{"id":44058,"date":"2012-10-22T20:18:12","date_gmt":"2012-10-23T00:18:12","guid":{"rendered":"https:\/\/www.cruisingworld.com\/?p=44058"},"modified":"2023-05-06T17:44:29","modified_gmt":"2023-05-06T21:44:29","slug":"marine-finance-historically-low-rates","status":"publish","type":"post","link":"https:\/\/www.cruisingworld.com\/sailboats\/marine-finance-historically-low-rates\/","title":{"rendered":"Marine Finance: Historically Low Rates"},"content":{"rendered":"\n
\n\n\t\t\t
\n\t\t\t\t\t\"\" <\/div>\n\t\t\t\n\t\t\t

marine finance<\/h3>\n\t\t\t\n
\n <\/span>\n Tim Barker<\/span>\n\n\t\t\t\t <\/figcaption>\n <\/section>\n\t\t\n\n\n\n

The lending landscape changed radically between 2006 and 2009. Now, as we survey the field of marine financing, we find a smaller band of players humming a happier tune. \u201cWe\u2019re seeing historically low rates in marine finance,\u201d said Don Parkhurst, senior vice president of the Marine and RV Finance Division at SunTrust, in Virginia. Still, money doesn\u2019t come easy. According to James Barron, senior vice president of Essex Credit Corp., in 2006 interest-only loan programs and no-down-payment options were available. \u201cSuch programs are uncommon today,\u201d he said.<\/p>\n\n\n\n\n

As we saw in the home-mortgage markets, around the middle of the last decade, bankers weren\u2019t careful about qualifying clients. In those years, it wasn\u2019t uncommon to see \u201cno doc\u201d loans\u2014that is, loans that require no proof of income\u2014going out for loans of $350,000 or more. At that time, dozens of banks and service providers competed for that same business. Today, the field is smaller, said Parkhurst, with just three national lenders\u2014Bank of the West, US Bank, and SunTrust\u2014plus a handful of regional lenders focused on marine finance. Service providers shop multiple lenders to locate loans for prospective boat owners. (Essex Credit is a hybrid; it\u2019s both a service provider and a lender.)<\/p>\n\n\n\n\n

How have the recent years affected your ability to get a boat loan? In 2006, \u201cpeople with bumps on their record could get boat loans,\u201d said Parkhurst. According to Barron, in 2009 most lenders were extending marine financing only to customers with credit scores above 690 and no credit issues. Today, consumers with minor bumps in their credit can find financing, although at a higher rate and with some program restrictions.<\/p>\n\n\n\n\n

What sort of financing can you expect? Assuming you put 15 percent to 20 percent down, Parkhurst described rates of 4.5 percent to 5 percent on a 20-year loan as \u201crock bottom\u201d and even \u201cartificially low,\u201d based on the Fed\u2019s actions. And still lower rates of 4.25 percent are available in variable-rate loans whose rates are locked in for the first three years. If you\u2019re trying to keep monthly payments low, Essex Credit offers a 30-year loan with a 30-percent-down program.<\/p>\n\n","protected":false},"excerpt":{"rendered":"

Now, as we survey the field of marine financing, we find a smaller band of players humming a happier tune. \u201cWe\u2019re seeing historically low rates in marine finance,\u201d said Don Parkhurst, senior vice president of the Marine and RV Finance Division at SunTrust, in Virginia. Still, money doesn\u2019t come easy.<\/p>\n","protected":false},"author":1,"featured_media":32870,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"BS_author_type":"BS_author_is_guest","BS_guest_author_name":"Tim Murphy","BS_guest_author_url":"","hydra_display_date":"20121022","hydra_display_updated":false,"_yoast_wpseo_primary_category":"167","_yoast_wpseo_metadesc":"Now, as we survey the field of marine financing, we find a smaller band of players humming a happier tune. \u201cWe\u2019re seeing historically low rates in marine finance,\u201d said Don Parkhurst, senior vice president of the Marine and RV Finance Division at SunTrust, in Virginia. Still, money doesn\u2019t come easy.","_yoast_wpseo_title":"Marine Finance: Historically Low Rates %%sep%% %%sitename%%","_yoast_wpseo_meta-robots-noindex":"","arc_story_id":"TD55C25UWDR6XIYL3F3HZKVDP4","arc_website_url":"sailboats\/marine-finance-historically-low-rates\/","custom_permalink":"sailboats\/marine-finance-historically-low-rates\/","arc_subtype":"right-sidebar","arc_exclude_from_feeds":false,"sponsored":false,"sponsored_label":"Sponsored Content","sponsored_display_label":false,"sponsored_image":0,"post_right_rail":true,"post_right_rail_ad_1":true,"post_right_rail_ad_2":true,"post_right_rail_ad_3":false,"post_right_rail_ad_4":false,"post_right_rail_recirc":true,"fixed_anchor_ad":true,"post_top_ad":true,"post_off_ramp":true,"post_taboola":false,"labels":false,"apple_news_api_created_at":"","apple_news_api_id":"","apple_news_api_modified_at":"","apple_news_api_revision":"","apple_news_api_share_url":"","apple_news_coverimage":0,"apple_news_coverimage_caption":"","apple_news_is_hidden":false,"apple_news_is_paid":false,"apple_news_is_preview":false,"apple_news_is_sponsored":false,"apple_news_maturity_rating":"","apple_news_metadata":"\"\"","apple_news_pullquote":"","apple_news_pullquote_position":"","apple_news_slug":"","apple_news_sections":"\"\"","apple_news_suppress_video_url":false,"apple_news_use_image_component":false,"footnotes":""},"categories":[167],"tags":[327,183,195],"acf":[],"apple_news_notices":[],"_links":{"self":[{"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/posts\/44058"}],"collection":[{"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/comments?post=44058"}],"version-history":[{"count":0,"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/posts\/44058\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/media\/32870"}],"wp:attachment":[{"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/media?parent=44058"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/categories?post=44058"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cruisingworld.com\/wp-json\/wp\/v2\/tags?post=44058"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}