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Boat Loans?

Old 10-24-2019, 05:03 PM
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Default Boat Loans?

Who is a good reliable source to talk with for boat loans? Most banks donít understand what a fishing boat is, or the real cost is these things. Iím the market for a new 31-36í center console. Cape Horn and Onslow Bay are 2 on my short list, So given that price range, who would you recommend I contact to get the ball rolling? Thanks in advance.
Old 10-24-2019, 05:36 PM
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Originally Posted by Dempsey15 View Post
Who is a good reliable source to talk with for boat loans? Most banks donít understand what a fishing boat is, or the real cost is these things. Iím the market for a new 31-36í center console. Cape Horn and Onslow Bay are 2 on my short list, So given that price range, who would you recommend I contact to get the ball rolling? Thanks in advance.
https://www.thehulltruth.com/search.php
https://www.thehulltruth.com/search.php
https://www.thehulltruth.com/search.php
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Old 10-24-2019, 06:14 PM
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Old 10-24-2019, 06:18 PM
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If your looking new I just saw pyy marine on Instagram show they had some great rates on new cape horns. FYI
Old 10-24-2019, 06:20 PM
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Originally Posted by Rferrell View Post
If your looking new I just saw pyy marine on Instagram show they had some great rates on new cape horns. FYI
Thank you. Looking for a lender that specializes in marine products are are familiar with the process.
Old 10-24-2019, 06:34 PM
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Intercostal Finance. I have personal experience with 2 loans, same agent on both deals. You are right, you need finance people that understand boats and they do.
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Old 10-24-2019, 06:36 PM
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Lightstream
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Old 10-24-2019, 07:03 PM
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I have used my bank in the past (Suntrust). They had two types of loans for boats.

They had boat loans which were very similar to car loans in length of loan and interest rates. The boat also could not be very old.

They also had marine loans. The boat could be up to something like 25 years old. The length of loan could be 10-20 years. They used marine loans for boats over something like 25 feet with the higher price. The boat had to be documented for the marine loan. The documentation process was easy and the bank took care of it. Had a closing like a mortgage, but quicker/easier.

My local branch connected me with their loan department. The loan department was familiar with the loans and the process.
Old 10-24-2019, 07:35 PM
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If you are a veteran, check with USAA. They are less restrictive than most banks.
Old 10-24-2019, 09:27 PM
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Originally Posted by Dempsey15 View Post
Thanks for your gracious help.....
he does that.

I used Essex
Old 10-25-2019, 04:39 AM
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Thank you everyone that replied with helpful info. I have a place to start my research. If you have any referral agents, let me know ill be sure to tell them you sent me there.
Old 10-25-2019, 04:48 AM
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i searched everywhere and ended up with https://www.boatloan.com/ the sales agent was kinda aloof but the closing coordinator was a rockstar.
Old 10-25-2019, 04:59 AM
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Originally Posted by tortugabob77 View Post
Intercostal Finance. I have personal experience with 2 loans, same agent on both deals. You are right, you need finance people that understand boats and they do.
Originally Posted by Dempsey15 View Post
Thank you everyone that replied with helpful info. I have a place to start my research. If you have any referral agents, let me know ill be sure to tell them you sent me there.
intercoastal or sterling associate. They are two of the biggest boat loan brokers. They will send you through a traditional bank. Intercostal sent me through suntrust for my boat.
Old 10-25-2019, 05:13 AM
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Originally Posted by Dempsey15 View Post



Thanks for your gracious help.....

its only been discussed 1000 times

not doing a quick search, you will miss stuff

you would quickly see likely best to go through a CU or specialized lender/broker and not directly through a bank

you would see yacht closer, sterling, and intercoastal are the top 3 for loans $75k+

dont let anyone run your credit until you have something lined up where you like the terms

pretty straight forward and easy process.
Old 10-25-2019, 05:29 AM
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Karie at Newcoast. Helped me with the financing of a preowned Contender 35st.
Old 10-25-2019, 05:38 AM
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Originally Posted by kc10a View Post
If you are a veteran, check with USAA. They are less restrictive than most banks.
I used USAA and it was extremely easy; they simply verified the boat was worth the amount of the loan. The loans was for I believe 20 years but I paid it off after two months with no penalty.
Old 10-25-2019, 07:00 AM
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X2 on New Coast, great people to work with and understand the boating industry.

I used Joe Flynn, 954-270-0330
Old 10-25-2019, 07:17 AM
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Originally Posted by bixlemi View Post
Karie at Newcoast. Helped me with the financing of a preowned Contender 35st.
I had a bad experience with them

They ran my credit when I explicitly told them not to

I didnt even write my SSN on the application form

They were confident they could loan to me and then after running my credit (without my permission) could not

I also avoid Trident for similar reasons

Again, Yacht Closer, Boat Banker aka Sterling, and Intercoastal seem to be best for larger loans with good terms, low down payment, etc

I have multiple good personal experiences with Jen @ Yacht Closer and with Boat Banker aka Sterling, I would make sure you work with someone that is responsive
Old 10-25-2019, 07:36 AM
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Originally Posted by MGuns View Post
I used USAA and it was extremely easy; they simply verified the boat was worth the amount of the loan. The loans was for I believe 20 years but I paid it off after two months with no penalty.
I like USAA I have a car loan thru them. Just keep in mind they use NADA to value. Which can be a problem with used in demand clean boats.
Old 10-25-2019, 07:45 AM
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I've done two deals with Karie at Newcoast Financial with no issues, very easy to deal with and got both deals done very quickly with good rates.

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