How to Finance Your Dream Boat

February 14, 2023

Join Sterling Associates’ Marine Finance Representative Cindy Lewis as she helps you navigate financing your dream boat on the Great Loop Radio Podcast!

Marine Lending Basics – Key Moments in the Video

  • What is a service company and how do we function differently than a bank
  • What does the finance sales person do and where do they fit in the process?
  • Why so many lenders and what is the difference in lenders?
  • Marine finance banks vs. local banks and credit unions
  • Bank Requirements for Loan – age of boat, lending footprint, pricing and determining value
  • Rates and options – opportunity and not when banks compete
  • Down payment requirements and terms
  • Qualifications – cash flow, liquidity, past borrowing experience
  • Getting a pre approval and why it’s a good idea
  • Tax benefits and Tax consequences – financing may be the best option – IRS section #163
  • The liveaboard question – extended cruising – planning ahead
  • Survey requirements and collateral values
  • Financing equipment upgrades
  • USCG documentation requirements
  • LLC’s and Trusts

About Cindy Lewis:

Cindy Lewis has been in the marine industry for over 45 years. Early in her career she worked for a large sailboat dealer in the Midwest, moving to a marketing position at Pearson Yachts in Rhode Island and eventually becoming a yacht broker and moving to the Chesapeake. Her path took her into the boating magazine advertising sales and the publishing side of the business for several years, and in 2002, she was offered the opportunity to be involved in the marine lending side of the business.

Contact Cindy with any further questions!