Beacon Marine Credit assists boat purchasers and owners with their finance needs by providing boat loans for purchase, refinance and equity take-out transactions. The company makes boat loans for all types of new and used power and sail boats throughout the United States. Beacon is recognized as a leader in the direct solicitation of boat loans, attracting customers throughout the country from many sources including dealer and boat broker referral, strategic marketing alliances, magazine and internet
advertising, direct mail campaigns and attendance at numerous boat shows. The company’s success is due to the vast experience of its senior management team and its knowledgeable, friendly staff who strive to develop a personal rapport with potential boat loan clients. Beacon’s sales slogan “Boat Loans In Your Best Interest”, defines it’s service goals; offer the best interest rate with the borrower’s best financial interests in mind.
Beacon Marine Credit originates boat purchase money, refinance and equity take-out loans in the $20,000 to $10,000,000 range. Because Beacon Marine Credit is not owned or controlled by an indirect lender, as are most of its competitors, it can aggressively market its purchase-money loans without creating any conflicts with a particular dealer base. This enables Beacon Credit to remain competitively-priced for both purchase and refinance loans, ultimately ensuring the best boat loan rate for each of its customers.
BEACON MAKES LOANS ON THE FOLLOWING TYPES OF BOATS:
- New Boats
- Used Boats
- Large Yachts
- Power Boats
- Sail Boats
- House Boats
- Motor Yachts
- Sport Fisherman
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- Trawlers
- Sedans
- Sport Cruisers
- Fishing Boats
- Motor Sailors
- Convertibles
- Cabin Cruisers
- Cuddy Cabins
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- High Performance
- Inboards
- Stern Drives
- Outboards
- Runabouts
- Jet Drives
- Runabouts
- Catamarans
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BOAT FINANCE PROGRAMS AVAILABLE:
Purchase – Beacon can assist with purchase money for a new boat being purchased from a dealer, or directly from the manufacturer, or a used boat through a yacht broker or directly from a private party.
Refinance – Whether refinancing to reduce the interest rate on an existing loan, convert from an adjustable or variable rate to a fixed rate loan or to extend the outstanding term, Beacon Marine Credit is the source to reduce your monthly boat loan payment.
Equity Take-Out – If you own your boat free & clear, or have an outstanding loan and would like to pull some additional equity out to upgrade or re-power the vessel, Beacon Marine Credit can help you.
Fixed Rate – Beacon offers fixed rate financing programs which ensure that the interest rate charged over the life of the loan (and the related boat loan payment) do not change. For additional information, click here.
Adjustable Rate - Beacon offers adjustable rate financing programs, with rates fixed during the intended ownership period. The benefit to the borrower is that they obtain a lower monthly payment when compared to a fixed rate loan. For additional information, click here.
Variable Rate – Beacon offers variable rate financing programs, with rates increasing or decreasing with a corresponding index, such as Prime rate or LIBOR. The benefit to the borrower is that, when the index is favorable, they obtain the lowest possible monthly payment. For additional information, click here.
Interest Only – For boaters who prefer to reduce the monthly payment during the initial phase of their loan term, Beacon offers a fixed rate interest only option whereby the borrower does not pay down any principal during the first 3 years of the loan.
Instant Approval – Beacon Marine Credit’s unique on line application processing system, enables the company to accept loan applications instantly. This advanced system will reviews each applicant’s credit profile, the value of the boat being financed and other important factors in real time, with the power to issue an approval instantly. To apply now for an instant approval, click here.
No Income Verification – Beacon’s loan application requirements do not require the borrower to provide income verification for loan amounts of $100,000 and less. This accommodates the borrower’s desire for a hassle-free experience.
Single Asset (Special Purpose) Entities – Beacon Marine Credit provides boat loans to individuals who place the ownership of the vessel in a single asset, or special-purpose, entity. The entity can be a corporation, LLC or trust. For additional information, click here.
Credit Challenged – Beacon Marine Credit works with a variety of boat finance portfolio lenders. This enables the company to offer boat financing across the credit spectrum, including individuals with less than perfect credit ratings.
Entity Purchases, Foreign Flag & Offshore Delivery – Yacht buyers have identified certain tax and other advantages by utilizing alternative transaction structures. One example is when the purchaser acquires an entity that owns the vessel, rather than purchasing the actual boat. The purchaser may choose to utilize a foreign entity, such as a Cayman Island-based corporation, to own the vessel. Delivery of the vessel may actually take place offshore (in foreign waters). Beacon Marine Credit has financed several of these types of transactions and can accommodate these types of transaction structures.
Foreign Delivery – Many new yacht purchase transactions require the buyer to pay for the vessel, and take ownership while the boat is still located at the place of build, which may be located in a foreign country. Beacon Marine Credit has financed several of these types of transactions and can accommodate this structure.
Charter – Many boat owners choose to charter their boat as a way to create some income from the vessel. This helps to defray some of the costs of ownership. For a description of the types of charter that Beacon can accommodate, click here.
Liveaboard – Some owners choose to actually live aboard the boat, utilizing the vessel as their primary residence. Beacon Marine Credit has financed several of these types of transactions and can accommodate this structure.
A DESCRIPTION OF LOAN PROCESSES
Rate Quote – Loan prospects are encouraged to obtain a personalized rate quote, in writing or telephonically. The quote takes into consideration the following pertinent factors (as applicable under the specific circumstances):
- Boat Make & Model
- Model Year
- Boat Value
- Down Payment
- Boat Usage
- Prospect’s Credit Profile
- Loan Term
- Other Factors
Credit Application Processing - Upon receipt of a loan application package, Beacon Marine Credit reviews the file for completeness. The applicant’s individual credit report, including an in-bureau FICO score, is obtained. A debt-to-income ratio and loan-to-value ratio is calculated. Beacon Credit considers the specific value of each boat, including the options. If the application package meets underwriting guidelines, Beacon immediately notifies the applicant of his/her approval. A written commitment letter, which describes the specific closing requirements, is delivered to the applicant. Boat loan approvals are generally issued within 1 day of receipt of a credit package from the applicant. Boat finance commitments are valid for 30 or more days.
Loan Closing - Once a specific boat loan closing date is determined by the borrower, Beacon Marine Credit begins the coordination and preparation of the loan closing documents. Beacon Credit controls each aspect of the loan closing process, ensuring that it protects the financial interests of each party to the boat loan transaction. Beacon gathers specific details about the collateral, conducts the appropriate lien searches, ascertains that the proper insurances are in effect, determines the payoff amounts for the boat being financed (if used or refinance) and the trade unit (if any), and collects any required closing contingencies. Loan documents are prepared, executed by the borrower and loan proceeds are disbursed to the appropriate parties.
Follow-up After Each Loan Closing - The Company corresponds with the US Coast Guard or State Title Agencies until it is assured that ownership to the vessel is placed in the borrower’s name.
BENEFITS OF OBTAINING BOAT FINANCING FROM BEACON MARINE CREDIT
Professional Service – Beacon Marine Credit’s Managing Members each possess more than 20 years of personal boat finance industry experience. These individuals are not absentee owners. Both are available to oversee the daily operation of the company, ensuring that each loan is given the appropriate level of attention and to encourage Beacon’s sales and administrative staff members to strive to deliver a level of service that is “In Your Best Interest”.
Flexibility & Expertise – Beacon Marine Credit offers a variety of boat loan programs, ensuring that the majority of applicants receive a timely loan approval that meets their specific needs. Whether a simple, straight-forward small boat purchase or the most complicated yacht finance transaction, Beacon is sure to have a loan program that meets the applicant’s needs and the expertise to get the job done smoothly.
Competitive Loan Programs - Beacon Marine Credit partners with several major marine portfolio lenders around the United States. Additionally, the company has established relationships with smaller, niche financial institutions. This depth of funding, paired with the sheer volume of loans generated by Beacon, enables the company to negotiate for the most competitive loan rates and terms available. Let Beacon Credit put its resources to work for you today!
