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Old 09-21-2012
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Boat lender recommendation needed

I am going to use a lender for a boat loan in the very near future. Is there any marine lenders out that are worth recommending or staying away from based on first hand experience with them? Or is this pretty much a go to your local bank and deal with them type of loan as it makes no difference? It should be obvious I have never had a boat loan. Boat is in Fl, will be kept in FL, 5 years old, and like new condition.

I don't mean to be rude by saying the following: please read the question above before posting. I only want first hand experience. I can do a google search like anyone, but that is not what I am asking for here.
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Old 09-21-2012
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When I got a loan for my boat I went through my local bank. They are in Florida though and used to doing boat loans so it was easy. As I remember, all I needed was the survey and proof I could obtain insurance.
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Re: Boat lender recommendation needed

I am in FL as well. Who was the lender?
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Old 09-21-2012
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Re: Boat lender recommendation needed

Shop your local credit unions. Some won't offer boat loans, or the rate will be high but you will most likely candidates that will work with you.

For me, it was more complicated than buying a house so having someone I could call directly or stop in and see was great. Everyone seemed to want document C before Document A could be notarized and attached to Document D before B could be issued and faxed but faxed was not good enough, must be sent overnight, before the insurance could be issued but how can you insure a boat you don't own yet?
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Old 09-21-2012
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Re: Boat lender recommendation needed

I asked the selling dealer/broker who they worked with on a regular basis, and found several local banks who beat the "big" banks hands down. Their staffs were capable, knowledgeable and easy to work with.

I am sold on local banks, especially where boat loans are concerned.
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Re: Boat lender recommendation needed

A friend had suggested credit unions, but the rates he found were nearly double the bank's rates. Hence the reason I did not even bothered looking into them.

I am also finding the loan process extremely convoluted and retarded at best. Same goes for the entire buying process really. I have to make an offer on a boat I am not allowed to turn the engine on or open the sails until I fork out $2000 in survey and sea trials to find out it is louder than I can stand or that the sails/plan is not exactly what I had in mind for said vessel given I have never sailed on one of that particular type/model before! Same with all the loan processing. Just more complicated than it needs to be really.

Specific names would be great though!!
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Re: Boat lender recommendation needed

Quote:
Originally Posted by kd3pc View Post
I asked the selling dealer/broker who they worked with on a regular basis, and found several local banks who beat the "big" banks hands down. Their staffs were capable, knowledgeable and easy to work with.

I am sold on local banks, especially where boat loans are concerned.
Thanks. I am hesitant to have any dealings with the selling broker beyond showing me the boat as their interest relies in selling at the highest price possible and protecting the seller, not me.

I am finding the local banks extremely slow and convoluted.
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