The trends of the marine financing market are changing, which is encouraging for those interested in purchasing a new boat or refinancing their current one. Now more than ever, credit is available for boat loans, interest rates are at historic lows, and loan criteria are beginning to ease.
“If a customer comes in and he’s paying his bills and has a down payment, he’s going to get a boat loan,” says Coburn, a former president of the National Marine Bankers Association.
Don Parkhurst, another former NMBA president said, “There’s plenty of money available at historic low rates and more people are getting approved today than several years ago.”
This is good news for boat dealers. Although boat sales increased only slightly in the first-half of this year, there is more incentive for those interested in purchasing a boat. For buyers with good credit scores there are fixed-rate loans as low as 4.5 percent.
See what all the buzz is about on NBOA’s own Marine Finance Center.
This blog post is based on an article featured on tradeonlytoday.com.