Boat Buyer’s Guide
Your Budget Monthly Living Expense Worksheet The 15%/45% Rules
4 4
Researching Boats and Costs Mini Inspection Checklist Accessories and Add-ons Accessories Checklist Online Research Price Comparison Worksheet
5 6 6 7 7
Financing Your Boat Your Credit Score When To Finance About Interest Rates Monthly Boat Payment Calculator
8 8 9 9
Where To Shop Where to buy the Boat
10
Table of Contents Making The Deal Visiting the Dealership Buying Your Boat Trading Your Boat Selling Your Boat Negotiating Tips
10 10 10 10 10
Resources Summary Worksheet Boat Glossary Check List Boat Financing FAQ Interesting Facts Detailed Inspection Checklist Bill of Sale Credit Application
11 12 13 14 16 17 21 22
The information presented in this guide is not to be considered legal advice nor is it a guarantee or offer of a loan from Essex Credit Corporation. Companies and websites referenced in this guide are not affiliated with Essex Credit Corporation unless specifically noted. Loan programs, rates and terms are only examples and may not be offered by the Essex Credit Corporation. All loans are subject to loan program requirements and credit approval. Actual loan program, rate and term may vary based on credit history, collateral, down payment, loan amount, collateral use, state of residency, type of loan, pre-payment penalty and other criteria. Loan program, rates and terms are subject to change without notice. Credit score may vary depending on credit reporting agency. Example of rate and term: A 20-year loan at 5.99% APR will have a payment of $7.16 per thousand borrowed. Restrictions may apply. Other rates and terms available.
Boat Buyers Guide | www.essexcredit.com
2
We’re going to help you develop a road map for purchasing your new boat by introducing you to what you need to know before you start shopping. By the time you reach the end of this guide, we believe you will be boat shopping with confidence, because you will know how to: • Determine what type of boat is right for you • Secure your financing before you begin to shop • Take control of your financing and purchasing choices Throughout this guide you will find worksheets that will help you determine which boat is right for you. Fill them out, print them, and take them with you when you or purchase your boat. With so many opportunities for boating fun available today, there’s no reason why you can’t take advantage of the benefits that boating has to offer. Boating improves quality of life, it helps you bond with friends & family. There are so many activities to explore when it comes to boating, whether you like to fish, waterski, snorkel, or simply enjoy relaxing on the water.
Congratulations! You just took the first step toward getting into your new boat!
When it comes to buying a pre-owned boat, nothing is more important than finding the boat that is just right for you – one that’s in good condition, with a fair asking price and most importantly, one that meets your own personal needs and wants. Boats come in many different types, sizes, and price ranges. Some are very basic, starting around $10,000, which are good to get out and about on the water. On the other end of the spectrum, there are $1,000,000+ luxury yachts. Essex Credit Corporation offers many flexible financing options for a large number of Boat types, sizes & price ranges.
Boat Buyers Guide | www.essexcredit.com
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Your Budget The first step toward buying an boat is finding out how much you can afford. To help do that, enter your monthly gross
Standard underwriting The 15% Rule
guidelines
generally
restrict
the
maximum payment to monthly gross income at 10% to 15%
income before taxes in the worksheet below and subtract your
with a maximum debt to income ratio of 40% to 45%
monthly expenses. Add additional expenses, if necessary. The
The 15% Payment to Income (PTI) Rule
remaining balance is an estimate of what you can put toward
To estimate your maximum boat loan amount and monthly
your monthly boat payment.
Monthly Living Expense Worksheet
should generally not exceed 15% of your gross monthly income. Simply multiply your monthly gross income by .15 to
Monthly Adjusted Gross Income: Income
boat payment, use the 15% rule. Your monthly boat payment
$
calculate your maximum estimated monthly boat payment. $
Monthly Expenses:
Monthly Gross Income
X 15% (.15) =
$ Maximum Amount of Estimated boat Payment
Mortgage/Rent Payment
-$
Utilities
-$
Food
-$
Transportation
-$
The 45% Debt to Income (DTI) Rule
Insurance (Home, Boat, Auto, Life)
-$
To calculate your DTI simply divide the total of your: monthly
Clothing
-$
mortgage/rent payment + the total of your monthly credit card
Entertainment
-$
Education
-$
Credit Card Payments
-$
Other Creditor Payments
-$
Other Vehicle Payments
-$
Miscellaneous
-$
Remaining balance for your boat payment
=$
payments + the total of your other monthly loan payments + the maximum monthly estimated boat payment by your total monthly gross income. $ Monthly Gross Income
X 45% (.45) =
$ Maximum monthly debt payment including the new monthly boat payment
To calculate your maximum loan amount; refer to the loan calculator on www.essexcredit.com
Boat Buyers Guide | www.essexcredit.com
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Mini Inspection Checklist
Area Inspected
Pass/Fail
Exterior Make, Model, and Year:
Paint and chrome Hull Leaks below engine
Length, # of engine hours:
Trailer Tire tread
Owner/Dealer:
Spare tire and jack Interior
Asking Price:
Carpets and upholstery Seat controls Dashboard Controls
Address:
Windshield washer and wipers Air conditioner & heater Lights Phone:
Dashboard and interior lights Headlights, brake, turn signals Start the Engine
Date:
Accessories Steering and throttle control
Owner’s Manual Included:
For a complete checklist, refer to our detailed Inspection Checklist located in the resource section of this guide.
Boat Buyers Guide | www.essexcredit.com
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Accessories and Add-ons Accessories and add-ons can increase the value of the Boat, but will also increase the total price. We’ve listed popular accessories that you may want to add on to your new Boat. From the list, mark which items you consider to be a need or a want. This will help you choose which accessories are necessary and help you determine your price range.
Features
I Need These
I Want These
Upgraded Engine Swin Step
Auto Pilot Cockpit Heater Stern Thruster Fish Finder Leather or Heated Seating LCD TV Upgraded Stereo Navigation System Radar Fresh Water Cooling System External Steering Security System Upgraded Trim Package Air Conditioning/Heating System Generator
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Online Research
The internet has become a valuable resource for boat shoppers. Buying, selling and financing all can be done from the comfort of your own home and at your own pace. To get detailed pricing information, including manufacturer and retail pricing visit www.essexcredit.com/nada. If you’re looking to buy or sell your boat privately, www.boattraderonline.com and www.boats.com are well-known and widely used resources. As you narrow your boat search, the Price Comparison Worksheet below will help you determine an estimated price for the boat you’re interested in.
Price Comparison Worksheet Item
Source #1 Price
Source #2 Price
MSRP/NADA Price
Base Price Total Option Values Destination fees Other fees Rebate Trade-in Taxes Totals
Boat Buyers Guide | www.essexcredit.com
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Financing Your Boat It’s important to understand how to finance your boat purchase and when you should begin the process of obtaining your boat loan through Essex Credit Corporation.
Your Credit Score A credit score is a number generally between 300 and 850 that is used to help determine the likelihood of a borrower repaying a loan. Your score is determined in part by your credit payment history. It’s a great idea to review your credit report for accuracy at least once a year. If you believe it’s inaccurate, you have the right to challenge that information.
If your credit score is lower than you expected, here
Credit Score Ranges
are some tips that could improve your score overtime: • Consistently pay your bills on time • Pay down your debt(s)
Credit Score Range 669 and below
670 - 699
700 - 749
750 and up
• Don’t open a new line(s) of credit, like a credit card or home equity loan • Limit your credit inquiries
Risky
Fair
Good
Excellent
When To Finance Have your boat financing in place before you shop for your boat. This way you can focus on getting the best price for your boat. You’ll know your financing terms up front, and that’s one less thing to negotiate when you are shopping.
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Apply online today! Finance with Essex Credit Corporation. Essex Credit Corporation, a wholly owned subsidiary of Bank of the West, is a direct boat lender which provides convenient, multiple boat financing options. Essex Credit has a network of specialized lenders to help ensure the most competitive offering of programs and rates in the market place. This network of lenders allows Essex Credit to access multiple boat loan programs. Essex Credit provides security, trust, and privacy protection with a large lists of loan options available anywhere. As a national lender Essex Credit offers customers some of the most competitive fixed and adjustable rates, flexible loan terms from 5 to 30 years, and the ability to take the customer from approval to closing in just 3 to 5 business days.
visit
www.essexcredit.com to fill out a boat Loan application.
About Interest Rates Having a fixed interest rate for the life of your boat loan allows you to know what your monthly payment will be month after month, with no surprises. Some financing companies offer variable interest rates that fluctuate based on your loan program terms. Essex Credit offer competitive fixed and variable rates. Visit www.essexcredit.com to view today’s rates and loan terms. While on our website, use our loan calculator to determine your monthly payment. If you finance with Essex Credit, rest assured the loan financing details will be handled safely, securely and confidentially for both the buyer and the seller.
One-Stop Shopping As a national leader in marine financing Essex Credit has earned a reputation for providing the finest and most competitive Boat financing rates in the industry. We offer one-stop shopping and handle every detail of the transaction - from financing the buyer to paying off the current lender and also handling title & ownership transfers. Visit www.essexcredit.com to obtain a rate quote or even apply online for financing from the comfort of your own home. The service is fast, convenient and flexible, and you can depend on total confidentiality. But most of all, we have the best people in the business ready to serve you. Boat Buyers Guide | www.essexcredit.com
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Making the Deal Too often, people try to negotiate all elements of a boat deal at once. The fact is, your purchase is several transactions that should be negotiated separately–besides securing boat financing, there is a negotiation associated with buying the boat and trading or selling an boat that you already own.
Where to Shop You have several options when it comes to shopping for your next boat. You could purchase a boat from a neighbor down the street or from someone cross the country. You may visit websites such as www.boattraderonline.com or www.boats.com and discover a huge inventory of new and used boats to choose from. You can research and select a new boat online or look for the ideal preowned boat, or go the traditional route and visit your local boat dealership.
Visiting the Dealership There’s usually at least one dealership in every town and they
Selling Your Boat
provide the opportunity for you to get to know your options up
If you want to get a higher price on your current boat, consider
close and personal. We suggest you visit a few to research the
selling your boat privately. Just remember, you’ll have to
boat that you’re interested in.
advertise it, take the calls, meet the prospective buyers, let them
Buying Your Boat
Sea Trial your boat, and handle the financial transaction. To save
The key to fair negotiation is equal knowledge. You need to know as much about how a boat is priced as your sales consultant does. By researching boat pricing before you start your negotiating with a seller, you’ll become just as knowledgeable. You can visit our boat valuation tool at www.essexcredit.com/nada to get current values.
Trading Your Boat You can expect a dealership to offer the wholesale value of your trade-in, minus deductions for excessive wear and tear. Why the wholesale value instead of the retail value? When the dealership buys your used boat, they are taking on the extra costs of selling it to someone else. Visit www.essexcredit.com/nada to understand more about boat pricing.
time, consider www.boats.com or www.boattraderonline.com to advertise and sell your boat online.Negotiating
Tips
Negotiating Tips • Be Flexible on Features. Be prepared to compromise, but only on the extra features that are not on your need list. • Ask Questions. Be sure to understand the seller’s offer and have them explain each number presented to you. • Be Prepared to Wait. Buying a boat is a big commitment, so be prepared to take your time with the seller. • Get it in writing. Have the seller give you a quote with the price, terms, and options that are included in the deal.
Boat Buyers Guide | www.essexcredit.com
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Resources
Summary Worksheet My Boat
Now that you’ve worked your way through
I am shopping for a: New Boat | Used Boat
this guide, take a minute to review what
Make: Model: Year:
you’ve learned. We’ve summarized most of our worksheets into this condensed
My Top Three Needs Are:
version. Just fill out the information, print
1.
it out and take it with you when you sea
2.
trial or purchase your next boat. Or if you
3.
decide to shop online, this will come in handy. You won’t have to print out this
My Top Three Wants Are:
entire guide and you’ll have all of the
1.
information at your fingertips!
2. 3. My Budget Monthly Gross Income before taxes: $ Monthly Gross Income before Taxes x 15% (.15): $ Monthly Gross Income before Taxes x 45% (.45):$ Slip rental fee: $ Boat Financing Details: Interest Rate: Boat Loan Amount: $ Boat Loan Term: (# of months) Estimated Monthly Payment: Boat Loan Application Details:
Finance through Essex Credit Corporation www.essexcredit.com Ph: 1-866-377-3948
Amount Requested: $ Date of Application: Date of Approval:
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Resources
Boat Buying Glossary APR (Annual Percentage Rate) - APR represents the total cost
Online Boat Buying Resources
of credit on a yearly basis after all interest and fees are taken into consideration. Depreciation: The value an asset loses due to wear and tear over time. Equity (vehicle): The value of the boat minus the loan amount. Extended warranty: Also known as a service.
www.boattraderonline.com
contract. A contract that covers certain boat repairs.
www.boats.com
from Fair Isaac Corporation, that developed the scoring model.
www.essexcredit.com/nada
pay their debts. The score is based on information reported on the
www.essexcredit.com
FICO: The most commonly used credit score. The acronym comes These are scores used to predict the likelihood that persons will individual’s credit report. Interest: The amount charged by the lender to borrow money. Term: The length of your loan, usually in number of months. Invoice Price: This is the “cost” amount, and is normally the lowest price you will pay for a new boat. Occasionally, dealer incentives and rebates will drive down the price to below invoice price. Manufacturer’s Suggested Retail Price (MSRP): The retail price determined by the manufacturer and posted on the window sticker. The MSRP for a boat includes no additional dealer options. Monthly Payment: The principal and interest paid on a monthly basis over the life of the loan.
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Check List
Complete budget worksheet --
How much can I afford
Research and Find the Boat --
www.boattraderonline.com
--
www.boats.com
--
Magazines/Newspapers
--
Dealership
--
Manufacturer Website
Verify Seller Financing the Boat --
Finance through Essex Credit www.essexcredit.com 1-866-377-3948
Make sure to collect Maintenance Records Consider purchasing warranty on the Boat --
Obtain a quote over the internet
Consider purchasing SeaTow --
Obtain a quote over the internet
Boat Buyers Guide | www.essexcredit.com
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Boat Financing FAQ’s
What will my interest rate be?
What types of boats can I finance?
Your rate will vary. It depends on many factors, which include your loan amount, your down payment, your credit profile and the age and value of your boat. As soon as we process your application, we will let you know your interest rate and program options.
Standard & Custom Power & Sailboats, High-Performance boats, Multi-Hull boats, House boats, Wooden & Wooden Composite boats and Antique & Classic boats.
How long will it take to process my application?
JUST FILL OUT THE SECURE ONLINE LOAN APPLICATION
Complete the online loan application at www.essexcredit.com and you may be approved within minutes. How much of a down payment do I need? The typical minimum down payment is between 10% to 20%. What are the largest and smallest boat loan amounts? There is no maximum. If your needs are more modest, Essex can finance loans in amounts as small as $25,000. How is interest on your loans calculated?
How do I apply?
at www.essexcredit.com or complete the application which is included in the package and then fax or mail it to Essex Credit Corporation. Or call 1-866-ESSEX-4-U (866-377-3948), and Essex will take your application over the phone. What is the oldest boat Essex will finance? Essex can finance boats manufactured as old as 1919. Does Essex require a minimum credit score? No, however you must have excellent credit and this typically means a minimum credit score of 700.
All the loans are simple interest loans. You only pay interest on the principal owed.
Boat Buyers Guide | www.essexcredit.com
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Boat Financing FAQ’s
What are the shortest and longest terms available?
Does Essex finance live aboards?
The shortest term is 5 years. The longest is 30 years.
Yes.
Does Essex finance loans for people residing in all 50
If I bought my boat for cash and now would like to obtain
states?
a loan,can you help me?
Yes.
Yes. Essex’s Cash Recapture Program allows you to get a loan within 6 months of your original purchase.
Does Essex finance loans to corporations? Yes, Essex does lend to corporations, but only when the boat is for personal use. Essex does not finance boats that will be used for commercial purposes.
Can I defer my first payment? Yes, you may defer your first payment up to 90 days. Does Essex allow me to place my boat in a Limited
Does Essex offer pre-approvals?
Liability Corporation?
Yes, you may apply online now and get an Instant Credit Decision.
Yes, as long as sales tax has been paid. Does Essex allow me to place my boat in a trust?
Does Essex work with dealers/brokers? Yes. Essex works with dealers/brokers across the continental US.
Yes.
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Interesting Facts:
There are an estimated 82 million American adults who participats in recreational boating. There are about 17 million boats in the United States. The U.S. recreational boating industry creates more than 200,000 jobs in the United States. 75 percent of boaters have an annual household income of less than $100,000. 95 percent of boats owned are less than 26 feet in length. An Boat may qualify as a second home (consult your accountant/financial advisor for additional details). Boating is a middle-class activity. State of Florida ranks No. 1 in boat sales and registrations. Boat shows were the third most influential source of marketing information for consumers who purchased a boat. 74% of boat buyers report having grown up boating, either with family or friends. Boating is considered a good way to relax and unwind. New boat purchasers seek out information from a number of different sources before making their purchase decision. The average buyer uses more than four different information sources in this effort. The typical new boat owner offers an average of 9.5 boat recommendations to others each year by word of mouth. The average consumer influenced by a boat show spends 49 minutes at the display of the boat brand they ultimately purchased. Source: NMMA
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Detailed Boat Inspection Checklist
Chances are, your heart was already set on a particular boat before you came across this guide, but is it the best option for your lifestyle and budget? Are you better off with a new or pre-owned boat? Research is the key to finding out. It’s a good to give the boat a thorough inspection just to find out if any repairs will be in your near future. In the next few pages we have included a detailed boat Inspection checklist. Inspect the exterior and interior of the boat and use the checklist to keep track.
Detailed Boat Inspection Checklist Boat Exterior Overall Rating
Item
Check for / verify
Appearance General Appearance - Are there dents, dings, scratches or stains? Fading paint? Are there rusted areas? Check for loose screws. If they won’t tighten it may be a sign of dry-rot Exterior compartments Are there locks on the compartments doors? General Appearance - Are there dents, dings, scratches or stains? Fading paint? Are they dry and clean, with no rusty areas? Awning Does the awning open & close easy? Does the fabric/vinyl roll seem straight? No wrinkles etc. Is the fabric or/vinyl in good condition? Are the awning support arms straight and otherwise in good condition? Roof Check for punctures and cracks in roof seams. On rubber roofs a little chalking is okay as long as the rubber seems to be resilient. Check for loose screws on metal trim where the roof material meets the side wall.
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Detailed Boat Inspection Checklist Continued
Boat Interior Item
Overall Rating
Check for / verify
Bathroom Is it big enough? Are the toilet and vanity in good working order? Check the condition of the shower floor (make sure there’s no cracks and step in to make sure to shower floor is firm). Is there an exhaust fan? Does it work? Is there a medicine cabinet? Battery Check battery electrolyte level. A low level is a sign of neglect. Ask for the purchase date ( less than 2 yrs old is better) and check for condition. Entry Door/s Is the door sound? (bulged panels or loose screws, sign of water leaks, etc.) Check door hinges for excessive wear. Does the door close properly without slamming? Is there a deadbolt lock? does it work? Is there a Key? Exhaust fans Do the overhead vent fans work? Does the stove vent fan work? Floor Check the condition of all carpet and flooring. Check for soft spots on the floor (indicating water leaks). Furnace Start the furnace and be sure that it is working properly. Is the thermostat working properly? Air conditioner Run the air conditioner for at least 15 minutes to make sure the air gets cold. Holding tanks Add water and check for leaks. Check the fresh water and both gray and black waste water tanks. Are the dump valves working properly? Inspect the sewer hose and all seals.
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Detailed Boat Inspection Checklist Continued
Boat Interior Interior Is there enough storage? Is the kitchen table big enough? How clean is the chair/sofa? Is there a privacy door/curtain? Are the mattresses in good condition? Is there enough room for everybody to sleep? Leaks Check cupboards for signs of previous water leaks. Look for warped or stained walls and ceiling - sure signs of previous water leaks. Check for “soft spots” around windows, vents and along the floor. Look under sinks for signs of previous water leaks. Lighting Are any of the light fixture covers damaged? Do the lights work properly? Latches Are all cabinet and drawer latches working properly? Manuals Is there an owner’s manual? Are there separate manuals for the appliances and equipment? Microwave Does it work? Is it big enough? Is it easy to reach and use? Phone Is the boat wired for a phone line? This may not be important but it may be nice if the boat will be lived in for a long period of time at the same place. Propane (LPG) Check the hoses for cracks/damage. Inspect the LP tanks for damage / excessive rust. Check the dates to determine expiration. Portable LP cylinders must be re-certified at 12 years of age. Rear ladder Check the condition of the ladder.
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Detailed Boat Inspection Checklist Continued
Boat Interior Refrigerator Does it stay cold using both propane and electric? Is the freezer icy cold? It takes several hours for the refrigerator to get really cold but you should know after an hour if it’s working. Ceiling Are their water stains and sagging on the ceiling? Is the ceiling clean and attractive? Walls Check interior walls, bathroom, shower and closets for firmness Stove/Oven Are the oven and stovetop burners in good working condition? Television Is a TV included? Is there a working TV antenna? Is the boat wired for cable TV? Usually there is a TV connection in the living area and one in the bedroom on larger boats. Tires on the trailer Check the tires on the trailer for wear and cracking (sun damage). If the tires are over five years old they need to be replaced even if there is still tread on them. Water Is there a filter in the water inlet? Is the water pump working properly? Try all the water faucets Check for leaks around the water pump, water heater and under sinks Water heater Is the water heater working properly? Is the tank big enough? Warranties Are there any items still under warranty? Are the warranty cards available? Windows Are the window screens in good condition? Do the windows all open and close properly?
Boat Buyers Guide | www.essexcredit.com
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BILL OF SALE Description Year
Make/ Manufacturer
Model
Body Type
Length
Color
Odometer (If applicable)
Weight
HP (If applicable) Gas / Diesel (Circle if applicable)
VIN # Serial #
I/We
License Plate #
hereby sell, transfer, and deliver
(PRINT SELLER’S NAME[S])
the above described Vessel/Trailer to:
$
for the amount
MO / DAY/ YEAR
on
(PRINT BUYER’S NAME[S])
of (SELLING PRICE)
Print Name(s) of Seller(s)
Address
City
Home Phone #
X X
State
Cell Phone #
Zip Code
Work Phone #
Date:
Seller’s Signature
Date:
Co-Seller’s Signature
Mo/Day/Year
. .
Mo/Day/Year
Print Name(s) of Purchaser(s)
Address Home Phone #
X X
City
State
Cell Phone #
Purchaser’s Signature
Co-Purchaser’s Signature
Zip Code
Work Phone #
Date: Date:
Mo/Day/Year
Mo/Day/Year
. .
Boat Loans Made Easy®
MARINE CREDIT APPLICATION TRANSACTION
PURCHASE q SELLER
TYPE
REFINANCE q CURRENT LENDER
BOAT INFORMATION TRADE-IN INFORMATION
POWER q SAIL q
NEW q USED q
POWER q SAIL q
DEALER/BROKER q
IF REFINANCE: CURRENT PAYMENT
BOAT q PLEASURE q LIVEABOARD
CURRENT LOAN RATE
PRIVATE q
USE
q LIMITED CHARTER
YEAR
MAKE
MODEL
LENGTH
TRAILER 1 AXLE q 2 AXLE q 3 AXLE q
FIBERGLASS q WOOD q METAL q
ENGINE MAKE
SINGLE q TWIN q TRIPLE q
GAS q DIESEL q
HP
YEAR
MAKE
MODEL
LENGTH
TRAILER 1 AXLE q 2 AXLE q 3 AXLE q
FIBERGLASS q WOOD q METAL q
ENGINE MAKE
SINGLE q TWIN q TRIPLE q
GAS q DIESEL q
HP
PREVIOUS BOATS OWNED
INTENDED CLOSING DATE
/
DATE OF MONTH PAYMENT DESIRED
/
MARINA (NAME & ADDRESS) BOAT WILL BE KEPT:
SLIP #
SLIP CHARGE $
PURCHASE PRICE
SALES TAX
CASH DOWN PAYMENT
TRADE ALLOWANCE
OWED ON TRADE
LOAN REQUEST/REFINANCE AMT
REQUESTED
15 YRS q 20 YRS q 25 YRS q
$
+
–
–
+
=$
TERMS
30 YRS q OTHER q
HOW DID YOU HEAR ABOUT US?
SEND THIS APPLICATION TO THE ATTENTION OF:
q DEALER/BROKER q REFERRAL q SHOW q PRINT AD q INTERNET q MAILER q OTHER EACH APPLICANT MAY APPLY FOR INDIVIDUAL OR JOINT CREDIT, REGARDLESS OF MARITAL STATUS. THIS APPLICATION IS FOR: q INDIVIDUAL CREDIT q JOINT CREDIT WITH APPLICANT’S SPOUSE q JOINT CREDIT WITH WHOSE SEPARATE CREDIT APPLICATION IS ATTACHED q LLC q TRUST q OTHER WE INTEND TO APPLY FOR JOINT CREDIT (please initial) APPLICANT CO-APPLICANT FIRST NAME
MIDDLE
LAST
DATE OF BIRTH (MM/DD/YY)
SOCIAL SECURITY #
US CITIZEN q YES q NO
STREET ADDRESS
CITY
STATE
ZIP
TIME THERE
q OWN q RENT
YR
q OTHER HOME PHONE
OTHER/CELL:
DRIVER’S LICENSE #
STATE OF ISSUE
MO
MONTHLY PAYMENT $
E-MAIL ADDRESS Authorizes communications via e-mail for Application Status, Special Offers & News about ECC. PREVIOUS ADDRESS (If less than 3 years at current address)
EMPLOYER NAME
TIME THERE YR
POSITION/TITLE
TYPE OF BUSINESS
MO
% OWNERSHIP GROSS MONTHLY INCOME
q ACTIVE q SELF EMPLOYED q RETIRED
$
BUSINESS STREET ADDRESS
CITY
STATE
ZIP
PHONE
TIME THERE
MO
YR PREVIOUS EMPLOYER (If less than 3 years at current job)
STREET ADDRESS
CITY
STATE
ZIP
TIME THERE
MO
YR
OTHER INCOME SOURCE
HAVE YOU EVER FILED BANKRUPTCY? $
Alimony, child support and/or maintenance payments need not be revealed if Applicant(s) do(es) not choose to rely on such income. NEAREST RELATIVE
ANY OUTSTANDING LIENS OR
q MONTHLY
q YES q NO
CHILD SUPPORT $
JUDGEMENTS AGAINST YOU?
q YEARLY
If yes, year
ALIMONY $
q YES q NO
STREET ADDRESS
CITY
If you reside in a community property state (AZ, CA, ID, LA, NM, NV, TX, WA, WI), please provide your spouse’s name and social security number.
CO-APPLICANT FIRST NAME
DO YOU PAY?
STATE
ZIP
PHONE
SPOUSE’S NAME
MIDDLE
RELATIONSHIP
SPOUSE’S SOCIAL SECURITY #
LAST
DATE OF BIRTH (MM/DD/YY)
US CITIZEN
SOCIAL SECURITY #
q YES q NO STREET ADDRESS
CITY
STATE
ZIP
TIME THERE
q OWN q RENT
YR
q OTHER HOME PHONE
OTHER/CELL:
DRIVER’S LICENSE #
STATE OF ISSUE
RELATIONSHIP TO APPLICANT
E-MAIL ADDRESS Authorizes communications via e-mail for Application Status, Special Offers & News about ECC. PREVIOUS ADDRESS (If less than 3 years at current address)
TYPE OF BUSINESS
EMPLOYER NAME
TIME THERE YR
POSITION/TITLE
CITY
MO
% OWNERSHIP GROSS MONTHLY INCOME
q ACTIVE q SELF-EMPLOYED q RETIRED BUSINESS STREET ADDRESS
MO
MONTHLY PAYMENT $
$ STATE
ZIP
PHONE
TIME THERE
MO
YR PREVIOUS EMPLOYER (If less than 3 years at current job)
STREET ADDRESS
CITY
STATE
ZIP
TIME THERE
MO
YR
OTHER INCOME SOURCE
HAVE YOU EVER FILED BANKRUPTCY? $
Alimony, child support and/or maintenance payments need not be revealed if Applicant(s) do(es) not choose to rely on such income.
DO YOU PAY?
ANY OUTSTANDING LIENS OR
q MONTHLY
q YES q NO
CHILD SUPPORT $
JUDGEMENTS AGAINST YOU?
q YEARLY
If yes, year
ALIMONY $
q YES q NO
Rev. 2/09
All of the statements made by me (us) in this application are true and correct and I (we) authorize Essex Credit Corporation to verify their accuracy and completeness in order to induce you to grant credit to me (us). I (We) have no outstanding obligations except as shown in this application and/or personal financial statement and no undisclosed lawsuits or judgments are pending or entered against me (us). I (We) authorize credit reports to be obtained by Essex Credit Corporation and/or any of its potential future assignees in connection with this application for credit. If you authorize someone (such as a broker/dealer/manufacturer or any other third party) to submit this application, that party will receive information regarding your credit decision and loan number. If you do not wish this information shared then you should submit the loan application to us directly. I (We) authorize you to exchange credit and other information with others in connection with this application consistent with your privacy policy. I (We) agree this application shall be and remain your property whether or not this application is approved. This application is governed by California law. If you provide us with a cell phone number, you consent to our contacting you at that number. Important Information About Procedures for Opening a New Account – Essex Credit Corporation complies with Section 326 of the USA PATRIOT Act. This mandates that we verify certain information about you while processing your account application.
CORPORATE
Notice for New York Residents – A consumer credit report may be requested in connection with this application or with updates, renewals or extensions of any credit granted as a result of this HEADQUARTERS application. If you subsequently ask for this information, you will be informed whether or not such a report was requested and, if so, the name and address of the agency that furnished the report. Notice for Ohio Residents – The Ohio laws against discrimination require that all creditors make credit equally available to all credit worthy customers, and that credit reporting agencies maintain 12677 ALCOSTA BLVD., separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law. SUITE 200 Notice to Married Wisconsin Residents – Wisconsin Law provides that no agreement, unilateral statement or court decree relating to marital property shall adversely affect a creditor’s SAN RAMON, CA 94583 interest, unless prior to the time credit is granted the creditor is furnished a copy of the agreement, statement or decree or has actual knowledge of the adverse provisions. You must indicate the Ph: 866-377-3948 name of your spouse on the credit application, and the address if different from yours. Notice to California and Utah Residents – As required by law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if Fax: 866-377-3939 you fail to fulfill the terms of your credit obligations. www.essexcredit.com Notice for Maine Residents – If this application is approved by the creditor, you will be required to obtain and maintain physical damage insurance on the collateral securing the debt. You have a right of free choice in the selection of the agent and insurer through or by which the insurance is placed. q Essex Credit Corporation always has special offers and news that you might enjoy. If you wish to receive any online communications in the future about Essex Credit Corporation, please check the box.
Signature of Applicant
Date
Boat Buyers GuideSignature | www.essexcredit.com of Co-Applicant
Date
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Personal Financial Statement
MARINE CREDIT APPLICATION
PLEASE ATTACH ADDITIONAL SCHEDULES IF NECESSARY
NAME (S)
FINANCIAL STATEMENTS AS OF
If married and a resident of a community property state (AZ, CA, ID, LA, NM, NV, TX, WA, WI), list all debts, accounts and obligations of both spouses. Unless you indicate otherwise, obligations of both spouses are considered community liabilities.
ASSETS CASH ON HAND AND IN BANKS
AMOUNT
PLEASE INCLUDE THE FOLLOWING INFORMATION WITH YOUR APPLICATION TO EXPEDITE YOUR LOAN REQUEST: • Completed and Signed Credit Application • Completed and Signed Personal Financial Statement • Two most recent years of consecutive 1040 tax returns with all supporting schedules • If self employed, current interim financial statement and two years of most recent tax returns (plus K-1’s if applicable)
DEPOSIT ON BOAT BEING PURCHASED (IF ALREADY MADE)
• Any additional information that may be deemed necessary for application process
TOTAL
$
MARKETABLE STOCKS & SECURITIES/BROKERAGE ACCOUNTS
VALUE
For Immediate Service & Instant Approvals* Visit our Website at: www.essexcredit.com 866-377-3948 * SUBJECT TO LOAN PROGRAM GUIDELINES AND CREDIT APPROVAL
TOTAL
LIABILITIES
$
RETIREMENT ACCOUNTS (IRA’S / 401K, ETC.)
AMOUNT
TOTAL
TOTAL
$
REAL ESTATE ADDRESS
BALANCE OUTSTANDING
$
REAL ESTATE LOANS PERCENT OWNERSHIP
MONTHLY RENTAL
YEAR PURCHASED
TOTAL AUTOMOBILES / BOATS
MARKET VALUE
MONTHLY PAYMENT
LENDER NAME
TOTAL
$ CURRENT VALUE
TOTAL
MONTHLY PAYMENT
AUTOMOBILE / BOAT LOANS
TOTAL
$
OTHER ASSETS (Trust, Restricted Stocks, Business Value)
BALANCE OUTSTANDING
$ BALANCE OUTSTANDING
$
OTHER LIABILITIES
DESCRIPTION
CURRENT VALUE
TOTAL
Date
MONTHLY PAYMENT
TYPE / DESCRIPTION / LENDER
TOTAL
$
TOTAL ASSETS Signature of Applicant
MONTHLY PAYMENT
CREDIT CARDS
BALANCE OUTSTANDING
$
TOTAL LIABILITIES Signature of Co-Applicant
Date
NON-SPOUSAL CO-APPLICANTS MUST COMPLETE A SEPARATE PERSONAL FINANCIAL STATEMENT EQUAL CREDIT OPPORTUNITY LENDER
Boat Loans Made Easy®
Boat Buyers Guide | www.essexcredit.com
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