The Eboatloans Experience!
Here is what to expect from Eboatloans and our boat loan process. It's as simple as we can make it and we are always here to help and answer any questions you have along the way. The loan process can be as short as two days if you are local but typically takes three to seven days as documents are being sent back and forth and contracts are being overnighted to you, us and the lender.
Here are the steps in the typical boat loan process:
- The application or the phone call
- The discussion and your decision
- The Request for information
- The submission
- The lender decision
- Document request from both buyer and seller
- Titles, Coast Guard Documentation and Registration
- Enjoy your new boat, yacht or RV!
The application or the phone call
In order for us to help, we need to discuss and obtain some basic information. The basics include your credit score, credit history, your income, employment history, the boat, yacht, rv, it's value and purchase price. Once we have this information, we can move to the next step.
The discussion and your decision
During this step, we will discuss with your different options, lenders and interest rates. Interest rates are based on many factors including upon the state you live in, the boat, yacht or RV you are buying, the down payment, and your credit score. We will give you the different rates and options and let you decide which bank you would be best for you based upon your choices.
Request for information
Once you have picked an option, we will tell you what documents we need to submit to the lender. Some banks just ask for Form W-2s for the past 2 years and a current paystub. Others will request the past two years individual tax returns (pages 1 & 2, schedules A-E), two years business tax returns if reported on your 1040 and a personal financial statement. Depending on the size of the loan, we may also ask for proof of liquidity (cash and securities accounts) or proof of business paid items.
Once you have picked which lender you like most and we have received your information, we will submit the loan to the lender of your choice. We do NOT send applications to multiple lenders at the same time. Typically, the lender will give a decision with 4 to 24 hours. Larger loans or special situations may take a little longer.
The lender decision
The lender will either come back with an approval as requested, a conditional approval, decline, or request for additional infomation. An approval as requested is based upon the boat, purchase price, down payment, and term as submitted. A conditional approval may be a reduced loan amount or shorter term. A decline obviously means the lender is not interested. A request for information may occur if something came up upon their review that needs clarification. Often the lender will request a survey or inspection on used units, especially older and loans for larger amounts.
Document request from both buyer and seller
Upon approval and agreement of terms, we will request additional information from both you and the seller. Typically these documents include copies of the purchase agreement, your driver's license(s), a utility bill, and any other items requested by the lender. From the seller, we will need a copy of the title, registration or Certificate of Documentation if Coast Guard documented. If it is a new boat, we will need the MSOs (Manufacturers Source of Origin or Builder's Certificate), and any extended service contract information.
Upon receipt of the all of the above information, we will prepare contracts and either email or overnight to you. You will need to sign the documents, some forms will require a notary, and overnight the originals back to us. We also prefer for you to fax or scan the signed copies back to us before returning so we can review to assure everything has been signed and completed correctly.
Once we have the contracts back, we will prepare a complete loan package and submit it to the lender. Depending on the lender, it may take 24 to 36 hours to review and fund. Upon funding, we will either wire the seller directly or overnight a payment. If there is a lien on the boat you are purchasing, we will be paying off the lien and funding the overage to the seller.
Titles, Coast Guard Documentation and Registration
Depending on your state, the seller and type of boat or RV purchased, either we, the seller or you will complete the title and registration. Your state may require you to go to your local tag agency to title and register your unit especially if they must do an inspection. The documents needed to complete this step are in the contracts originally sent to you or will be received shortly for either us, the dealer or the seller. If we had to pay off a loan, it may take up to 30 days to receive the prior title from the previous lender. THE LENDER MUST BE LISTED AS LIEN HOLDER ON ANY TITLE APPLICATION. If the lender is not listed, you will be required to correct it. If the boat or yacht is Coast Guard documented, the documentation agent will prepare and submit all of the necessary paperwork.
Enjoy your new boat, yacht or RV!
Thank you very much for allowing us to help get you on the water or on the road!
Have a safe and fantastic time!
If you have any questions, please feel free to call us at 954-847-1500.
The Eboatloans Team