In this Q&A with First Approval Source, they cover the basics of marine financing as well as some specific details related to financing a catamaran in the current lending environment.
What is First Approval Source?
First Approval Source is a recreational loan company that specializes in finding the most competitive rates and terms for our customers. If you’ve never financed a boat before, don’t worry we’ll handle all the necessary paperwork and walk you through the entire process. People like working with us because we have a wide network of lenders, so we can always find a loan package that really fits their needs.
How did First Approval Source get started?
First Approval Source was founded with the customer in mind. Buying a boat is fun right? And we think that the finance process should also be fun.
One of the biggest struggles that customers have is finding the best available terms to them because auto and mortgage lending is so much different than marine lending. Our loan specialists will definitely help you navigate that and find the best available terms.
What makes you different than other marine finance agents?
That we’re really cool to work with. We’ve also developed industry leading technology that leads to faster approvals than anywhere else on the market. And we can even do the same day approvals with approved credit.
Is there anything special about financing a cruising catamaran?
There’s always something special when it comes to marine lending. Some lenders will require surveys. Some will require inspections. But the great thing about working with First Approval Source is that we’ll hold your hand through the entire process to make it as easy as possible.
Is there anything different about financing a full time liveaboard versus part time use?
When lenders provide boat loans, they’re meant to be recreational loans, so once a boat becomes a live aboard, it’s no longer considered a recreational loan. Lenders will not offer financing. One of the reasons being it’s just really difficult to ensure the security of the collateral.
Can you finance boats in the Caribbean? How about Europe or the South Pacific?
Yes we can finance in the Caribbean. Yes we can also do Europe or the South Pacific. Basically anywhere that there’s water we can usually do a loan.
How is the current market for financing?
During Covid we had the craziest increase in consumer demand for recreational products that we’ve ever seen. From that peak with interest rates rising, we have seen that the market is slightly slowed, but it still remains very stable. I think it’s just because everyone learned from Covid that they want to get out there and enjoy life and go boating. So we’ve still seen a pretty high demand.
Are you seeing rates rising or terms changing with the government rates increasing worldwide?
Unfortunately we are still seeing interest rates rising due to the Fed still battling inflation, but we are more committed than ever to finding the best available terms for our customers to ensure that they can still get out on the water.
What banks do you partner with?
They say you’re only as good as your network, so we partner with over 20 different national marine lenders to ensure that we have the best offerings for our customers.
How can catamaran buyers get in touch with you?
Catamaran customers should always feel more than welcome to fill out a credit application which is fast, easy, secure, and free. We’ll give you a call within 30 minutes of your application. We are open Monday through Saturday 9 AM to 6 PM Eastern Standard Time. You can also visit our website www.FirstApprovalSource.com or give us a call at 678-866-8954.
We look forward to speaking with you, and please let us know if you have any questions.