Marine Lending: Where to start
Where to start and what's best for you?
- Mark Martorell, BB&T
For those of us passionate about spending time on the water, the decision on which vessel fits one’s needs is often the fun part. Exploring the options on how to go about paying for the vessel is a decision that requires some critical thinking.
WHICH OPTION IS BEST FOR YOU?
BB&T Private Wealth Advisor, Mark Martorell says there are a multitude of options available. “After a thorough analysis of the client’s long- and short-term goals we are able to make a strategic decision around the best solution” says Martorell.
Most of our affluent clients have the ability to weigh in on a multitude of solutions from a well-positioned marine loan to other forms of more strategic credit. Some of our clients have the ability of paying for their vessel outright by utilizing their liquidity however with the current low interest rate environment there are other options to consider.
Allowing their investments to continue working, clients can consider taking advantage of utilizing a more strategic approach. These solutions often lead to deeper discussions around timeframes and other goals.
WHERE TO START?
Rates and Terms
Marine lending questions often begin with a discussion around rates and terms. BB&T has some of the best options in the industry with the ability to offer a customized and competitive solution.
Most of our clients typically opt for 20-year fixed rate loans and put 20% down as a standard. Clients will sometimes want a more customized approach for either a new purchase or used. Some of our clients may even qualify for special discounts based on a shorter term, larger down payment or credit score. There may also be some tax advantages for financing higher end vessels. If the boat has a berth, head and galley it may qualify as a second home and may be tax deductible on federal tax returns.
Where BB&T separates itself is by having experienced Wealth Advisors that help clients navigate the use of strategic credit to facilitate a seamless experience when pursuing their navigational dreams. “Helping our clients have confidence in the financial decisions they make is extremely fulfilling and getting to be a part of a client’s acquisition of a boat to be enjoyed with family and friends is the icing on the cake,” says Martorell.
Contact Mark Martorell, to discuss your options!