The National Marine Bankers Association (NMBA) has issued a press release reporting encouraging news for consumers seeking loans to purchase a new boat. It’s also good news for members of the marine industry.
The release states that “lenders and others who help them track collateral values are beginning to see a firming of prices in retail boat sales, possibly indicating a turn in the market.
“We believe this is another recovery point in the cycle of availability of credit from lenders and interest in borrowing to buy a boat by consumers,” explains Karen Trostle, President of the National Marine Bankers Association. “If we can move these forces in tandem and away from the malaise of banks’ very strict credit guidelines and buyers low desire to finance or refinance a boat purchase, it could signal a return to stronger activity by all involved in the transaction. For consumers especially, this could be the ‘sweet spot’ of best interest rates and boat prices for seasons to come.”