Tag Archives: Harris Marine Financing

Harris Marine Financing Expands Service Territory and Adds Employees

Harris Marine Financing, a Stevensville, Maryland-based company specializing in providing boat dealers throughout the Mid-Atlantic with recreational marine finance placement, is pleased to announce a territorial expansion that will make Harris’ services available to dealers and consumers from Maine to Florida.

“With the boating business starting to see signs of post-recession sales growth, now is the time for dealers to get their consumer financing business in order,” says Robin Harris, CEO of Harris Marine Financing. “That’s why Harris Marine Financing is expanding its operations. In today’s marketplace, the ability to offer prospective boat owners a seamless boat financing process is a huge advantage. We see an opportunity to contribute to industry growth by helping more dealers thrive.”

As part of that expansion, Harris has hired 2 new employees to carry out the company’s mission in its new territory. They have completed in-house training designed to prepare them to uphold Harris’ reputation for providing prompt, accurate and compliant finance services to dealers and their clients, and they are now ready to serve the company’s expanded client base.

“We know how important it is that we provide excellent customer service to our dealers’ customers,” adds Harris. “In the marine finance sector, that means close attention to every detail and strict adherence to financial regulations that protect today’s consumers.”

About Harris Marine Financing, Inc.
Individually owned and operated, Harris Marine Financing has served the greater Mid-Atlantic region for more than 10 years, working with marine retailers as their F&I outsource partner to offer their customers boat loans, quick funding, licensing and lien perfection as well as vessel documentation. Harris Marine also provides direct financing for brokerage and consignment sales and has a subsidiary, Harris Marine Insurance, LLC, to provide marine insurance when requested. The company is a Partner Member of the Marine Retailers Association of the Americas, and a member of the National Marine Bankers Association, the American Vessel Documentation Association, the Virginia Marine Trades Association and the Marine Trades Association of Maryland, of which Robin is a Director. The company is open extended hours each day as well as Saturday and offers boat show support, making staff available during dealer boat show hours.

Boat Loan Credit Basics

By Robin L. Harris

Marine loans are readily available to credit qualified individuals who take advantage of the present low fixed rates for both used and new boat loans. There are basics you need to know.

Credit Score: 700+ is the benchmark and rates are a little higher for lower scores and lower for higher credit scores.

Loan Terms vary according to the amount financed. At $10,000 / term of 120 months, $25,000 / 180 months and $75,000+ / 240 months. You may want a lower term to pay down your loan faster, but you and your finance provider can go over all the options and get you to a term and payment that fits your budget.

Debt ratio: This is the total of your present monthly payments compared to your monthly gross income. If your payments for your mortgage, car loan or lease and any credit card debts total, for example, $2,000 and your total monthly income is $6,000. Then your debt ratio is 33%. When you add a payment for a boat loan of (example) $300. per month then your debt ratio would be 38.3%. The maximum lenders will consider is 40%, so speak to your finance people first, to discover just how much boat you can buy.

Down Payment: You can expect to pay a down payment of 10% or higher, depending on the price of the boat. It’s a good idea to get pre-qualified before you go boat shopping – it shows you’re a serious buyer and will help with your price negotiations, whether you are buying from a dealer, through a broker or directly from a private party.

About the Author: Robin Harris is the owner of Harris Marine Financing in Stevensville and a marine loan expert. She can be reached at 410-643-7097.