The Triton


Marine lenders have strong 3Q

Posted on by in

A quarterly survey by the National Marine Bankers Association shows an increase in new boat activity, making 2013 potentially the best year marine lenders have seen in years, according to an association press release.

The survey for the quarter ending Sept. 30 reports 25 percent of all lender respondents (both service companies and banks/finance companies) indicating that new boat loan volume represented more than 50 percent of all activity in the quarter. Last year’s third quarter response was 8 percent and zero percent in 2011.

More than 80 percent reported that the average loan amount was the same or higher than in 2012. Ninety-four percent said dollar volume was the same or up year-over-year, compared to 84 percent in the same quarter last year and 66 percent in 2011.

The outlook for next quarter is fairly upbeat, with 88 percent of lenders indicating they expect dollar volume to be up over the fourth quarter last year.

Throughout 2012 and into the first quarter of 2013, a steadily increasing number of lenders reported credit tightening. In contrast, 81 percent of lenders polled felt applicant credit quality had improved or remained the same compared to the prior quarter. Nineteen percent of respondents felt credit quality had slipped.

Two opinion questions were added to the survey this month:

1. Will a new Fed chairman stimulate consumer lending? Only 19 percent of respondents felt a change at the top could produce a more favorable environment for boat loans.

2. Will Obamacare negatively impact discretionary purchases? Despite the relative optimism, 75 percent thought it could cause consumers to delay or cancel plans for a boat purchase.

Related Articles

Benetti launches third ‘Giga Season’ yacht

Benetti launches third ‘Giga Season’ yacht

Benetti has launched Project FB275, the third in a trio of megayachts the yard has launched in its self-proclaimed “Giga Season.” The 354-foot (108m) FB275 has a steel hull and aluminum …

Maine yards combine

Maine-based Lyman-Morse Boatbuilding has purchased Wayfarer Marine, also in Maine. The yards will combine infrastructure and expertise in midcoast Maine. The Wayfarer property in Camden will be known …

Motoryachts Renaissance, BW and Blue Moon named best in Newport competitions

Motoryachts Renaissance, BW and Blue Moon named best in Newport competitions

Chef Ian Gabbe of the 116-foot M/Y Renaissance won top honors in the Best Charter Yacht Chef competition during the Newport Charter Yacht Show. Gabbe cooked his way to the top with his preparation of …

Australian marine industry calls for regulatory support

The Australian marine industry has extraordinary potential — it just needs to be unlocked. That was the consensus at the Australian Superyacht, Marine Export & Commercial Marine Industry …

OceanLED hires new sales manager

Deerfield Beach-based Ocean LED USA, a manufacturer of LED marine lights, has hired Fred Mayer as the North America account manager for the superyacht division.   Mayer most recently served as …

The Triton and AERE Docking Solutions network on February 6 in Ft. Lauderdale

The Triton hosts networking with AERE Docking Solutions on February 6 in Ft. Lauderdale. All yacht crew and industry professionals are welcome to join to enhance connections in the industry. …