Monday, September 06, 2010
   
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 NMBA's 31st ANNUAL CONFERENCE
SAN DIEGO, CA
NOVEMBER 6-9, 2010
Click here for registration details


NEW! A Fresh Look at Marine Lending
Comprehensive review of marine lending assesses impact of the 2007-2009 recession, provides latest data, and focuses on the need to replace funding.
To view, click HERE

Marine Lending White Paper
Outlining unique opportunities in today's marine finance landscape.
To view, click HERE

WEBINAR: Finding New Funding Sources and Building Lender Relationships
Guiding marine businesses to find loan sources and selling them on serving the boating industry is the subject of this new tutorial developed by the NMBA. It’s a 15-minute review of basics of uncovering prospective lenders on a local or regional basis, how to approach and what to request to encourage them to extend credit services to consumers and businesses. To view the program, click here.

CURRENTS Newsletter
NMMA weekly e-newsletter developed to keep members and industry stakeholders up to date on association activities, legislative and regulatory updates, economic reports, as well as general news that impacts the boating business.
Click here for the latest edition

NMMA BOAT SHOW INFORMATION
Visit:  www.boatshows.com

Resources for Boat Buyers

Why Finance with an NMBA Member?



Financing is both an affordable and sensible option for many boat buyers. Choosing the right lender is an important first step. The National Marine Bankers Association (NMBA) is a national organization of marine lending specialists who understand the boat business. NMBA members -- national and local banks, financial service firms and some credit unions -- offer competitive financing simply because they have made boat loans an important part of their business. And because it’s their business, many marine dealers and brokers work with NMBA lenders daily to help put boaters on the water.

Read more: Why Finance with an NMBA Member?

 

Boat Loan Basics

Boat Loan Sources – Find a Specialist

Despite recent changes in credit markets, a network of lenders stand ready to assist boat buyers finance their purchases. Many lenders recognize the fact that boat buyers are excellent loan clients, and have maintained offerings for boat loans, along with serving the more traditional auto and real estate markets. Many of these boat lender specialists are members of the National Marine Bankers Association (NMBA). In any active boating market, there should be several sources for boat loans. It's a good idea to compare rates and terms offered by various loan sources to determine the financing best suited for the intended purchase.

Lenders include:

Read more: Boat Loan Basics

   

Borrowing, Investing & Tax Deductibility Issues

Boat buyers have many options when it comes to paying for their purchase, but do they always make the right choice?

Here are some tips on how you can determine if you are making the wisest choice by paying cash for your boat.... and why you may want to consider financing your boat instead.

Read more: Borrowing, Investing & Tax Deductibility Issues

   

Internal Revenue Code (IRC) section 163 (h)(2) states that a taxpayer may deduct any qualified interest on a qualified residence. Qualified residences are defined as a principal residence (e.g., a primary home) and one other residence (including second homes) owned by the taxpayer for the purpose of deductibility for the tax year. IRC section 163(h)(3) defines qualified residence interest as any interest paid or accrued during the tax year on acquisition or home equity indebtedness with respect to any qualified residence of the taxpayer.

 

Read more:

   

Loan Calculator

Loan Calculator

You can use our loan calculator to determine a loan amount that will fit your budget or to calculate monthly payments for a specified loan amount. 

Read more: Loan Calculator

   

Want to learn more about boating and buying a boat?


Get more information about buying your dream boat here: Discoverboating.com

   

Insurance

Boat owners need boat insurance, and lenders will require boats on which they hold liens to be insured to protect their collateral. Smaller boats and trailers can usually be included in auto policies. Larger craft will require special hull coverage not always available from auto underwriters. Check with the lender or dealer for guidance, or search for marine insurance on line.

Read more: Insurance

   

USCG Documentation

What is documentation?
US Coast Guard documentation is a federal form of boat registration controlled, monitored, and completed by the United States Coast Guard. When a vessel is registered with the Coast Guard it is given an official document number which remains with the boat, permanently displayed on an interior part of the hull. The issuance of the document number begins the Coast Guard history of the vessel. All future transactions are recorded and appear on the Abstract of Title produced by the Coast Guard.

Read more: USCG Documentation

   

Titling & Registration

What are the state requirements for registration and titling?
All states require pleasure boats to be registered and/or titled in order to operate legally in their jurisdiction. Unfortunately, at this time there is no national standardized format or procedure, so requirements and fees vary from state to state. Many states require payment of one-time sales or use tax at the time of registration.

Read more: Titling & Registration

   

Marine Surveys

A marine survey is often undertaken by prospective buyers of pre-owned boats and required by marine lenders to verify the condition of a boat before they will authorize a loan.  Surveys can also help owners determine if they are carrying the proper amount of insurance coverage. There are national Marine Surveyor organizations whose members provide these services. Lenders usually can direct borrowers to local professionals who conduct marine surveys.

Read more: Marine Surveys