The Fort Lauderdale International Boat Show is here! The 50th Anniversary edition of the world’s largest boat show is taking place from October 29-November 2, 2009 at six locations in the Yachting Capital of the World – Fort Lauderdale, Florida.

The show will feature more than 3 billion dollars worth of boats, yachts, super yachts, electronics, engines and thousands of boating accessories from every major marine manufacturer and boat builder worldwide. The Boat Show encompasses more than 3 million square feet of space, both on land and in water, and is all connected by the Show’s Transportation Network of water taxis, riverboats and bus shuttles. See the different areas of this website and see what companies are exhibiting, what vessels will be on display, parking information, travel information and much more to make your boat show experience the best it can be.

The weather has been great so far. Two perfect days. Come see us at booth 1612 near the engine tent and on your way out to the A – D docks.

Schedule:
October 29-November 2, 2009

Prime Time Preview:
Thurs. Oct 29, 10am – 7pm

General Admission:
Fri. Oct 30, 10am – 7pm
Sat. Oct 31, 10am – 7pm
Sun. Nov 1, 10am – 7pm
Mon. Nov 2, 10am – 5pm

ADMISSION
Prime Time Preview (Thurs. 10/29) – $32.00
General Admission (Adults) -$16 Online ($18.00 at show site)
Children, ages 6-15 – $3 Online ($5.00 at show site)
Children under 6 – Free
2-Day Ticket at the show – $32 Online ($34.00 at show site)

Show specials are ranging from 6.25% fixed to 4.24% libor. We can help with boat insurance too. Give us a call at 877-435-3633 or visit us online at www.eboatloans.com. Hope to see you there!

Jack

Well things have certainly changed boat loans during the past year. The major changes include many of the lenders have left the industry, loans are now require full packages, stated income is virtually gone, and a lot of lenders want credit scores above 700. That is only to mention a few!

Major players such as Key Bank, Wachovia, Flagstar, Colonial, Citizens Bank, Provident, M&T, GE and many others have either withdrawn from nationwide marine lending to their local territories or have exited the marine market completely. Strong players such as Suntrust, US Bank, Bank of the West and Bank of America are still lending to those that can prove income. A new player, CGI Finance, has come on strong as well. The lenders under $50,000 are far and few between and even fewer under $25,000. Your best bet under $25,000 may be your local bank or credit union.

The biggest change in the industry may be the change from stated income to full package qualifications on almost all loans. No longer can you just have a great score and state you make $200,000. Now almost all lenders are requiring the past two years tax returns and current paystubs in addition to a personal financial statement for the bigger loans over $100,000 or the proof of cash of other liquid assets such as marketable securities. Self employed? You better be able to prove something with those tax returns. Gone are the days where you gross $100,000, net $10,000 and be able to get a substantial loan. Net income is what the lenders require these days.

The new standard has definitely become above 700 credit scores. Review your credit far in advance of applying for a boat loan. Correct any problems or errors you may have and keep those revolving balances down. Merrick Bank and Medallion are still lending for those who have scores under 700 with a limit of $40,000 to $60,000.

I was lucky enough to be out boating in the keys this weekend with my family and it is still one of the best getaways around!

If you have any questions, please feel free to give us a call at 877-435-3633.

This is one of our biggest boat shows of the year.  Come visit us at Bahia Mar at Booth 1612 or at the convention center on the third floor at Booth 4010.  With the economy and struggling industry, this should be some of the best buys of the year!!  Get prequalified today by calling us at 877-435-3633 or visiting us online at www.eboatloans.com. 

SCHEDULE:

ADMISSION

 

All of the following manufacturers will be at the show!:

Shame on me for having loyalty, and then not reading and recording the automatic renewal on our T-1 contract with Host.net.  We have been a customer of theirs (including time from WebUnited) for over 10 years and had to vacate one of our offices early due to the economic times.   We have been running redundant systems all year due to the fact that I missed the automatic renewal.  Since we were still at the location it was not an issue as we were also using the T-1. 

We only have three months left on the contract for approximately $1,500 and I made a request for early termination as a favor for a long term customer since we moved out of the office and weren’t going to be using them at all.  Contractually, I am bound and I know it.  Our landlord worked it out with us and so have other customer service friendly vendors who understand the times and what it means to work together. 

I originally made the request to our account rep, Kay Alexander who has been with WebUnited, us and Host.net since acquisition and has been very helpful throughout the years.  It is very obvious even with her actions the different management styles of the two companies.  She replied she couldn’t help me, thanks for being a client all these years and that I could only write to billing@host.net.  I requested a name and number and she said sorry the email was all she could give.  I get a response from the email denying my request and it is signed “Billing Dept.”  Again, no name but a phone number!  I call and speak to Slyvia and she is nice and says I can’t speak to her supervisor either.  I have to send an email, so I do.  Declined again.

Well, I tried one more time to get some customer service.  I sent a bunch of emails to a few names associated with www.host.net from press releases on the net and I did get a very cold email back from Jeffrey Davis, President and CEO indicating he had received my numerous emails (they are willing to talk to each other but not me I guess because I really only sent one to him), indicating they were unable to allow any early termination and he hope I understood.  Did I get a thanks for being a loyal customer?  Nope    Hey, at least I got a response.

Want to know part of the problems with business today?  Big corporate entities and no (or small) customer  service!!  You may not always be able to reach me at Eboatloans, but I assure you, you can always get someone on the phone and better yet, customer service, within seconds (during hours of course).

My advice to all:  Beware of automatic renewal provisions in your agreements.  Most likely they will haunt you in the end and don’t rely on getting help and personal service with host.net even if you have had a 10 year + relationship.  Thanks for listening.

Capt. Ernesto “Ernie” Portuondo has decided to open his own shop to sell boats and yachts.  He has a great new website, www.marazulmarinegroup.com listing the yachts he has for sale.  Have a boat to sell?  Take a look at the presentation and pictures he puts together for his boats.  His listings can also be found at http://www.yachtworld.com/marazul/.

He can help you with any questions about his listings or any other listings you may be interested in.  Give him a call at (305) 668-5377.  Habla Espanol and South America is a second home.

If you have any boat or yacht financing questions, please give us a call at 877-435-3633 or visit us online at www.eboatloans.com.  Thanks a have a great day.

There are a few marketing angles some companies use when advertising yacht or boat loans, rv or aircraft financing .  One of them is “where lenders compete”.  Some of the sites that use it include www.yachtworld.com and www.boats.com.  Let me tell you the truth about the statement of lenders competing in our industry.  It’s probably not true or isn’t anything they lead you to believe.

First, for lenders to truly be competing, they need to be separately reviewing and receiving your application.  Here is an example of where lenders don’t compete and how Eboatloans works.  We receive your application, pull your credit and discuss with you the different lending options available based upon your desires.  Interest rates on boat loans vary by many things including your credit, history, income, boat, state of residence, ….  You chose what is the best option and we only send to the lender we believe will give you the best rate and plan for you.  Lenders are not truly competing for your business!  We are giving you the best opportunity available.  You may even choose a higher interest rate to get a lower down payment.  Your credit score may not qualify for the best lenders.  We know what the lender wants and it would be a waste of time to the bank, you and us to send it everywhere and has negative consequences.  Everyone has different needs.

So why aren’t we letting lenders compete for your boat loan business?  There are several very good reasons.  First, the more credit pulls you have during one period, the lower it takes your score. I’ve seen it where scores don’t drop at all and I have seen a score drop 20 points from the additional credit pull.  A drop of 20 points could easily cause a higher interest rate because you have moved into a lower tier (higher risk) for the bank. 

I’m not trying to scare you out of shopping around for the best rate.  I just want you to do it the right way.  Personally, I would say call and request a rate quote and then follow the person that gives you the most information and the best rate.  We all have pretty much the same rates so to me it is a matter of personality.  However, if they give you an answer without asking you a few questions, it may not be an accurate interest rate for your boat loan (the bait and switch).  We really need to know your score, your debt to income ratio, the loan amount, the boat and your state of residence to give you at least a “reasonable rate quote”.  Take a look at my other posts for other details.

Another reason not to “shot gun” your loan application for a boat loan is it brings up more questions from the lender when there are several or many credit pulls.  This is a small industry and we are only dealing with a few banks here.  When lenders see more than one marine lender, they typically ask themselves the question:  Did the other bank turn it down  or decline it?   Why?  This also may decrease your chances of getting a loan.

The only way to tell if lenders are truly competing for your business is by the credit pulls listed on your credit report.  If there is only one or two, those are the only lenders that looked at your credit.  Another trick about this terminology is where the application is actually sent.  Some providers may only have two banks and are limited to those rates.  If those banks are out of market (higher interest rates than other banks), banks may be competing but are providing rates that are higher than you may find elsewhere. 

So the next time you go to buy your favorite boat whether it be a Sea Ray, Grady White, Carver, Hunter, Bertram … or whether it is online or at the dealership, be very protective about your credit.  Ask, how many people are you going to send my application to?  Get rates and terms before you give them your credit information.  Again, go with someone you like and has provided you the best info and interest rates.

For more information about boat loans, please feel free to give us a call toll free at 877-435-3633 or visit us online at www.eboatloans.com. Hope this provides some useful info!  Thanks and happy boating.

Don’t miss the United States Powerboat Show in Annapolis from October 16 – 19, 2008. 

Hours:

Ticket information:

Order your tickets online at:

https://v2.interactiveticketing.com/tickets/t9_2008_us_powerboat_show_0712108bb2/form_buy_tickets.php?step=intro

Press/VIP Day, October 16: $35, all ages
General Admission Days, October 17-19: Adults $16,
Children 12 and under $8

 General Show & Exhibitor Information:

United States Yacht Shows
980 Awald Drive, Ste 302
Annapolis, MD 21403

(410) 268-8828

Location & Directions:

Take Rte. 50 to Annapolis/Rowe Blvd. exit # 24 and follow signs to nearby Boat Show Parking. Shuttle buses are provided to the City Dock on a continuing schedule from 9:00 AM until one hour after the show closes each day.

NOTICE TO ATTENDEES TO THE UNITED STATES POWERBOAT SHOW ON SATURDAY, OCTOBER 18, 2008:
(THIS IS FOR SATURDAY, OCTOBER 18 ONLY!)
Due to a Navy home football game on Saturday, October 18, 2008, the parking for the Powerboat Show will be relocated to Riva Road. Riva Road can be accessed off Route 50, Exit 22, then follow the signs to the appropriate lot where free shuttles will take you to the Boat Show.

Show Features

• The latest technology in navigation equipment and information.
• Thousands of boating products, powerboat accessories, equipment and gear.
• Services, including; marinas, insurance and repairs.

Of course, we would be glad to help you with purchases and financing during or after the show.  Please feel free to call us at 877-435-3633 or visit us online at www.eboatloans.com.

Contrary to popular belief, we are still lending on boat, yacht and rv loans.  Great banks such as Bank of America, Suntrust, US Bank, Bank of the West, Provident, Merrick, and several others are still providing great rates and terms on boat loans.  If you have good credit, income, history and a valuable boat, you should not have any issues. It’s a great time to buy a boat, values have gone down tremendously.  Buying a boat today at a great price may actually appreciate when the market turns.

There are several differences between now and 90 days ago and most of which was discussed a few posts ago.  Mainly, banks are now verifying income, inspecting units and have stopped using auto approval and no documentation programs.  You may also have to put a little more down.  So it may require a little more paperwork.  However, the boat loans are still at the great rates and terms considering these are luxury/recreational loans.

For more details or information, please give us a call at 877-435-3633 or visit us online at www.eboatloans.com.  Thanks and enjoy the water!

The old ways of lending for boat loans have changed.  No more stated income, no more auto approvals, no more no doc programs.  The current credit crunch and loan fraud has all the lenders relooking at their programs and policies.  These changes along with several major lender withdrawals like Wachovia and Key Bank are also causing some delays in the process so it may take another day or two to get a loan approved or funded.

Lenders in the past would accept an application with a stated income and a signature indicating the information was true and accurate.  Today they are asking for the last two paystubs along with most recent 2 years tax returns and verfying the income being earned.  Self employment income on Schedule C is taken from the net income line and not the gross.  As always debt to income is preferred belows 40%.

We had automated approval programs for borrowers with good credit for boat financing.  All of these have been cancelled.  Again, the bank wants more information.  We also had “no doc” programs which limited the amount of information you had to provide.   Again, lenders want to see as much as possible.

Of course, there are exceptions to every rule.  However, I would just prepare yourself up front to provide a few more documents up front and take another day or two to get a loan.   It’s really not that much more effort! 

If you have any questions, please give us a call at 877-435-3633 or visit us online at www.eboatloans.com.

If you are attending or attended any of these and need a boat loan or yacht financing, please give us a call at (877) 435-3633 or visit us online at www.eboatloans.com