Find answers to some of the most common questions regarding financing and warranties. Plus, view my top picks for the best deals in the catamaran market now.
One of the first questions buyers usually ask when starting the process of purchasing a yacht is, “How can I finance and what are the terms?”
The marine financing business has not been directly affected by the sub-prime housing market. In fact, several lenders have expanded their portfolios in the marine lending market. Recently, many of the major marine lenders have opened up sources of financing to non-US citizens. The best advice I can give a buyer is that if you are even considering financing, choose a marine lender that fits your needs and get pre-qualified when you start shopping. It is a very easy process and most lenders can take a loan application over the phone within 5-10 minutes and the turnaround time for an approval is 24-48 hours. (Check my buyer’s guide for more details.)
| FINANCING TERMS FOR NEW AND PRE-OWNED |
| Debt to Income Ratio |
= Maximum 45% |
| Credit score |
= 720 plus will get you the best rates
*Ask me for tips to increase your score in 30 days* |
| Term lengths |
= 10yr, 15yr, 20 yr |
| Rates |
= 6.25 to 6.75% depending on your credit valuation |
| Down payment |
= minimum 20% to 30% |
| Loan payments |
Dependant on your terms |
Use this online loan calculator to
determine your monthly payments |
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TIP: Did you know that it is possible to include sales tax, import duty, and extended warranty in your finance package?
Yachts going into charter programs fit into a special niche in the lending market that is somewhat limited. Charter specific financing applies to yachts that will be chartered more than 12 weeks per year. Often the rates are .25% -.50% more than financing a privately owned yacht and require a higher down payment. It is for this reason The Catamaran Company offers in-house financing and lease options for vessels going into the BVI and Grenadines charter fleets.
Financing a yacht is far less complicated than financing a home as there are no application fees and no pre-payment penalties. Please let me know if you would like to explore marine financing and I will help you.
TIP: If you are considering paying off your loan within a year, most lenders will not be interested in funding. Save this discussion until you are sure of your plans.
Learn more about financing
The second question commonly asked is, “How do I make sure I am buying a yacht in good condition?”
With a new yacht purchase from any well regarded builder you will have excellent warranty coverage supported by the dealer. (Lagoon has the best warranty in the catamaran market.) However, most warranties are only for three years and are non-transferable.
If you are purchasing a pre-owned yacht we always advise buyers to have a complete marine survey and haul-out to confirm the vessel’s condition. If your next yacht is a 2004 model or newer, pre-owned extended warranty plans are available for purchase and can be included in your finance package.
TIP: Vessel upgrades and improvements can be included in your finance pack and draw out of the account until the work is complete. Balance is then applied to principal pay off.
Key extended warranty features include:
- Here is a sample extended warranty
- Very low deductible (as low as $25)
- Towing coverage
- Haul-out
- Delivery
- Dockside repair
These are features that are not normally included in a manufacturer’s warranty. Here is a sample extended warranty. Ask for a quote if you are curious about actual cost.
NEW Lagoon catamaran special: Summer is officially here! And to celebrate, I am offering a 2% discount on selected 2008/2009 inventory Lagoon models to my clients. This offer is valid until July 15th and is better than any boat show special (cannot be combined with any other offers). A 10% deposit will lock your discount for up to 6 months (no currency fluctuation). Act now before increased cost for materials drive prices up. Contact Staley Weidman for further details on this Super Hot Summer Special!
Great PRE-OWNED Catamaran Deals:
These catamarans represent great values in the marketplace now. Download these listing brochures and contact Staley Weidman to discuss whether this is the catamaran for you.
- Jumeaux, 1999 Privilege 42 – 4cabins/3heads. Price just reduced by $35K. Motivated owners have replaced electronics May 2008. Inquire now; this sturdy Privilege catamaran has had a new viewing every week and is sure to sell quickly. Lying in Florida. Asking $265K
- Thomas Henri, 2007 Lagoon 380 S2 – 3cabins/3heads. US spec’d featuring air conditioning, Raymarine Radar w/ integrated E80 color chartplotter/radar, wind, speed, depth tri-data, autopilot ST 6000 Plus and an updated functional layout View her pre-inspection Cat-Chek. This catamaran new would cost over $420K. Lying in Fort Lauderdale, Florida. Asking $355K
CatChek Report
- Mar Y Tere, 2006 Lagoon 410 S2 – 3cabins/2heads. This is an owner version L410 S2 located in the US with air-conditioning, generator, and Raymarine electronics. Aggressively priced, motivated seller is ready to sell NOW due to trade-in. View her stellar Cat-Chek report. Lying in Fort Lauderdale, Florida. Asking $399K
CatChekReport
- Go Bucks, 1991 Lagoon 55 – 4cabins+crew/5heads. If you are seeking a large catamaran at a great price, this is a lot of boat for the money! Features air-conditioning, generator and watermaker. Recent bottom inspection. Virtual tour available. Lying in Savannah, Georgia. Asking $495K
- Moylin, 2005 Lagoon 440 – 3cabins/3heads. This is the lowest priced Lagoon 440 on the market! Recently listed for sale and won’t last long. Owner’s version with upgraded 75 HP Yanmars, double engine controls and rudder tiller inside, Raymarine E120 radar and chartplotter, 2008 Raymarine E120 multifunction display with 2kw Raydome, generator, + dinghy! Lying in Trinidad, French West Indies. Asking $555K
- Figment, Prowler 450 powercat – 4cabins/4heads. Only 515 hours on her twin 240 HP Yanmar engines. Vessel is well cared for and features Raymarine electronics, air-conditioning, generator, watermaker, hard top bimini, washer/dryer, icemaker, dinghy and more. MOTIVATED SELLER. View her stellar Cat-Chek report. Lying in Florida. Asking $395K
CatChek Report
- Toucan Tango, Prowler 48 powercat – 4cabins/4heads. Further reduced by $65K, this again is a whole lot of cat for the price. Owner no longer uses and is very motivated to eliminate his dockage fees! Only 400 hours on her 315 HP Yanmar engines. A steal at the asking price of $399K; contact me and I’ll help you negotiate a killer deal. Virtual tour and survey available. Lying in Marco Island, Florida.
- Think of Me Too, Lagoon LP43 powercat – 3 cabins/3heads. In perfect condition with new bottom paint May 2008. This one owner power catamaran features 2 X 285HP upgraded Volvo engines, 42000 BTUs air-conditioning, Full Raymarine electronics and 11kva Onan generator. View her stellar pre-inspection Cat-Check report. Lying in Fort Lauderdale, Florida. Asking $499K
CatChek Report
Request my buyer’s guide
STALEY WEIDMAN III ( CPYB), YACHT OWNERSHIP
2003, 2004 & 2005 LAGOON BROKER OF THE YEAR
Licensed Yacht and Ship Broker, Lic #4235
THE CATAMARAN COMPANY
4005 N. Federal Highway Suite 200
Fort Lauderdale, FL 33308
Phone: 954.727.0016 Ext. 4654
Direct: 954.449.4654
Mobile: 954.494.7569
Fax: 954.727.0024
 
staley@catamarans.com | www.catamarans.com
www.essermanyachtsales.com
My biography: www.catamarans.com/broker/staley
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