It's Still a Buyer's Market
Recreational loan rates are at historic lows! If you are in the market and contemplating a boat or RV purchase, times have never been better to finance your purchase. The Federal Reserve has opted to continue holding interest rates low for the time being. As we get further into 2016 and beyond, there is the increasing possibility that rates will begin to rise. How much? It is hard to say. The global economy and foreign markets, as well as our own economy and employment participation, will all bear on what will happen with long and short-term rates going forward. For now, the timing could not be better to buy and lock in low rate financing while it is available.
The used boat market is producing excellent opportunities for great deals with motivated sellers. Securing a reputable broker to work with is important as is selecting a knowledgeable financing source to guide you through the loan process in order to assure a pleasurable and easy experience. The lending landscape has recovered from the financial collapse of 2007, and although we saw several recreational lenders leave the business, there are several reputable lenders that have weathered the storm. Also, credit criteria has eased from the stringent guidelines of the previous five years.
Important things to consider besides interest rates
How does Marine Banking Services provide a competitive edge in securing the best loan program for your purchase? We do it by working with marine lenders across the country to find the right lender with the best program for your particular purchase and financial profile. Every applicant is different, and that is why it takes a company with banking and financial experience to properly guide you in the right direction. Our experience spans 34 years, and as the old saying goes, you wouldn't go to a plumber to have your tooth removed, etc. etc. Dealers and brokers know boats, but unfortunately, they aren't bankers. At Marine Banking Services we work for you and attempt to find just the right loan program for your particular purchase and financial ability. In addition, we can make recommendations for marine surveyors, boat insurance specialists, and the Coast Guard documentation process required on larger purchases. With down payments in the 10-20% range for loans from $25,000.00 to $5,000,000.00 as well as terms available up to 20 years, we can guide you to the right program for your purchase.
- Understand and plan through your physical and financial realistic limitations
- Have the right perspective and expectations; don't just follow the crowd
- Understand the lender's ability to work within the financial loan process; all the way through servicing