Newcoast Financial Services
Boat Loan Refinance Procedures
Newcoast Financial Services offers a variety of banks to suit your needs for the refinance process. Rates are at historic lows, and the refinance process is quick and simple.
For amounts under $100,000 the one page application is all that is necessary, with basic information on the boat – make, model, year and engines.
For amounts over $100,000 a financial statement and 2 years tax returns are necessary along with the application form.
It is difficult to predict when a bank will require a survey- a general rule is that if the vessel is over 5 years old, they may request a survey – however is not always applicable. This can be an insurance type of a survey to asses the statement of condition, and would not require a haulout. Often surveyors do not charge as much for these types of surveys. Again, it is a case by case call by the individual bank.
Additionally, we will need the following information. This can be sent at the time of application, or upon approval:
Copy of current loan coupon or statement
Copy of insurance policy
Copy of registration or Coast Guard documentation (if CG document is not readily available, client can provide the document number, if they do not have it they can call the Coast Guard and upon proper identification will be given the number).
Copy of driver’s license
When we have the above information, we will draw a title abstract, and that takes 24-48 hours. We will then draw up new loan papers, overnight them for new signatures (they will need to be notarized) and we then provide an envelope to overnight back to us. We will fund the old lender, and forward a package with new lender information within a few days.
Fee for the entire process is $250 payable at the time the documents are returned.
Please Fax To: Newcoast Financial Services fax 727/450-1151
Attn: Diane Dull
Or send to: 18167 US 19 North - Suite 499
Clearwater, Florida 33764
Toll free 866/639-2627
For more information please contact:
Cindy Lewis – Marine Finance Specialist
Newcoast Financial Services
410/903-2178 cell 410/903-6611
cindy@
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