Congratulations, You’ve discovered the boat you love! Now, it’s time to figure out how you will pay for her. By
“docking” here, you have come to the right place for Boat and Yacht Financing!
Get a Quick Quote for Boat or Yacht Financing Here!
As fellow mariners (who have financed vessels of our own), we understand the importance of individualized financing solutions as well as the complexity of the finance process. Our in-depth knowledge of the marine financial world accompanied by close relationships with dozens of lenders enables us to secure loans with the best terms and rates (obligation free)!
Due to the competitive nature of the marine financial market (which is predominately a buyers’ market), many traditional brokers will anchor you down with short-term loans by telling you what you want to hear and not what you need to hear. At Mid-Atlantic Yacht Agency, we vow to offer you unbiased information and assistance throughout the entire lending process. Think of us as your personal assistant or better yet, your first mate! We compare several finance proposals (side by side), carefully evaluating which one is best suited for our individual clients’ needs. Our agents will thoroughly explain these proposals to you while making sure you comprehend all the details such as the actual structure of the loan, interest rate, repayment commitments, and early termination fees (just to name a few). We will not let you sign any papers until you have a complete understanding (including the fine print) of the contract you are entering into.
Financing through a marine specialist could help keep your bankroll a float:
• We can obtain loans in excess of the bank’s typical 5-year loan. We work closely with marine lenders who offer 15 and 20-year loan terms because they understand that a boat may be one of your most valuable assets and less affected by depreciation (compared to automobiles).
• Unlike traditional lenders, marine specialists will not put your assets in jeopardy by securing a loan through the cross-collateralization of your home.
•Becoming pre-approved for a loan can give you the upper hand during the purchasing process. Dealers and/or sellers are much more likely to negotiate prices if they know you have the financing to back it up.
•When working with our agents that specialize in marine financing, you will have access to: swift credit results, rational down payments, competitive rates, lesser installments, a simple application process, prompt approvals, and (best of all) personalized customer service.
• We have access to lower interest rates thanks to our extensive amount of marine resources. We devote our days to finding our clients the best loan at the best rate. Right now, our lenders are offering some of the lowest interest rates that we can remember. We are committed to investigating all possible financial avenues because the less interest our clients pay, the happier they (and we) are!
Do you meet the qualifications?
According to Peggy Bodenreider (director of the National Marine Bankers Association), lenders look for the following “Six Cs” when reviewing loan applications:
1.”Character: Your overall stability, how long you have been at your job or profession and lived in your home.
2.Capital: Your asset base. Can you afford the down payment, and do you have reserves if something happens to your income?
3.Capacity: Your ability to handle your debt load, supported by your income, including the added expense of owning a boat.
4.Credit History: How you have performed paying back other loans of comparable size. The credit score (700 or above) is one measurement lenders use.
5.Cash Flow: All your verifiable sources of income, less losses.
6.Collateral: The value of the boat you want to buy.”