NEWS From BoatU.S.
Boat Owners Association of The United States
880 S. Pickett St., Alexandria, VA 22304
BoatU.S. News Room at http://www.BoatUS.com/news/releases.asp
FOR IMMEDIATE RELEASE
Press Contact: Scott Croft, 703-461-2864, SCroft@BoatUS.com
HOW TO GET A BOAT LOAN IN A TOUGH ECONOMY
Tips From BoatU.S. for Getting the Financing You Need
ALEXANDRIA, Va., February 12, 2009 - For boat buyers, getting a loan to finance a new or used boat is much tougher
these days as many banks have dropped out of the market. However, that doesn't mean money is not available, says
the nation's largest recreational boat owners group, BoatU.S.
"The real news is that today's shrinking pool of lenders are simply returning to the lending standards they had prior to
the sub-prime loan debacle," said Vice President of BoatU.S. Finance Charm Addington. "As for lenders like BoatU.S.,
who never focused on riskier loans, there is still money available for qualified boat buyers."
BoatU.S. has these tips on how to get a boat loan in a tough lending market:
1. Before you start window shopping, ensure that all three major credit reporting bureaus -- Equifax, Experian, and
TransUnion -- have your most current information. By law, these consumer credit reporting companies must provide
you with a free copy of your credit report, at your request, once every 12 months. (For more:
2. Banks now generally require down payments in the range of 10-15% -- more for boats older than 20 years.
3. Keep an eye on your liquid assets. Banks today want borrowers to have enough cash for the down payment and
sales tax as well as a safety net or cushion in case your financial picture changes.
4. When you find your dreamboat, know its book value (with all of its options and accessories). The free BoatU.S.
Value Check service at http://www.BoatUS.com/buyer/valueform can help.
5. Gone are the days of "relaxed guidelines" and "no documentation" loans. Today's len