It seems the credit market may have slowly turned the faucet back on to consumer credit. It’s true lending standards have tightened considerably since the meltdown of the financial markets but we have been seeing a trend of 80% of our loans going to the bank come back approved. Contrast that with one year ago where it was 50/50 at best. The quality of buyers may have improved as people with sub-standard credit may be realizing in this new world banking order you better make what you say and not have too much debt to income when applying for credit.

As the spring boat market heats up IT IS VITAL if you’re a buyer that you take the one or two days it takes to get pre-qualified. As you shop if you are a pre-qualified buyer you get the following advantages over the non-funded finance contingent buyer:

-YOU KNOW WHAT YOU CAN AFFORD (saves time and streamlines your search)

-YOUR OFFER IS SO MUCH STRONGER TO THE OWNER (everyone is shopping price and it is so much stronger a negotiating position for an owner to know he has a qualified cash ready buyer as opposed to an offer with a series of hurdles to go before survey.)

-YOU GET TREATED A DIFFERENT WAY (coming in with a pre-qualification letter to a broker when shopping shows you are at the last stages of your boat shopping, serious and ready and educated to make a purchase. While we like to treat all prospects equally you better believe you jump to the head of the line as a ready pre-qualified buyer carries a big stick.

So contact a marine lender today (Trident and Scott Financial are nationwide marine experts) and become a serious buyer in a buyers market the likes of which may never be seen again.


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