If you don't find your boat loan, yacht loan or marine finance questions answered here please
contact us.
New Purchases
| Q: |
I recently applied for a loan with Beacon and I was told that I could borrower more money than I applied for. Will this larger loan amount show up on my credit report?
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| A: |
No, unlike a line of credit, the actual amount financed will show up on your credit report. |
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| Q: |
I recently financed my 2007 Sun Seeker with Beacon Marine Credit and I plan to pay down a substantial amount of my loan with my bonus this year. Will I incur any penalties?
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| A: |
Typically there are no prepayment penalties associated with lump sum payments. However, certain lenders may charge a prepayment penalty if you pay the entire loan of within a defined period of time. Check you loan documents to confirm if there is a prepayment penalty. |
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| Q: |
How long does it take to get a credit decision for a boat loan?
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| A: |
For loan amounts up to $500,000 and upon receipt of a complete loan package we can process your request the same day. Loans over $500,000 can be processed within 72 hours. |
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| Q: |
What is the minimum down payment I should expect to pay when buying a boat?
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| A: |
Typically 20% is the required down payment; however, many lenders will allow 10% or even zero down for the right credit profile. |
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| Q: |
If I get pre-qualified for a loan, how long will my approval last?
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| A: |
Loan approvals are typically good for 60 days while the interest rate you are initially approved for is only good for 30 days. |
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| Q: |
pls call asap
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| A: |
I will have Jim Desnoyers call you shortly to discuss your new boat purchase and boat lending needs. |
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| Q: |
I am interested in buying a boat my Credit Score is right at 598, was wondering if there was anything you could do to help me? Thanks!
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| A: |
Richard,
Unfortunately our credit score cut off for boat loans is 660. |
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| Q: |
I have a fair credit score and would like to finance a boat. The total would be around 50,000. Is there a specific amount that I could put down towards the boat in order to help qualify. If so - how much would that be? thanks, Abby
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| A: |
Abby,
Typically the banks are looking for 20% down with well qualified customers. Please feel free to apply online through our secure on line boat application. Thanks. |
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| Q: |
checking on a credit application that i sent in last week
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| A: |
George,
Your applcation is being handled by Jim Desnoyers. He can be reached at 860-399-2820. |
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