MARINE BANKING SERVICES
FAST APPROVAL
COMPETITIVE RATES AND TERMS
NO POINTS OR FEES
YACHT/RV FINANCING SPECIALISTS WORKING FOR YOU!
Marine Banking Services has been originating boat loans for over 15 years and now offers its financial services for all your recreational vehicle purchase and refinancing needs. We operate as a full-service marine and RV financial service provider. We will package your loan request and arrange financing with various lenders around the country at the most competitive rates and terms typically available. MBS will coordinate Coast Guard Documentation for marine vehicles as well as all appropriate insurance arrangements.
The company president has over 28 years of yacht financing experience with intimate knowledge of the marine marketplace and is a member of the National Marine Bankers Association—a group of marine lender banks providing a forum for the promotion and advancement of qualified marine lending oppotunities for the industry and consumer. Our primary operations are on the Great lakes, but we will service all parts of the country.
Loan programs and terms can be tailored to fit your particular need and financial profile. Our bank rates and terms are a composite of the most competitive in the industry. We have the knowledge to properly prepare and present your loan request for the vessel or RV you are purchasing, whether new or used. MBS can also re-finance your existing loan. We also have numerous contacts and work closely with several dealers and brokers in the Great lakes market.
We can help you locate a qualified surveyor for your used boat purchase, and recommend several options.
Let Marine Banking Services be your one-stop marine and land RV financing marketplace.
Common questions typically encountered from prospective borrowers are:
What is the advantage of financing vs. paying cash?
A. A boat or RV is a luxury item. Liquid cash assets can be put to much better use invested in one of many investment vehicles available to the average person. Typical returns in recent times have been near double-digit. Using a loan at 4.50% as an example, the earnings on the same amount that would be tied up in a boat or RV would far exceed the cost of the interest. The funds also remain liquid for emergencies or other expenses.
Can I deduct the interest expense on my boat or RV loan?
A. Under IRC section 163 (h)(2) a taxpayer may deduct interest on a qualified residence, which is defined as a principal residence and one other residence owned by the taxpayer. In accordance with the IRC section (h)(4), a boat or RV will be considered a qualified residence if it is one of the two residences chosen by the taxpayer for the purpose of deductibility as long as it provides living accommodations and the owner spends at least 14 days per year on the vehicle.
Why not borrow against my home which I own free and clear?
A. Why tie up your homes equity that can be used for emergency expenses that may occur in the form of medical or education costs? Also, home mortgage interest is not deductible unless used for a purchase or for home improvements. Home equity loans are deductible up to only $100,000. Closing costs, appraisals and title costs can also add up.
Here is a quick example of fiscal savings by financing $100,000. vs. paying the equivalent in cash.
Assuming a rate of 8.50% fixed for 20 years, with monthly principal and interest payments of $867.00.
If you financed a boat or RV and invested the $100,000 in a growth income fund earning 9% over 5 years (the typical average life of the loan)
Your earnings would be: $37,708.39
Loan interest cost over 5 years: $28,127.39
Accumulated savings over 5 years: $ 9,581.00
Bear in mind, savings can be greater by investing in a tax deferred savings plan.
How large of a loan can I qualify for?
A. We can normally let you know within minutes, after asking a few key questions.
What are the down payment requirements?
A. Typically 15% to 20% depending on the amount borrowed and term requested.
Give us a call for a custom quote, since interest rates are typically changing regularly. We will attempt to niche your loan request where it best fits, according to your need, lender parameters, and geographical location. It is an advantage to keep your loan local to your home area for service and future transactions.
IF YOU'RE PAYING CASH FOR YOUR BOAT OR RV, YOU'RE PROBABLY PAYING TOO MUCH!
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Marine Banking Services 16335 S. Harlem Ave. Suite 400 Tinley Park, IL 60477 |
1.800.709.5100 IL (708) 489.0588 IN (219) 365.0622 Fax: (219) 365.0625 |