The National Marine Lenders Association has released its annual report, which details that loan consumers continue to fall into the 45-54 age range, and that marine loans increased significantly over the past two years with the boom in boating popularity.
Highlights from this year’s report include:
- Marine loans, as a percentage of all consumer installment loan annual volume and outstandings, increased significantly in 2019 and 2020
- 47 percent of borrowers in 2020 were in the $100,000 to $150,000 household income tier
- Most respondents underwrite boat loans at credit scores of 700 and above
- The most common down payment offered for both new and used boats was 10 percent
- Although marine loan delinquency and charge-offs typically outperform all other consumer installment loans, respondents reported declines in both areas during 2020
- Marine lenders are slow to adopt new funding technology, with 70 percent of respondents reporting no e-signature contracts in 2020.
Other results include that refinancing has declined in six of the past eight years and 40 percent of participating respondents reported more than half of their loan applications were taken online in 2020.
The Report is complimentary for participants and is available to non-participants for purchase by clicking here.