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Do you offer the lowest interest rates? |
We always try to deliver the lowest rate available for every
borrower. There are many factors that determine what that
interest rate will be; prior credit history for the borrower,
amount of the loan, type and value of the boat, down payment
amount, borrower’s income, etc. Our customers can rest
assured that they are getting the lowest rate available for
the particular situation. |
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What is your minimum loan amount? |
Our minimum loan amount is $10,000 for purchase transactions
and $25,000 for refinance. We want to encourage the first
time boat buyer to finance with us, so that we can continue
to assist them as they purchase larger, more expensive boats. |
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How can I apply? |
You can apply on line or you can call our office, toll free
866-337-3456, and one of our loan specialists will be glad
to take your application over the phone. If you prefer, we
can also mail or fax a credit application to you. |
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How long will the loan process take? |
Customer One prides itself on making the process quick and
easy for our borrowers. We can usually have a credit decision
in a day or less when we receive a complete application package
and can complete the transaction in less than five business
days. |
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What can I do to expedite the process? |
Having a complete application package helps us to obtain a
credit decision more quickly. Please be sure to complete all
areas of the credit application. If your loan request is for
$10,000 to $99,999, the credit application with personal financial
statement and a recent pay stub or last year’s W-2 is
usually sufficient (unless you are self employed, see below).
For loans over $100,000, it will help us to obtain a decision
more quickly if you provide complete copies of your last two
years 1040 tax returns with the application and personal financial
statement. If self employed, also provide copies of last two
years business returns. |
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Can I refinance my boat loan? |
Yes. Interest rates today are the lowest they have been in
decades, so now is a perfect time to consider refinancing
your loan. Our minimum loan amount for refinance is $25,000. |
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Do you have an application fee? |
No. |
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Can I be pre-approved for financing so that I know that I
have funds available when I find the right boat? |
Yes. We will need to know the year and type of boat you are
considering and can obtain an approval based on that information. |
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Does my boat have to be documented with the Coast Guard? |
For loans under $100,000, usually a state title with lien
recordation will be sufficient. For loans over $100,000 most
banks require Coast Guard documentation of the vessel. |
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What
does Coast Guard documentation do for me? |
By allowing the bank to secure a First Preferred Ship Mortgage
on the vessel, most lenders can offer more competitive pricing,
so the consumer pays less. Owners of documented vessels also
have the advantage of clearing customs more easily when traveling
outside of U.S. territorial waters and can fly the ensign
flag. |
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Is there a prepayment penalty if I pay off my boat loan
early? |
Most of our lenders do not charge a prepayment penalty. Those
that do, limit it to a very small amount and for a specified
period of time. All our lenders allow you to make additional
principal payments without a penalty. The prepayment penalty
would only apply if you pay the loan in full. |
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What kind of boat can you finance? |
We primarily finance new and used (up to fifteen years old)
sail and power boats used for pleasure, however, we have the
ability to place loans for older boats and boats used for
limited charter and primary dwelling. |
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Why should we finance our boat with Customer One Financial? |
Besides having low interest rates, our commitment to customer
service is so strong that we put it in our name! We work every
day to live up to our name. You won’t get an automated
answering system when you call our office and we have extended
business hours to better serve you. We are determined to make
the financing or refinancing of your boat quick and easy for
you. We also have affiliations with companies offering ancillary
services that have the same service commitment. |
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