One of the better known boat loan lenders was found alive today in South Florida. I can verify that because I received an email from him this morning, responded to it and he replied!
Naturally I had to ask him the question. Consumer confidence seems to be at rock bottom. No one seems to be able to get an auto or home loan. Big banks are falling around us. The federal government is bailing the big boys out but seems to have forgotten who put them in power in the first place.
So my question was how does a person take advantage of the best boat prices in years? Most people haven’t got the cash on hand but can still afford a reasonable monthly payment. Can a person still get a boat loan?
It turns out that the marine finance companies that are left have millions to lend. The strongest marine lenders in the industry are still strong and are competing fiercely with each other to stay strong in this challenging economy.
Mark Lyon from Seacoast Marine Finance is an old friend and sent me a letter that you can download here. In the letter Mr. Lyon explains what has happened in the marine lending sector. He also verifies that boat loans are absolutely still available for qualified buyers. It turns out that the established boat loan companies did not succumb to the temptation that a lot of the big banks did in the sub-prime fiasco.
Mr Lyon goes on to say that, “Sophisticated yacht buyers view financing as part of a prudent business decision that permits them to minimize cash outlay. In most cases, 75%-80% of the purchase price may be financed for up to 20 years. The vessel itself is the only collateral required; marine financing does not encumber any other personal or business assets.”
Download the full version of Mr. Lyon’s [ tag-tec ]boat loan[ /tag-tec ] -> letter here. A boat loan calculator is available online here: Boat Loan Calculator. Get in touch with me for Mr. Lyon’s email address and phone number by using my contact form here.
David Tomen CPYB