Pinnacle Marine offers a variety of beneficial services to help you with the selection and financing of your boat! We have several sources for financing of excursion vessels. We require the following materials to submit to a lender, they are:
- Company Brochure
- 3 years of income tax returns (personal and corporate)
- Financial statement (personal and corporate)
- Business plan including 3 year forecast
Lenders typically require a 25% down payment.
Interest Rates (fixed) : Equal to seven year treasury notes plus 325 basis points (3.25%) or 5 year interest rates swaps plus 375 basis points (3.75%) or LIBOR plus 375 points (3.75%). For current treasury note rates and 5 year interest rate swaps click here. For current LIBOR rates click here.
Interest Rates (floating) : Prime Rate plus 75 basis points (.75%)
For vessels under $1 million the loan term is 5-7 years, over $1 million the loan term is 10-12 years.
The London Interbank Offered Rate Index (LIBOR) is an average of the interest rates that major international banks charge each other to borrow U.S. dollars in the London money market. Like the U.S. treasury the CD indexes, LIBOR tends to move and adjust quite rapidly to changes in interest rates.