Frequently Asked Boat Finance Questions

If you don't find your boat loan, yacht loan or marine finance questions answered here please contact us.

Adjustable Rate Loan

Q:	I have an adjustable rate loan that is approaching 8% and I recently attended a boat show and saw fixed rate loans as low as 6.75%. Should I refinance now or wait?
A:	If you are uncomforatble with your current interest rate and would like to save money on your monthly payments than by all means you should refinance now. If you are trying to time the market for the lowest interest rate than you may chosse to wait, however, timing the market is not an easy task. The beauty of refinancing is that the cost is minimal so you can refinance multiple times with no hassle.
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Charter Loans

Q:	I am considering purchasing a sailing catamaran and putting it into a full time charter program in the BVI. What kind of loan can you provide me for this?
A:	This would be considered a commercial loan. Our lenders will provide loans for limited charter, which permits chartering the vessel no more than 25% of the time during the year.
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Q:	Can you tell me what makes Beacon Credit a better finance source than Essex Credit, Trident Funding, First Commercial, or Sterling? I need to refinance my boat loan.
A:	We are better-suited to meet your needs in that we have been in the boat loan business for a very long time. We are the only major boat lender with an on-line credit application that is set up to approve qualified boat loan applicants at the time of submission.
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Q:	I have the Liberty Schooner (www.libertyschooner.com) under contract for $450k. I have $250k, down, and want a loan for $200k. Please contact me if you are interested in my business.
A:	Philip, I will have someone contact you soon to discuss your boat loan request. Thank you for your interest in Beacon Credit.
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Q:	I will be purchasing a boat for charter and live aboard. I have questions, and I'm looking for finacing. Please call.
A:	Robert, We do not have the ability to do a full time charter and live a board boat loan. Sorry
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Q:	I HAVE A 2003 CUSTOM 48 FOOT CHESAPEAK CHARTER BOAT WITH TWIN 600 HP CATERPILLAR ENGINES.I AM A LITTLE SHORT ($50000).THE BALANCE I HAVE IN CASH.NEED TO BORROW THE $50,000 AT THE LOWEST RATE POSSIBLE AND FOR THE LONGEST PERIOD OF TIME.WHAT CAN YOU DO FOR ME
A:	Richard, We do not have a loan product for full time charters but I am checking around with some other lenders that may. I will be in touch if I find something. Thanks for you marine loan question.
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Credit Challenged Loans

Q:	What are your requirements for credit-challenged applicants?
A:	We can assist boat buyers who are credit challenged for loans in the $25,000 - $40,000 range. These folks can not presently be in bankruptcy. In addition, we can finance larger vessels for credit challenged individuals, provided they have a significant amount of equity in the boat. In either instance, we suggest that the borrower not apply utilizing our on-line credit application, rather, download a PDF application and complete it fully, submit it via fax.
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Q:	Good morning, I have been thinking about buying a boat and have just a couple of questions. My credit scores are 632,632,646& dti 30. I had a bk in 2002 due to a divorce and have established credit sence. I have been at that same employer 3 years and lived at the same place for 4 years and made 80,00 last year. Do you think financing is an option and what rate could I expect? laon amount $15,000 Thx Derrick
A:	Derrick, we have two lenders that will consider financing a boat to consumers that have re-established themselves after a banruptcy. Interest rates will vary and are set on a case by case basis. Please contact us or apply on line if you would like us to proceed with your loan request. Our minimum loan amount is $20,000.
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Q:	Beacon was able to approve me for a boat loan even though my credit score was only 618. The problem is the interest rate is very high. If I make my payments on time at what point will I be able to refinance into a lower rate loan?
A:	If you make all your boat loan payments on time and keep all of your credit up to date, after 12 months we may be able to refinance your loan at a lower rate of interest.
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Q:	I recently went through a rough period of time and had to declare bankruptcy. My wife and I are back on our feet and making good money. What are the chances of getting approved for a boat loan?
A:	Provided that your current obligations are up to date you should be able to get a boat loan, however, be prepared to pay a higher rate of interest.
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Q:	Was going for a new boat loan and just re-fiananced my house and was surprised to discover that somehow my equifax beacon score was at 590. The dealer couldn't discover why and even called his lenders to elaborate more. Don't know why mine is suddenly so low? Not even recent late payments. I have good income at $130,000 K per year, own my home and some credit debt, but, am now challenged on what to do? Don't want 12 percent or more. Any suggestions?
A:	Mark, I have a company that can lend on credit scores this low and while the rate is going to be higher than your 12 percent threshold, you will e able to get into your boat today and once your credit score comes back into line we can refinance you low to a low lore reasonable rate. Additionally, if you apply with Beacon for a boat loan will be able to review your current credit report and attempt to see what is driving your credit score so low. Besot of luck with your new boat purchase.
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Q:	This web site makes it sound like two lenders would look at us with a bankruptcy discharge. My discharge is only one year out. Will they help me if I submit loan NOT online? FICO 648 thanks. Yes I do want to stay in the 25 to 40,000 range. I don't want to refinance my home for another year to get best rates, so home equity loan not what I need,
A:	Beacon Marine Credit does have two lenders that will consider making boat loans to consumers with a discharged bankrupcy. You can call our toll free number at 888-656-9400 and discuss your individual situation with one of our inside sales associates
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Q:	I make 100,000 year, husband makes 30,000. Due to surgery 3 years ago, old paid medical collections (sent me in before insurance even paid,) my equifax 598, experian 658. Husband's scores much higher. Also owe a little much on credit cards, but only other problem. Own home worth $350,000, owe $300,000. College educated, stable employment, etc. Offered a great deal on 6 month old boat in SailTime (we use 1/8 of time for next 5 years.) Price of boat is $390,414 (Hunter 44DS, tricked out.) Can your company help us with these scores? E-mail me--thanks, Nora
A:	Nora, we may be able to help youbut it will require a lot of additional infomration than normal and even then there are no guarantees. Please contact one of our marine loan specialists at 888-656-9400 for additional assistance.
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Q:	Me and my wife have FICO score around the 550 area. We make around $110,000 + together yearly. We have had some slow payments in the past due to wife losing job 4 years ago. We are currently on track and paying everything on time. I expect our FICO score to go up at least 100 points by next year. We own our home and both have well established jobs. I have been at my job for 20+ years. We are wanting to buy a new pontoon that msrp around $30,000. Do you have a lender that can make this happen?
A:	David, Thank you for contacting us with your boat loan financing question. We do have a source for boat loans for clients with less than perfect credit. If you are prepared to pay an interest rate in the mid teens than certainly feel free to contact one of our marine loan specialists for further assistance and let them know that you are interested in our non prime boat loan program.
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Q:	I have a credit score of 593, and wanted to know if it would be possiable to obtain a boat loan? had a bankruptcy over five years ago, went thru divorce and name is still on house, wife has sum late or slow pays on house. have credit cards with low limits that plan to pay off shortly which should help my score.
A:	Mike, it is had to tell for sure if we will be able to help you with a boat loan until we have a complete picture of your financial and credit situation. Please feel free to apply online and we will see if we can help.
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Q:	hello, my wife and i are currently looking to purchase either a new or used boat in the $15000-25000 ball park - my credit scores range between 540 and 560 - we are currently working on some derogatory medical accounts and hope to have our score in the high-600's before end of 09' - does it make sense to purchase now and re-finance later and if so, what price range (new/used) should we be looking to be most attractive to you folks?
A:	If you are willing to put 50% down, there is a home for your loan at 16% per year. Once you reestablish good credit, you could refinance at a lower rate. If this is of interest to you, please respond back to me. aswimmer@beacocredit.com
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Q:	I am looking to purchase a 2000 Hunter 410 to use as a liveaboard. The asking price from the dealer is 135,000, I think I can get it for 120,000. I don't have the best credit score in the world, around 625 I think, but almost all of my negative accounts were due to a divorce and were delinquents back in 2004. I've been pretty clean since then. Is this something you guys may be able to work with me on? Thank you
A:	Greg, It is hard to say if we can help you or not until we get a complete application. Please feel free to complete an application through our secure on line boat loan application process. In the mean time I have forwarded your contact information to a sales associate at our servicing agent to contact you directly. Thanks you for your question and happy boating.
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Q:	I am looking at purchasing a boat that is $29K...2003 MB Sports B52 V2 Team Edition. To make a long story short, my daughter was diagnosed with a life threatening condition and had to have a bone marrow transplant. About 10 months later, we decided we needed to move to Washington so she could get better care. I contacted Aurora Loans (mortgage company) and asked them what I needed to do to short sell my house because of the housing market in Phoenix. They told me I had to stop making payments so that it showed a financial hardship...which wasn't the case. Anyways, I got their short sell package in about 6 weeks later, and I would've been fine with still making payments due to the medical hardship. I called them back and told them I wanted to make my loan current and explained to them that I was told a lie but I wanted these lates removed from my credit to which they told me they wouldn't do. I have a dispute with Equifax and Trans Union but I'm sure nothing will be done for a few days and even then there might just be a note added. I ran my credit the other day and Trans Union shows 653, Experian 659, and Equifax 603. Do you have any loans available and if so what are the rates? I reside in Washington but I'm buying the boat from a private party in Phoenix, AZ. My credit was excellent (791-797) prior to this first missed payment. Please let me know. Thanks.
A:	Brian, Unfortunatly our cut off is 660. I suggets you wait a few months and see what happens to your score and maybe we can help you then. In the mean time check with your local credit union or bank as they tend to go as low as 640. Good luck with the boat purchase.
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Q:	i have a credit score of 530. i owe 7000.00 on my truck. i also have a personal loan for 1,800.00 that started at 8000.00. its in great standings.my credit report does have medical collections on it and a few slow payments. i have a yearly income of 42,000. i am looking at a 2006 malibu wakeboard boat. the boat that i am looking at is around 55,000 out the door. i have 20,000 to put down. in other words i need a loan for 35,000. is there anyting that you guys can do? thanks
A:	Heath, unfortunately our credit score cut off is 640 and with the current environment we will not be able to help you. However, there is a bank in Utah called Merrick Bank that can make a loan for you. If you are purchasing from a dealer ask them if they do business with Merrick or try calling them direct. Good luck with you new boat purchase.
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Q:	My Credit scores are in the Fair range 590, 650, 617. Is there anyway I could get a loan for a MacGregor 26M, I have looked at them and I believe it will be around 35K to 40K I will only be able to come up with about 10% down payment. I can afford up to about $425 but would like to keep it around $350 a month if possible.
A:	Michael, our cut off is 640 but in order to see if you qualify we will need you to complete a boat loan application. please feel free to apply on line through our secure web site. thankkss
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Q:	I was wondering if you handle first time loans. I have no credit and I just started a small business which is doing good. I just am looking to purchase a boat. Thank you Steven
A:	Steven, When qualifing for a boat loan lenders are going to look and see if you have ever had any comparable credit when making their loan decision. Given that you have no credit history you may want to consider a co signor that has establihsed credit.
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Q:	My 3 Credit Scores range from 580-590. I don't have lates on any loans. Experian states that my scores are lower due to lack of open credit, which I'm working on. Our household income is $169k. We're looking at a new boat which is about $45k out the door. Will put 20% down. Do you have loan programs to fit this criteria?
A:	Tony, unfortunately we do not have a program for credit scores in this range.
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Q:	I have a 650 fico, but currently no bad debt im looking to buy a 60,000 boat. I have 10% down and have a very low DTI. What kind of rate Im I looking at.
A:	Larry, based on this FICO score and down payment, if your overall credit profile is acceptable you are currently looking at rates in the low to mid 6% range.
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Entity Purchases

Q:	I have a residence in the Bahamas. Can I utilize this method to leverage some sort of tax benefit?
A:	Is this your primary residence?
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Equity Loans

Q:	I have several boats and have a need to borrow against them. Two are paid off the other is relatively new. How do I determine how much equity I have amongst these boats?
A:	Please provide a detailed description of each boat so that we can determine the value and amount of the loans that we would be willing to make against the boats
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Q:	call to talk about a bost loan
A:	I have referred your information to one of our boat loan specialists who will call you tomorrow.
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Q:	Can I take a loan against the equity in my boat? I have a 27 Grady White that sells for @ 45K. The boat is fully paid off.
A:	Jason, yes we do equity take out boat loans. Please feel free to apply on line at our secure web site. Thanks.
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Q:	Have a 2007 Monterey 195fs. Paid cash 27500 4monts ago. Has 20 hours use. Aluminum double axel trailer. How much equaty can I expect and intrest rate.
A:	Robert, I can not tell you exactly what boat loan interest rate you will get until I review a credit application. I can tell you that currently rates range from 7.50% to 7.99% for loan amounts in the $25,000 range. Please feel free to apply online through our secure marine loan application. Thanks
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Equity Take Outs

Q:	I recently paid cash for my boat through a HELOC. I would like to get my money back and pay down the HELOC. How long should I wait before doing this?
A:	This can be done, however, it is better to do it sooner rather than later. Lenders are more willing to do a cash out equity loan closer to the time of purchase than if you wait more than 12 months or longer. This is a common product that we offer and be prepared to provide the original purhcase agreement.
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Q:	i own free and clear a 1979 searay cabin cruiser is mint condition 26ft 3in. ready to fish on the big lakes with all the gear and equipment. 260 mercruiser engine, comes with a tandem axle steel tralior, very very well taking care of. I would like to try and get a equity loan using my boat. Can some one call me and talk to me about this. I am not sure on how to do this, only heard of home equity loans. thank you for your time. call me home 989-595-3557 or my cell 989-916-2577 sincerely kim gabrysiak
A:	Kimberly, we are not able to offer an equity cash out loan on a boat of this age. I suggest contacting your local bank and see if they offer used boat loans for this purpose. Please consider Beacon Marine Credit in the future if you plan to purchase a new boat or used boat and need a boat loan.
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Q:	would like to do an equity take out on boat. The value of the boat is about $26000 I would like to take out around 15-20K to repower.
A:	Ryan, Thank you for your question regarding marine financing. We do offer cash out loans for repowering your boat, our minimum boat loan amount is $20,000. Please feel free to contact one of our marine finance specialists to get prequalified. We will discuss your individual situation to determine if you qualify befoer we pull your credit.
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Q:	I own a 1998 Searay 34' free and clear and would like cash out, for about $40 000-00 can you do this?
A:	Sharon, we offer cash out boat loans provided you have not owned the boat for more than 12 months and you will need to provide the original purchase agreement. If this is the case please feel free to apply for your boat loan with our secure online boat loan application.
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Q:	1991 29' Ocean Yacht Super sport express model. Completely rebuilt in 2007 with new everything, 2007 pleasure craft 350 motors, new trransmission, all new electronics, canvass, interior & Paint. "Palm Beach Condition" I have put about $90 k into her, and would like a equity cash out of $40K. Is this possible? Do you have any suggestions?
A:	Alfred, We will have one of our marine finance specialsts contact you.
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Extended Term Financing

Q:	Do you offer 30 year term with no money or little money down...on used boats
A:	Kevin, Please see my previous e-mail to you. We do not offer 30 year financing on boats. Our maximum term is 20 years. If you are able to find a lender that offers a 30 year term you will be required to put a minimum of 30% down and pay a higher rate of interest, typically 50 bps above the prevailing rates. Let me know if we can be of any further assistance. Our current interest rates are as low as 6.39% fixed for 240 months if you live on the east cost and 6.75% fixed if you live on the west coast.
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Financing older boats

Q:	Do you finance older boats as well? Roy, Yes we can finance boats up to 30 years old. Please contact us at 888-656-9400 and ask to speak with one of our marine finance specialists. John, Thank you for the quick reply! I am still researching and dont plan to buy until next year (summer 08 - summer 09). As far as older boats, does it effect down payment required, length of term, or interest rate? Also, is it similar to car loans where you can be pre-approved for an amount before negotiating with a seller? Again, thank you for your assistance. Sincerely, Roy Whisenant
A:	Roy, the answers to your questions can be complicated. The short answer is yes that down payment, term and or interest rate can be affected by the age of the vessel. However, your credit score, previous boat experience, income and liquidity can help get you the best possible deal. The age, make and model of vessel will also play a role but you can expect a down payment between 15 and 25 percent, a loan term between 120 - 240 months depending on the amount you borrow and the interest rate, if incresased, is usually no more than 25 - 50 bps above the current prevailing boats rates at the time you apply and this is only typical on boats over 20 years of age. I hope this helps you in your boat buying process and please let us know if we can help you in any way.
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Fixed Rate Loans

Q:	When I financed my boat the dealer told me that I might be able to write the interest off on my taxes. Will the lender notify me of the interest I paid during the year?
A:	Yes, the lender should provide you with a 1099.
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Q:	I have read that it is better to own a home (with mortgage) than to rent when applying for a boat loan. Assuming all else (credit score, debt/income, etc.) is equal, is this true? Is this because the home is used as a form of collateral? Thanks.
A:	Gene, There is no formal underwriting rule that states this. However, when lenders underwrite large boat loans they will look to see if you have or had comparable credit in loan size and typically mortgage loans are the most common consumer loans that are comparable in size. I would encourage you to apply online through our secure marine loan application and lets us guide you through the process. Thanks.
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General Questions

Q:	What type of Back end Products do you offer through your various finance programs?
A:	Steve, currently we do not offer any back end products on our loan products. We will be offering extended warranty products within the next 30 days.
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Q:	Hi, I have a general question regarding financing that I was hoping you could answer. I am 28 years old and have yet to buy a home and pay on a mortgage. But my wife and I have decided that we would like to buy a boat as our first major purchase. I have been told that it will be impossible to obtain financing in the range that we are looking for without having a 2 year history of paying an installment loan at least equal to the amount requested (i.e. a mortgage). We are hoping to buy a 35-40 FT catamaran that is 1999 or newer. This will require somewhere between $150,000-$200,000 depending on downpayment required and closing price. Can you tell me (generally) if anyone will even look at making this loan? And, if so, under what terms (DP, rate, period, etc...?) I have above average credit (last I checked 730). I also have about $120,000 in liquid securities, and another $120,000 in illiquid securities if that makes a difference, and earn approximately $80,000 annually. Thanks a lot, I look fowrward to hearing any options. David
A:	David, While it is true that banks look for comparable credit in the boat loan decision process, every bank applies different standards. Some banks will want to see comparable boat credit or mortgage credit equal to half of the amount of the new loan you are seeking, while others are going to want to see comparable mortgage credit histroy at the same level of the new boat loan you are applying for and still others don't care about comparable mortgage or boat loans when they are more intereted in the length of time your credit history exists, the amount of total installment debt you hav carried over the years as well as the percentage of outsanding debt relative to the total amount of revolving credit line you have. Of course the banks that are lookinf for comparable credit will consider liquidity and down payment as mitigants. In your case, you have indicated that you have $240,000 in liquid assets which will enable you to put down between 20 and 25%. Most banks will that this into consideration especially if you have previous boating experience. If you are planning on living on the boat full time that will raise a whole set of other parameters but certainly nothing that can't be overcome. You can expect repayment terms up to 240 months and interest rates between 6.99 and 7.50. Please feel free to contact one of our marine finance specialists at 888-656-9400 for more information or you may apply on line at www.beaconboatloans.com
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Q:	Which credit bureau do you use for a boat loan?
A:	Jeremy, When processing boat loans we use all three credit reporting agencies depending on where you live. The credit underwriting process for boat loans and marine financing relies heavily on the information obtained from each credit report. While we typically pull the most relevent credit report based on geography, it is no uncommon to pull all three reports for boat loan transactions exceeding a certain dollar limit. Let us know if we can be of more assitance with your boat loan financing needs.
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Q:	I am seeking information about Lanakai, a 1928 wooden schooner that was documented. I am writing a story about this vessel . Can you please help me to get this information. Is there a computer address that can be useful ? Thanks
A:	Byron, I am sorry but we don't have any information to help you for your story.
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Q:	I am very interested in a 1988 48 ft.Viking Sport Fisherman. With the yachts age, what are my financing options? Please include rates and length of loan term.
A:	Captain Huett, thank you for your question regarding yacht financing. The 88 Viking you are considering qualifies for a boat loan term up to 240 months and current interest rates range from 5.75 and 6.25. Please feel free to apply on line or caontat us for more information.
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Q:	Do you make boat loans to California residents? I notice that you have finance representation there.
A:	Yes, we not only make boat loans in California, we make boat loans throughout the entire nation. Our boat financing products are the most competitive around with extended term financing and the best interest rates in the country. We specialize in new or used purchase and refinance. Please contact us today for all your boat loan financing need.
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Q:	Can boat a loan be made in a corporate name only of appx $325,000 on a new vessel with no officers personally attached? The corporation holds other assets (real estate & stock accounts) and is appx 11 years old and great credit?
A:	Debra, Yes this can be done. Please submit a boat loan application on line and we will contact you with further instructions. Thanks.
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Q:	on order: 2009 Fountain 38 te with quad 350 outboards. Do you do loans with no doc? I am putting 30% down and have great credit. The loan amount would be $210,000. What is the interest rate? Sincerely, Scott Rand
A:	Scott, We can not finance any boats with quad 350 engines and our "No Doc" loan program is temporarily not available.
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Q:	Hi, My wife and I are looking at purchasing a new deck boat in the $35-40k range. Our credit is not that great, both about 590-600 due to wife career change and mortgage disaster about a year ago. We have great income, about $200k per year combined and have little credit card debt. We almost lost our home a little over a year ago, but had a friend really help us out and take over ownership and now we rent the same house. No bk's or foreclosures. I realize interest rate may be high, but is it even worth having another hit on my credit scores to see if we qualify for a boat loan? Thanks
A:	Scott, given the cuurent economic conditions most lenders are not accepting boat loan applications with credit scores below 640. I would suggest working with your local bank or credit union.
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Q:	Hello I saw some of your Q&A and it was talking about a minimum credit score and it was like 720 but it said it was non income varification loans. Now on a loan that you can prove your income is ti the same minimum? My is at 630 and I Don't know about my wifes score but we have a debt to income ratio of about 20 to 25% and am looking to buy a 64000 boat thanks for the help
A:	William, I am sorry but currently the cut off for a fully documented boat loan is 660. I suggest you try a local credit union or bank.
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Q:	what credit bureau score do you use?
A:	Shiela, we use trans union and our minimum fico score for a boat loan is 660.
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Q:	i am interested in getting a boat loan for around 100k to 130k for a used boat. will you accept stated income with a beacon score of around 650.... the dept to income would be around 38% with the boat purchase.
A:	James, Stated income loans are not currently available due to current economic conditions. I suggest that you apply on line at our secure website and let us see what we can do for you. Thanks
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Q:	My husband and I are looking to purchase a live aboard yacht. I had bankruptcy over 7 years ago and have a credit score around 680. My husband has just been discharged from a business bankruptcy. He has a score of 630. We are looking for a yacht in the range of $100k with 15% down. Our current salary total is $60K a year. Monthly debt on loans and credit are $500. Is it possible for us to get a loan? And or what do we need to do to achieve this?
A:	Jeanne, Thank you for your boat financing question. Unfortunately we are not going to be able to help you due to the bankruptcy and low credit score. Typically lenders are looking for credit scores in the 700 range for live a board transactions.
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Q:	I am interested in apply for a boat loan on a used 2001 Four Winns. We have a bankruptcy on our credit that was discharged on 7/05. I believe my credit score is around 634. The boat we are wanting to purchase is 13,500 and want to know if you could possible help us with this loan?
A:	Staci, Thank you for your inquiry regarding a boat loan. At this time your credit score is below our minimum of 680 for someone with a prior bankruptcy.
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Q:	My fiance and myself are looking at purchasing a boat. Currently I am unemployed while finishing my last couple months of school. My fiance is employed as an RN. Our issue is that my credit is good, mid-upper 600's but her score is in the 580 range. Could we finance in both names since my credit and her income would work? We are only looking for a loan in the $4000 range. Please let me know if there is anything we can do. Thanks
A:	Russ, Our minimum loan is $20,000. I would suggest contacting your local bank or credit union for assistance with your loan request. Thanks.
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Q:	i want to purchase a new boat in the 12 tousand dollar range have over 10 percent down my credit score is 647 exsperian 632 transunion can you finance me ? i need to know for sure or ill wait til next year i just dont want inquiries to my credit report it makes my score go down just be honest its simple yes or no thanks
A:	Rachel, Unfortunatley our minimum loan is $20,000 and our credit score cut of is 680.
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Q:	I am shopping for a boat loan. Median Crerdit Scorre is 662 Income 15k month Seviceable debt (inlcuding mortgage) 2k month Boat price is 62k I have 10% to put down. Any ideas on what kind of rate I can expect? Thanks.
A:	Mark, Interest rates vary depending on your overall profile. Right now rates on loans in your price range vary from 6.99 - 7.75. Please feel free to apply online through our secure marine loan application and let us see what we can do for you. Thanks.
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Q:	What are our chances of getting a boat loan for $28,0000 if my boyfriend has a foreclosure (filed on 3 years ago, not actually foreclosed on, house was taken out of foreclosure) and my score is around 675 but I do not have that much credit established.
A:	Cheryl, T Thanks for your boat loan question. It is hard for me to give you an answer as your credit score is within our range for making boat loans. I suggest that you apply on our secure on line boat loan application so we can take a look at your entire credit profile. Thanks.
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Q:	Wanting to see what i have to do about taking over boat loan from a friend?
A:	Lem, You will have to apply for a boat loan in your name as if you are purchasing the boat from your friend. You can do this at our secure on line boat application. Thanks.
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Q:	If you have A+ credit how much interest would you charge for a $20,000 loan?
A:	Karrie, Our boat loan rates vary depending on the age of the boat you are purchasing. However, based on A+ credit you can expect a range of between 8.90% and 9.50%. Please feel free to apply for your boat loan on our secure web site loan application. Thanks
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Q:	our credit is not pefect, in the 620-655+ range. Had 1 late pay on a mortgage for a rental property in December but all others good. Disputing one other item on records. Any chance of obtaining a boat loan with these scores?
A:	Mark, thank you for contacting us with your boat loan question. We can certainly make loans at the top end of the credit score range you indicated and will not be able to make a final determination without reviewing your entire credit and income profile. Please feel free to complete our secure on line boat loan application and we will be in contact within 24 hours. Thanks again and we look forward to working with you in the near future.
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Instant Approval Loans

Q:	I recently received an instant loan approval from your web site and unfortuantely the boat did not survey out. I have a new boat picked out and I was wondering if I can use my instant approval?
A:	You can still use your instant approval. We will need to contact the lender to let them know of the collateral changed. Please contact us with the new boat information so we can get you boating just a s quick as possible.
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Interest Only Loans

Q:	If I take an interest only loan can I make principal reductions at any time during the term of the loan?
A:	Yes, the beauty of an interest only loan is that your monthly payments are low and remain consistent based upon the outstanding balance and you are free to reduce the principal balance at any time without penalty.
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Q:	I just submitted an application for an interest only refinance loan on my boat. Please supply the fax number where I should fax my last 2 years Federal Tax returns. Thank you
A:	William, Thanks for submitting your on line boat application. You can fax your tax returns to 866-282-2623.
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Liveaboard Loans

Q:	I plan to live on board my vessel for six months out of the year. Can I set up my loan payments to be automatically deducted from my checking account so I don't have to worry about forwarding my bills?
A:	Yes, this is called the auto debit feature and some lenders will reduce your interest rate if you choose this option.
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Q:	I plan on buying and living on a houseboat. Is a loan possible for a full time liveaboard with automatic deductions from my checking account.
A:	Thomas, yes we offer boat loans to consumers who plan to liveaboard their boats and we also have banks that will allow automatic boat loan payment deductions from your checking account. Please feel free to complete an application on line.
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Q:	I submitted a rate quote form and have tried calling your 888 number and have not reached or heard from anyone.
A:	Nathan, Please call Jim Desnoyers at 860-235-0853. He will be able to assist you. Thanks
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Q:	Are you still making full time liveaboard loans? If you are what are the loan durations you will consider. Are there any additional costs to a liveaboard loan that are not present in a nonprimary residence loan? Basically, should I keep a small home on land as well as this vessel so this is not my primary residence?
A:	Shannon, Thank you for your question regarding live-a-board boat loans. Yes we still can make these type of loans and the terms that are offered will depend on several factors, including the year, make and model of the boat you are buying along with your credit score and overall profile. Jim Desnoyers is one of our marine loan specialists and he can help you with any additional questions. You can reach him at 860-235-0853. Additionally, feel free to apply online through our secure marine loan application. Thanks.
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Q:	I am currently looking for a liveaboard loan. I have good credit and a relatively high 100K+ verifiable income. I am looking at trawlers in the 60K-120K range. Do you pre-qualify so that I can figure out what type of boat I can bid on?
A:	Toby, Thank you for your interest in a liveaboard boat loan. We can certainly pre-qualify you for a maximum loan amount so that you hav an idea of what your purchasing power is. Please complete a secure boat loan application on line at our web site.
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Low Interest Rate Boat Loans

Q:	How do you obtain such competitive boat loan rates?
A:	Beacon Marine Credit has over 14 national lenders throughout the country. Boat Loans are considered one of the most profitable consumer loan products a lending insitution can participate in. These lenders provide Beacon Marine Credit with the most competitive loan products in order to attract the most credit worthy boat loan buyers in the country.
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Q:	Hi. I am looking to buy a boat this weekend. I am already pre-approved for a loan, but I think I can get a better intrest rate. My credit score is a 690 avg. What is the best rate you can offer and max term on new and used. Please reply ASAP. Joe Farr
A:	Joe, The interest rate will depend on the amount you are borrowing. Please contact us for more information regarding your boat loan request. Your credit score is good and should not affect your interest rate.
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Q:	Can you tell me the lowest rate available for a yacht loan. I am looking for the best terms available.
A:	At Beacon Marine Credit we offer the most competitive fixed, adjustable and variable rates loans available in the country. Boat loan interest rates are actually getting lower everyday and our boat lenders are offering extended term financing, all of which can be done in a couple of days. Please call us direct to learn about our daily boat loan specials.
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Q:	I did not apply for a loan over 150,000 I only applied for a 20,000 dollar loan for a boat at Shaddix Marine in Forest Park, Georgia where they have a 2007 Bass Tracker and my credit score is 653, I work at the same place for 6 years in county government and I only filed Chapter 7 BR 5years ago due to divorce. I have since established excellent credit, hous loan 176.00 mo. with only a bal. left of 16,000 and my vehicle is not paid for. The loan on my credit to Southeast Toyota for 271.00 mo. has now been paid so I only have a house loan and a small loan of 2,200 so I wanted this boat since it was a good buy less than 20,000 for a Bass Tracker. Can you give me a boat loan. Thanks and please call me at work tomorrow Nita Moorman 770-567-2004 or the boat over 23,000 I really wanted was at Bass Pro Shop in Macon Ga. for a Bass Tracker V-18 which they would not even talk to me since my credit score was 653 which it was 720 before Christmas so I really wanted that boat if my loan for the Bass Tracker is too small. I really liked the bigger Bass v-18 but thought I would need a smaller loan until my credit report showed my car had been paid off now. Would you please help me. I will hope to hear from you tomorrow at work or by email if you need more info. on where the boat is in Macon Ga. at Bass Pro Shop, I tried online for credit approval with Bass Pro Shop and they did not know anyone.
A:	RUby, The best way for us to determine if you qualify for the $20,000 boat loan is to apply on line using our secure loan apllication. Our system can give you a boat loan decision in less than one minute after you submit a complete application. Thank you for your interest in boat loan financing through Beacon Marine Credit.
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Q:	My wife and i are looking to purchase a boat for 39K. Nada is 58K. We were told at the boat place that they could not finance her, her credit was too low. Which credit report do you use? She has a Experian score of 688, Transunion of 676, and an Equifax of 642. Could you finance for us? If so what rate are we looking at getting? Thanks BJ
A:	BJ, Someone will contact you to discuss your situation in more detail. Thanks for your boat loan question.
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Q:	I have a experian credit score of 678 and would like a loan for $8000 to complete the sale of a boat that is at $12500 is this possible
A:	Robin, OPur minimum boat loan is $20,000 but thanks for the question
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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?
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?
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?
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?
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?
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
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!
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
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
A:	George, Your applcation is being handled by Jim Desnoyers. He can be reached at 860-399-2820.
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No Income Verification

Q:	What is the maximum acceptable debt to income ratio used to qualify for a boat loan?
A:	Most lenders use 45% as a rule of thumb, however certain lenders allow up to 50
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Q:	I am self employed and my income varies from month to month. Do you offer stated income loans similar to what is available when purchasing a home?
A:	Yes, we have the availability to do stated income loan up to $350,000. We also have the option of offering an annual payment loan.
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Q:	Is a no income verification loan the same as stated income loan?
A:	Yes, these loans are very popular and make the turn around process very fast and efficient.
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Q:	Hello, need to know what age of vessels you will finance. What the terms are for an older vessel, say a 1976 42' Post that is in excellent condition via a survey at $127,000.00. My beacon score is around 760 and I have many boat, home, auto, paid off & very little debt. I own my home with a mortgage with Wells Fargo, self employed. Stated income. $30,000.00 down
A:	Dave, We typically will finance boats up to 30 years old and possibly older depending on the condition of the vessel as detailed in a current survey. The maximum term availalbe is 240 months but that will depend on the down payment, condition and loan amount. Our stated income program covers boat loans up to $350,000 and we will be glad to help arrange your boat financing needs now or in the future. Please contact as at 888-656-9400 and ask to speak with one of our boat loan specialists today.
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Q:	I was wondering what your minimum credit score is for no income verification boat loan and what the required down payment would be. Do you have a minimum loan amount? The boat I am trying to purchase is $26,000. I ave a commission job with many write-offs and would be over the DTI requirements.
A:	Heather, Thank you for your questions regarding boat financing. First of all our minimum loan amount is $20,000 and we typicaly require a 20% down payment under our no doc programs. The minimumn credit socre is 720 to qualify for a no doc program. Please let us know if we can assist you with any of your boat financing needs now or in the future.
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Q:	I am interested in the no-income verification loan and need to know if I will qualify. My credit score is around 750, I have 10% down and am looking for a loan of $30,000.
A:	Charlie, We have the capability of making the type of boat loan you are requesting. It is called a stated income loan and you can apply on line using our secure boat loan application. We look forward to assisting you withyour new boat purchase.
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Q:	Hi, I'm starting my search for a sailboat. Looking for a stated-income loan, around $150K,10% dwpmnt, with a 10 or 15 yr term. My FICO average is about 750. Do you have any products which could come close to these parameters? Thanks
A:	Alex, Unfortunately given the current ecomonic conditions we are in stated income loans are very difficult to get right now. I suggest that you apply on line at our secure site and let us see what we can do for you. Thanks.
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Q:	Is there any restrictions on the type of boat? Performance boat or the Power. One example would be a 39ft center console fishing boat with 3 outboard motors or a speed boat with twin motors. Thanks
A:	Rick, While we do not have restrictions on the the type of boat you are considering, several lenders may require more down payment or a shorter term based on certain types of collateral. Additionally, no income verification loans are currently not available. Therefore, you will be required to provide full verification of all sources of income and possibly your liquid assets. Thanks for you question.
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Private Party Purchase

Q:	I am purchasing a used boat from a private party. Can you help me finance this boat?
A:	Yes, we specialize in private party boat financing. When it comes to financing a used boat we take all the guess work out of the process. From loan approval to funding we handle every step of the way making for smooth sailing. You will be in you new boat within a few short days.
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Refinancing

Q:	Can I use a boat I already have paid off as equity to get a better rate for a new loan?
A:	It depends on the amount of the equity and the amount that you presently owe against the vessel.
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Q:	I have attemtpted to refinance my Sea Ray boat loan several times and I am told that I do not have enough equity to refinance. I have perfect credit and pay my boat loan on time. Is there anything Beacon Marine Credit can do to help me refiance my boat loan to a lower rate? Sam Orange County, CA
A:	Sam, you raise a very good question. Many times consumers will find themselves upside down in their boat loan due to low down payments and extened term financing. While we have a boat loan product that will allow for 100 percent refinancing, in some cases you may have to pay down a portion of the the balance or take a much shorter term to improve your equity position. Please contact us for a free rate quote and boat loan refinance evaluation.
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Q:	I recently financed my boat through my local credit union. I got a great interest rate on a $84,000 but they would only finance me for 84 months which make for a pretty steep monthly payment. Is it possible to refinance my loan now for a longer term?
A:	Yes, we have lenders that will refinance loans over $50,000 for any term up to 240 months.
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Q:	I purchased my boat two years ago with a loan that has a floating rate tied to LIBOR. I would like to refinance now but I don't want to get another survey and I don't want to pay a lot of money. Can you help me?
A:	Absolutely, given that your purchase is only two years old we will not need an updated survey. If you purchased the boat used and had a survey done at that time, we can use it. If you purchased the boat new, we will use the BUC guide book to make our decision. You can expect to pay the cost to document the boat with the new lender and a modest clsoing fee.
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Q:	Looking to refinance my boat. 2005 SeaRay 185 Sport. Need $21,500. Please advise if this is possible. Thank you.
A:	Yes we can handle the refinance of your SeaRay. You may either apply on line or contact us at 888-656-9400 and let one of our marine finance specialists assit you. Thank you for contacting Beacon Marine credit and the opportunity to help you with refinancing your boat loan. Beacon Marine Credit specializes in boat refinancing.
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Q:	I have a 2000 chaparral 245 ssi excellent shape. It is payed for in full. I need to repower. I figured its going to cost me around 10,000 to do so. Can I refinance that amount . CredIt is fair. Income is great.
A:	Thomas, while Beacon Marine Credit makes boat loans to repower used boats we have a minimum boat loan requirment of $20,000. I would suggest contacting the dealer you purchased your boat from to see if they can provide the name of a direct boat loan lender that can offer used boat refinancing loans under $20,000. I wish Beacon Marine Credit could e of service to you at this time but our lenders set our boat loan lending limits. Please think of Beacon Marine Credit for all of your future new or used boat financing.
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Q:	I purchased a boat from Marine Max and I would like to refinance my loan at better rates. What is your boat finance rate for Sea Rays?
A:	Refinancing your Sea Ray that you purchased from Marine Max is easy with Beacon Marine Credit. Our marine finance specialists will handle all aspects of your boat loan refinance.
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Q:	Where do you suggest I go to refinance my boat. It was purchased at the Miami Boat Show. HMY is the dealer. I purchased a Viking from them. The boat was used and I financed for 20 years.
A:	You have come to the right place to refinance the boat loan you have on your Viking motor yacht. As a matter of fact interest rates have come down sinc the Miami Boat SHow and our marine finance specialists are standing by to help you today.
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Q:	I wanted to purchase a 2007 Sea Ray (approx $30000). The only way I was approved for financing was to have someone else put it in their name and I would be the co-borrower. Now I want to refinance the boat in my name alone. I have been the only person to make payments yet I have not had any previous loans. Is this possible? I have good credit (around 715)
A:	Tara, You may certainly apply to refinance this boat loan. Please visit our web site and apply on line at our secure site. Thanks.
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Q:	Dear BMC, I have a 1998 Sea ray which NADA values at around $18,000. I owe $9,950, unfortunately my personal credit is poor at the moment due to funding my company. Could you offer a program of refinance that would allow me to take out a little of the equity? Darren
A:	Darren, Thank you for you inquiry, however, our minimum loan amount is $20,000. I would check with you local bank or credit union.
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Repowering loans

Q:	i have a 1989 sea ray sundancer. looking to repower with fresh 5.0 mpi mercruisers. do you consolidate the existing loan balance with the amount of new loan? can i also consider remanufactured engines? thanks, Paul
A:	Paul, we do offer boat loans to repower. The type of engines you put into the boat is entirely up to you. You can expect to be reimbursed up to 75% of your repowering costs. Please feel free to call us for more information.
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Q:	I have a freat used boat that I would like to repower. The cost associated with the repower is approx $35,000.00. I would like to have the loan term to be 15 yrs with a low interest fixed rate... what could you offer ???
A:	Justin, We have the ability to offer loans for repower and to proceed we will need to get more familiar wth your individual situation. Please contact one of our marine loan finance specialists at 888-656-9400 for a free quote and evaluation of your situation. Thank you for contacting Beacon Marine Credit fro you boat financing needs.
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Q:	Does Beacon have a list of companies which can re power a 39ft Sea Ray?
A:	Eric, Sorry but we don't have such a list. You may want to check with the manufacturer who can recommend a good ship yard and also ask them if the repairs you are consdiering will affect any warranties that may be in place on your boat. Let us know if we can help you with boat financing in the future.
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Q:	Hello I just sent you info for a quote, I am in need of repowering my boat. I purchased the boat in Dec 07, I purchased the boat for 14500.00 I have rebuilt the boat completely and need a wrap loan which would include my boat loan and a loan of 25000.00 for a repower. I was wondering if you could help. Thank You John Clark 732-597-6282
A:	John, Sorry for the delay in our response, however, our minimum loan size is $20,000. Thanks
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Q:	My boat and trailer is paid in full. It is a 1988 model offshore boat which I am giving it a complete refit. Do you finance something this old even though the motors will be new? How important is credit score?
A:	David, We can do a cash out on an older boat to repower. Our minimum loan amout is $20,000. Your credit score will be used as part of the credit underwriting process along with outher factors like income, debt ratio, stability and comparable credit. Please feel free to apply online through our secure marine loan application. Thanks.
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Used Boat Financing

Q:	Hi I am looking to purchase a new boat this month. it s 2000 44 ft listed for 280000. I have a 38 ft 1998 Cruisers that I want to trade in and they are giving me 160,000 that leave approx 45,000 in equity... My fiance' score is 740 720 721 we make 130,ooo per year my score is 620 618 619...you think there willbe any issues with a loan?/ no neg reporting good income stable jobs DTI not too high
A:	Kevin, from what you tell me it sounds as if Beacon Marine Credit will be able to assist you and your fiance with your used boat financing needs. Please feel free to contact us directly at 888-656-9400 and speak with one of our marine finance specialists. Alternatively, you can apply for you used boat loan by visiting our web site at www.beacon boatloans.com. Thank you for your interest in marine financing. We look forward to servicing your boat lending needs now and in the future.
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Q:	I am interested in what terms you offer with regard to financing older boats. Specifically, I am interested in purchasing a sailing catamaran from the 1980's with a purchase price in the 40-70K range with the standard 20% down. What interest rate, or range would I be looking at? Moreover, is there an age limitation? Not many boats were built in the late 80's or early 90's when congress tried to kill the boating industry . . . which is why I am particularly interested in age limitations/concerns. Thank you for your time and assistance. Andy Dillman
A:	Andy, Thank you for your question regarding financing older boats. Our boat lending programs allow us to finance boats up to 30 years old. Based on the price range that you are considering we can offer loan terms up to 180 months with fixed rates of interest in the 6.87 - 7.75 percent range. If you are interested in moving forward you can revisit our web site and apply on line or you can contact one of marine loan finance specialists at 888-656-9400. Thank you again and we look forward to serving all your boat financing needs now and in the future.
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Q:	I am looking to finance a 2000 Cruisers looking for 260,000 30 year term with no or low monmey down. Do you offer this kind of loan. 400,000 a year income and 4.5 million in assests. excellent credit score 789.
A:	Kevin, We can certainly help you with your boat loan financing on the 2000 Cruisers that you are considering. While our maximum term is 240 months we do offer No Doc loans up to $500,000 with as litttle as 20% down. Interest rates have recently come down so now is a great time to purchase. Please feel free to contact us directly at 888-656-9400 and speak with one of our boat loan finance specialists or visit our web site and apply on line. We appreciate your interest in Beacon Marine credit and look forward to assisting you with your used boat purchase.
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Q:	I'd like to ask a loan broker a few questions about obtaining a boat loan.
A:	Steve, Please feel free to call us at 888-656-9400. We can answer all you questions about boat loans and boat financing.
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Q:	Do you have an affiliate program?
A:	Basil, no we do not offer an affiliate boat financing program.
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Q:	Hi, my name is Gabe and I'm trying to find a lender that will finance a 1979 24' excaliber in newly restored condition no expense was spared. the price is 20,500.00 and we are looking at getting 12-15 yr loan (it will be our last boat). I have owned a boat from the age of 19, and I am 35 now. My credit score is around 665, and my other have would like to be included, so that should help. Between the 2 of us, we make roughly 125,000.00 a yr. I've got 5 yrs at my job and she's got 22 yrs at hers her score is about 605. hope you guys can help us out. THANKS from us to you.
A:	Gabe, thank you for your interest in boat loan financing with Beacon Marine Credit. Unfortunately we do not have a home for a 1979 boat. I would suggest that youcontact your local bank or credit union.
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Q:	wife has credit score 590, myself 525 with dti in the low 20's. Total gross monthly income of 15,000. Looking for 40-50k loan to purchase vessel for 90K. Can you offer any advice.
A:	Michael, based on your credit score it will be difficult to get a traditional boat loan. If you are a home owner and you have equity in your home I suggest you go that route. Best of luck.
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Q:	I have a credit score of 602. No derogatory credit, a mortgage and I own my own company. I have 20% deposit to put down on a boat loan of $50,000. Do I qualify for a loan with good interest rate? Thanks in advance, Hazel
A:	Hazel, Unfortunately not at this time as our minimum credit score is 660
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Q:	I am looking at buying a used 34 foot powerquest vyper powerboat for 76,000. I do not have a morgage loan and i would like the boat to be my first big purchase. I was told that it is almost impossible to do this if i do not have a morgage loan. I rent and have been renting for 5 years for 400 a month. I am putting 20,000 down on the boat and will have to borrow 56,000, looking to get it for 15 to 20 years. My total assets is about 110,000 and my yearly income is about 125,000. Is there any possible way I can get this loan. I have no credit cards debts either. I talked to one of your representatives before but i was not putting 20,000 down and now i am. Will this make a difference. Can you get incontact with me soon and give me some information. thanks cody roussel
A:	Cody, Someone will contact you to walk you through the boat financing process later today. Thanks for your question.
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Q:	Beacon, i am looking at buying a used 2000 34 foot vyper powerquest boat. My credit score is in the high 600 range to the low 700 range. I am looking at making a loan of 75,000 and I make 110,000 plus a year. I been at my job for almost 4 years and have been renting a house for about 4 years also. The boat that I am looking at buying is worth $100,000 plus. I tried to get a loan from another bank and they told me no because i never made a big loan of that amount before. Can you help me get a loan for 75,000 for about 15 to 20 years some kind of way Cody Roussel
A:	Cody, Thanks for your question. The issue your are talking about is called comparable credit. Many lenders will look at your credit profile to see if you have borrowered as much as the amount you are looking to borrow now in the past or even 50% of the amount you are looking for. However, not all lenders make a decsion on this basis alone. In order for us to determine if we can help you purchase the boat you looking at we will need a complete loan application. Please feel free to apply on line through our secure boat loan application.
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Q:	We are looking to get financing for a used boat in the 20,000 to 25,000 price range. Our recent credit scores are 660 or possibly higher since we recently paid off some debt. We have a discharged bankruptcy in 2004. Do you have any options for us? We were hoping to be able to do this in the next few weeks. We have enough savings to put 20% down. I have tried to contact you by phone and left a message with Kim but have not heard back yet. Please let us know the best way to contact you. Kim
A:	Kimberly, Please contact jim Desnoyers for further assistance. He can be reached at 860-235-0853
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Q:	Please contact me as I am wanting to purchase a boat and have a few questions regarding financing. Thank You Jeff D.
A:	Jeff, I have forwarded your request for boat loan information to Jim Desnoyers and he will contact you soon. In the mean time you can fell free to call him on his cell phone at 860-235-0853. Thank you for your interest in our marine lending services.
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