Tag Archives: new boat loan

Boat Loan Lender Found Alive!

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

How You Can Afford a Boat

Imagine the joy on your kids face when you tell them that they are going for a boat ride.  Remember the times growing up and the fun you had fishing with your Dad.  Think back to that time when you were learning how to water ski.  Realize now that boating is not reserved for the wealthy. You can afford a boat.  Here I will show you how.

Larry Rains from Yacht World recently wrote a brief article on his blog for the marine industry.  He said that dealers and boat builders should put more effort into emphasizing that there is an entry level boat available for any pocket book.  There are indeed several ways for you to get into boating that can fit your budget.

There are hundreds of used boats on the market in your area in the 16 to 20 foot range that can be purchased for a few thousand dollars.  Rigid Inflatable Boats (RIB) made by companies such as Nautica, Novurania and Zodiak are a great option.  An 18 - 20 foot RIB is light enough to trailer behind most vehicles, are extremely safe and seaworthy, and can be stored for a couple hundred dollars a month at a public storage facility if you have no room at home.

The Freedom Boat Club has been around since 1989 and has 45 locations in the USA.  Boat clubs are an affordable alternative to buying and maintaining your own boat.  For a monthly fee you have access to a fleet of boats.  You reserve the boat you want in advance.  You show up at the dock with the kids and the dog and the boat is clean and fueled and waiting for you.  At the end of the day the club staff help you secure the boat and get it ready for the next member.  You simply tie up and walk away.

The marine lending companies have been working hard to keep boat ownership affordable in the current economic climate.  Seacoast, Newcoast, and Sterling among other are offering low interest rates and can help you calculate what you can afford.  They will finance both new and used boats.  A consultation is free and can be done over the phone or by email.

There are even resources online to help you convince a skeptical spouse of the benefits and affordability of getting a boat for the family.  Check out their videos and testimonials at Discover Boating.

Take the dream and make it a reality for 2009.  Introduce your family to a safe and enjoyable lifestyle that they will never forget.  You can relive the joy of boating and the water that you knew when you were growing up.  Offer that joy now to the next generation.

For a free consultation on how you can afford a boat or more information click on the Contact page and send me an email.

Live the dream!

David Tomen CPYB