AVAILABLE BOAT LOAN PRODUCTS:
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 $350,000 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.
