Q: I was going to pay cash for my boat, why should I finance?

A: There can be a number of money saving advantages to financing a boat. Click here to see the details.

Q: Can I find out how much I would qualify for or Do I need to have a contract on a boat first?

A: No, you don't need to have a signed contract, In fact many customers will apply for a pre-approval before they even shop for a boat.

Q: What are the advantages of pre-approval?

A: Whether you're considering a new or used boat, having your financing pre-approved before you shop gives you a number of advantages.

If you're considering a new boat purchase, a pre-approval will give you flexibility (it will be like shopping with cash in your pocket). You'll have the ability to negotiate for the best price at any dealership nationwide. You'll have an interest rate that LOCKED IN and not affected by a dealer markup and since Offshore Financial works for YOU, you can control the terms of your closing.

If you are considering a used boat, either through broker or a private individual, a pre-approval will give you a clear negotiating advantage. It will establish with the seller that you are a serious buyer (your financing is already in place), your offer can be made without a financing contingency and you have the ability to close quickly.

Other advantages of obtaining a pre-approval are: (A) It helps determine your credit / loan limits, (B) It allows us to address and resolve any unknown credit issues before you enter into a contract (C) It will also eliminate any financing anxiety you might have after you have already entered into a purchase contract.

Q: How do I get pre-approved?

A: Complete our on-line application, supply us with your income information, tell us what type of boat you are considering (power or sail) and about what price range. In one or two working days, you can have a formal, IN WRITING, credit decision that is good for 60 days. It's that simple.

Q: How much of a down payment do I need?

A: As a general guide line, you can finance up to 85% of the selling price of the boat. The selling price can include any extras that you are adding to the boat at the time of purchase.

Q: How long of a term can I get?

A: This depends on the amount you're financing and the age of the boat. Most loans over $100,000.00 can be financed for as long as 20 years. Loans between $25,000.00 and $99,999.00 would have a maximum term of 15 years.

Q: Is there an advantage to financing for a shorter vs. a longer term?

A: Our general feeling is that a shorter term has many advantages. However there are a number of individual issues that should be considered (i.e. percentage of down payment, financial ability to handle increased monthly payment....) Basically, a shorter term loan will build up your equity in the boat quicker. Down the road this translates into more money into your pocket when it's time to sell. Call or e-mail one of our offices and let use do a dollar vs. term comparison for you.rview of the Documentation topic, it may not cover all of the aspects of a case by base scenario.

Q: How long will it take to process my boat loan?

A: Whether you are applying for a pre-approval or for a loan on a specific boat, once we have your information it only takes us 1 or 2 working days to give you a formal, IN WRITING, credit decision which will be good for 60 days.

Q: Do you charge an application fee?

A: There is never an application fee, points or hidden closing costs. The only fee collected by Offshore Financial at the time of closing will be the cost of Coast Guard Documentation (if applicable) or State Titling fee (if not handled by dealer).

Q: What do I need to get started?

A: Simply complete one of our applications and send it along with your income information and within 1 to 2 working days you will have a WRITTEN credit decision. Or call one of our convenient offices and we will personally take an application over the phone and answer any question you might have (we'll probably also give you answers to questions you might not have thought of, we have over 20 years of experience in JUST Marine Financing).

Q: Can I refinance my existing loan?

A: We can offer you a number of refinancing options. With interest rates still low and because your out of pocket cost to refinance is minimal, refinancing can save you thousands over the life of your loan. Call or e-mail one of our offices for details.

Q: Can I obtain a loan for upgrading my existing boat?

A: If your current loan balance (or if you own the boat free & clear) plus 80% of the cost of the upgrade is $25,000.00 or greater, the answer is YES. However, the new loan can not exceed 80% of the current market value of your boat. Call or E-mail one of our offices for specific details.