit to finance and what are the lengths of financing? 5, 10, 15 years?

My initial goal was to buy/finance a larger boat and live on it. Understanding that live aboard situations are not that attractive to lending firms today, my next plan would be to buy a boat that is not exactly live aboard size but comfortable. I work from home (sales) and I thought about splitting my time between my boat and my apartment.

As I mentioned before, I pay $1500 a month for an apt in LA. I would downsize the apt and use the extra money for the boat loan. I currently own a 26′ Chris Craft but its more of a weekender. I am more interested in a 30+ foot trawler or sedan style boat that has more room. I was raised on boats and love the lifestyle. Growing up, we had a 32′ Chris Craft, 33′ Egg Harbor, and a 38′ Californian Trawler.

My situation is as follows:

I work for “”removed name per client”", started there in 2001, I’m base + commission sales, make 6 figures but it bounces from 120K to 150K and during rough times, down to 105K. My credit score/fico is 700+, but my debt to income ratio is high…..I have about 20K in credit card debt.

If the debt to income ratio can be overlooked and the above situation considered, I would be more than interested to take a loan out from your company. My plan would be to have the loan, apt expenses equal what I pay today, which is very realistic.

This might be too much information for you but since you sent me an email and you are the new owner, I thought, “what the hell, it can’t hurt”.

Thank you for taking the time to read my note and I hope you can take my plan into consideration.

Name Removed per client
=======================================================================
Date: Sunday, April 1, 2012, 11:08 AM
Brad,

Thank you for your continued response and we would be more than happy to help you. First, I want to make sure that you understand we are not a lender but a conduit company to many lenders. I have some very strong bankers that work with me and we should definitely be able to help you.

You actually said a very interesting thing in the email below and that is you are planning to keep your apartment. Vessels are definitely designed to spend multiple nights/weeks on them and as long as you keep your apartment as your primary residence then the mandatory 12 month escrow period would not apply. However, as soon as you talk about the vessel as a liveaboard or that you can not prove a different primary residence, then lenders will back away from the loan.

Regarding the age limit and lengths of financing, each lender has their individual criteria but boats less than 10 years old are easier to finance but older vessels are still eligible collateral and the length of loans is typically either 15 or 20 years. In the case of older collateral, the lenders will look more closely at the individual creditor and determine if they have the where-with-all to cover their existing debts and assign a higher vessel maintenance cost when calculating debt ratios.

If we can be of any assistance in helping you find a boat we have relationships with many boat dealers and brokers. Please let me know if you need any additional information and we would be more than happy to help you.

We started this venture because we want to help consumers in their quest to enjoy the pleasures that the marine industry has to offer.

Best of luck in your search for a new boat.

Sincerely,

John

========================================================

Hi John,

You have been a great help. Thank you for responding. I will continue to boat shop and if I find one that I’d like to finance, I will come to you first. Thanks again for your help and input.

Name Removed per client

RECREATIONAL BOATING INDUSTRY

Boat Loans — Wed, 11 Apr 2012 15:46:50 +0000

U.S. RECREATIONAL BOATING INDUSTRY
Facts and Figures
Recreational boating is a major consumer goods industry in the U.S., generating $37.5 billion in
sales and services during 2007.
• Average price of a new powerboat in 2007 was $35,486.
• Average price of a new boat, motor, trailer package was $25,544.
• Florida ranks number one in total expenditures for new powerboats, motors, trailers and accessories
with a total of $2.1 billion.
• Boating aftermarket accessory sales have more than doubled in the last ten years from $1.2 billion in
1996 to $2.6 billion in 2007.
• Boating participation increased an estimated 10 percent in 2007 to 59.1 million American adults.
With more Americans on the water, the number of recreational boats in use increased
• The number of boats in use totaled nearly 17 million in 2007.
There were 12.7 million recreational boats registered with the U.S. states and territories in 2006
• The Great Lakes region had the most registered boats with 3.3 million, representing more than a
quarter (26 percent) of registered boats in 2006.
• Boat owners spent an average of 32 days (or 16 weekends) on the water in 2007.
12,000 marinas account for the 875,000 slips available for U.S. boat owners
• There were approximately 12,073 marinas in operation in the U.S. in 2005, accounting for nearly
875,000 total slips throughout the U.S. The average marina had 72 slips.
• Nearly 18,940 marine businesses support more than 154,300 employees in the U.S.
Demographics data shows American boaters are largely ‘middle-class’
• Three out of four boat owners have an average household income under $100,000.
• The Great Lakes had the highest concentration of boat owners, followed by the Inland and Mid-Atlantic
regions, respectively.
• Nearly 68 percent of boat owners were married and the median age was 45 – 49 years.
About National Marine Manufacturers Association (NMMA)
NMMA is the leading association representing the recreational boating industry. NMMA member
companies produce more than 80 percent of the boats, engines, trailers, accessories and gear used by
boaters and anglers in the United States. The association is dedicated to industry growth through
programs in public policy, market research and data, product quality assurance and marketing
communications. www.NMMA.org
About Discover Boating
Discover Boating is a national awareness campaign developed by the recreational boating industry and
managed by the National Marine Manufacturers Association (NMMA.) Discover Boating programs focus
on improving the boating experience and building interest in recreational boating by demonstrating the
benefits, affordability and accessibility of the boating lifestyle, while helping potential boaters experience
why life is better with a boat. Each year approximately 59 million adults in the U.S. enjoy boating. To find
out more, visit www.DiscoverBoating.com.

Direct Link

http://www.baltimoreboatshow.com/assets/cabinets/cabinet61/NMMA_Industry_Fact_Sheet.pdf

BOAT BUYING TIPS

Boat Loans — Wed, 11 Apr 2012 15:44:15 +0000

INDUSTRY EXPERTS SHARE INSIDER TIPS FOR BOAT BUYING
Discover Boating Offers Advice for Selecting the Right Boat, Financing and Insurance
CHICAGO (2008) – The $37.5 billion dollar boating industry saw more than 59 million American adults
take to the water in 2007, according to the National Marine Manufacturers Association (NMMA). As
millions of Americans discover why life is better with a boat, prospective buyers are heading to
dealerships and boat shows across the country to find the best deals.
“There are a few key points to keep in mind when purchasing a boat and picking the right time of year to
buy can be critical,” said Carl Blackwell, chief marketing officer for Discover Boating. “First-time boat
buyers tend to run into common misconceptions when buying a boat and it’s important to do the research
to gather as many facts as possible to make the right decision.”
With boats for every lifestyle and budget on the market, first-time buyers should do their homework before
shopping. Discover Boating offers the following advice for those considering getting started in boating:
Determine what, where and who. When deciding on a boat, ask yourself what you want to do with it,
where will you be boating and who will be joining you. Research has shown most people get involved in
boating to spend quality time with family and friends and nearly 90 percent of Americans live within an
hour’s drive of a navigable body of water.
Do your homework. The best place to shop for boats is a boat show. Prior to attending a boat show,
stroll around a marina and go boating with friends to find out more about the types of boats, brands and
models that meet your needs. DiscoverBoating.com is an unbiased resource offering tips and information
on all boat categories, as well as financing, insurance and a calendar of boat shows.
Find the ideal boat/dealer combination. Select the dealer that goes the extra mile, offering the best
deal and ensuring first-rate service after the sale. Depending on the season, ask for a “test drive” to
experience first-hand how the boat performs in the water. Like car shopping, test-driving several boat
types and sizes will help you make a selection.
Build a budget. According to the NMMA, seventy-four percent of current boat owners have a household
income under $100,000. There are brands and price points to fit individual needs, so determine how
much you want to spend before actively looking, so a dealer can recommend models in your price range.
Hone your skills. Complete a boater education course with family members before the boat is launched.
Everyone will have more fun with confidence in their abilities as “smart boaters.” Boating safety courses
are offered by the U.S. Coast Guard Auxiliary or the U.S. Power Squadron. Classes are typically free,
aside from the cost of materials, and can help reduce boat insurance prices.
Find the Seal of Approval. Prospective buyers should look closely at more than a price tag when
shopping for a new boat. Find the NMMA Certified label, which ensures the boat meets strict industry
product quality standards. A list of NMMA Certified manufacturers can be found on DiscoverBoating.com.
For further boating information, contact Discover Boating’s Kelly Kaylor at kkaylor@nmma.org.
About Discover Boating
Discover Boating is a national awareness campaign developed by the recreational boating industry and
managed by the National Marine Manufacturers Association (NMMA.) Discover Boating programs focus
on improving the boating experience and building interest in recreational boating by demonstrating the
benefits, affordability and accessibility of the boating lifestyle, while helping potential boaters experience
why life is better with a boat. Each year approximately 59 million adults in the U.S. enjoy boating. To find
out more, visit www.DiscoverBoating.com.

Direct Link

http://www.baltimoreboatshow.com/assets/cabinets/cabinet61/DB_Boat_Buying_Tips_FINAL.pdf

BUDGET BOATING

Boat Loans — Wed, 11 Apr 2012 15:42:57 +0000

BUDGET BOATING CAN KEEP FAMILY FINANCES ABOVE WATER
Peak boating season, which begins each May, brings an estimated 59 million adults around the U.S. to
the water to go boating with family and friends. Despite perceptions that boating is reserved for the
affluent, three out of four owners of the 18 million boats on the water in 2007 had an average household
income under $100,000. Innovations throughout the industry over the past couple of years have created
boats for every budget, lifestyle and body of water, not to mention any imaginable activity.
For families looking to chart their course to boat ownership, Discover Boating, the national awareness
program on behalf of the recreational boating industry, has developed a comprehensive online resource
to answer any boating question and clarify those common misconceptions.
Try the new interactive budget planner on DiscoverBoating.com where it compares boating costs to other
popular family activities, including vacations, golf, RVing and sporting events.
For example, a six-day theme park vacation costs a family of four an average of $3,100 over a year (or
$258 a month). That same family can own a $15,000 boat for as low as $158 a month, with an entire
summer to be spent on the water for $100 less per month than week’s vacation.
“We’re all looking to spend more quality time with family and friends in spite of our busy schedules and
financial means – that’s where boating offers a unique opportunity,” said Keith Ammons, consumer
information manager for Discover Boating. “When you start to break down costs associated with our
favorite pastimes, boating is an affordable and convenient way to reconnect with family and de-stress.”
Those considering getting started in boating can find the following tips and more at DiscoverBoating.com:
1) Find the Right Fit. Most people become boaters to spend more quality time with family and friends, so
determine what best suits your family’s needs, interests and finances before shopping.
2) Do Your Homework. Boat shows are a great way to compare boat models and brands, while taking
advantage of special show pricing and incentives. DiscoverBoating.com is an unbiased online resource
with tips and information on all boat types, as well as financing, insurance and a calendar of boat shows.
3) Build a Budget. Find brands and price points to fit your needs by determining how much to spend
before actively looking. There are a variety of financing options available with monthly payments for many
entry-level boats under $200 a month.
4) Test the Waters. Visit a local dealer to try before you buy. Dealers can help narrow down choices,
suggest options to best fit your budget and take you on a ‘test drive’ to experience how the boat performs
in the water. Like car shopping, test-driving several boat types and sizes will help you make a selection.
5) Find the Seal of Approval. Prospective buyers should look closely at more than a price tag when
shopping for a new boat. Look for the NMMA Certified label, to ensure the boat meets strict industry
product quality standards. A full list of NMMA Certified boat manufacturers is on DiscoverBoating.com.
For additional buying tips, resources and general information on boating, visit DiscoverBoating.com or
contact Discover Boating’s Kelly Kaylor at kkaylor@nmma.org.
About Discover Boating
Discover Boating is a national awareness campaign developed by the recreational boating industry and
managed by the National Marine Manufacturers Association (NMMA.) Discover Boating programs focus
on improving the boating experience and building interest in recreational boating by demonstrating the
benefits, affordability and accessibility of the boating lifestyle, while helping potential boaters experience
why life is better with a boat. Each year approximately 59 million adults in the U.S. enjoy boating. To find
out more, visit www.DiscoverBoating.com.

Direct Link

http://www.baltimoreboatshow.com/assets/cabinets/cabinet61/DB_Boat_Buying_Tips_FINAL.pdf

Progressive Insurance Title Sponsor

Boat Loans — Wed, 11 Apr 2012 15:34:55 +0000

Media Contact: Sarah Ryser
312-946-6285, sryser@nmma.org
For Immediate Release
Progressive Insurance Named Title Sponsor of
NMMA Boat & Sportshows
NMMA’s 18 Boat & Sportshows to Carry the Progressive Insurance Name from 2012-2014
CHICAGO – October 11, 2011 – The National Marine Manufacturers Association (NMMA), the world’s largest producer of boat shows and the association representing the recreational boating industry in North America, announced today Progressive® Insurance, a leader in boat insurance, as the title sponsor of its 18 boat and sportshows from 2012-2014.
―We’re thrilled to have Progressive® Insurance on board as the title sponsor of NMMA boat and sportshows. Our involvement with this great organization will help bring boating to more consumers and reach millions of potential show attendees, elevating the NMMA shows’ brand. In addition, this partnership will provide new resources to invest in our shows to help grow attendance, improve the consumer experience, and ultimately attract more customers for our exhibitors,‖ said Ben Wold, executive vice president, NMMA.
―We’re excited to collaborate with the NMMA and support the boating industry,‖ said Rick Stern, Progressive’s boat product manager. ―Seventy-five million people participated in recreational boating in 2010, and hundreds of thousands of them attend boat shows. This sponsorship is a great opportunity to let boaters know that with Progressive boat insurance they can go wherever they choose, whenever they choose and have peace of mind they’re protected with our flexible, year-round coverage.‖
Here is the official 2012 NMMA boat and sportshow schedule:
Progressive® Insurance Atlanta Boat Show, January 12-15, 2012
Progressive® Insurance Atlantic City Boat Show, February 1-5, 2012
Progressive® Insurance Baltimore Boat Show, January 19-22, 2012
Progressive® Insurance Chicago Boat, Sports & RV Show, January 12-16, 2012
Progressive® Insurance Kansas City Boat & Sportshow, January 19-22, 2012
Progressive® Insurance Louisville Boat, RV & Sportshow, January 25-29, 2012
Progressive® Insurance Miami International Boat Show, February 16-20, 2012
Progressive® Insurance Minneapolis Boat Show, January 19-22, 2012
Progressive® Insurance Nashville Boat & Sportshow, January 12-15, 2012
Progressive® Insurance New England Boat Show, February 11-19, 2012
Progressive® Insurance New York Boat Show, January 4-8, 2012
Progressive® Insurance Northwest Sportshow, March 28-April 1, 2012
Progressive® Insurance Norwalk Boat Show, September 20-23,

http://www.baltimoreboatshow.com/assets/cabinets/Cabinet61/NMMA%20Shows-Progressive%20Title%20Sponsor%20Release%20FINAL.pdf

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.