HomeBoat FinancingUsed BoatsAbout MikeFAQs
1)  Do you do loans outside of Texas?
I do not. You must be a Texas resident for at least two years to qualify for my loan.
2)  I have a horrible credit score. Can I still get financed?
We currently have a minimum requirement of 550 plus on your credit score. Have you been at your current job for over 2 years? Have you had the same bank account for over 2 years? Are you ok with your payment being drafted from that account automatically the same day each month? If you answered yes to all, then we can get you financed!
3)  What is the oldest boat that I can finance?
I like to stay 1998 and newer. Many manufacturing processes were changed around then and most importantly, the use of wood in transoms and stringers changed to composites.
4)  Is there a minimum purchase price on a boat that qualifies for your loan?
Yes. Your boat must have a selling price of $13,000 or more, and the loan amount must be $9,000 or more.
5)  Do you finance runabouts? Do you finance ski boats?
I do not. I finance fishing boats only. Some pontoons are fishing boats. Center console bay boats are fishing boats. And my specialty is bass boats.
6)  Do you sell my loan after it is done?
I do not. All loans remain in house and I service all loans.
7)  What is my interest rate?
My rates are dependent on your credit score. They currently vary from 10 to 15 percent.
8)  Is there a pre-payment penalty?
No, there are no pre-payment penalties. I am regulated by the OCCC. Pre-payment penalties are not allowed.
9)  Do you report to the credit bureaus?
As a small lender, I can only make negative reports. When I am big enough to report positive, I will attempt to be set up to make positive reports also.
10)  How much is my down payment?
Your down payment is approximately 20% plus TTL. In Texas, that is roughly 27%. I do have a minimum of $3,000.
11)  What is your maximum loan term?
For used boats, I can go up to 60 months or 5 years. For new boats, I can go up to 72 months or 6 years.
12)  Do I need to buy a boat from you to get your financing.
No. I can finance any fishing boat that you find, as long as the boat has Texas titles in the sellers name.
13)  Do you take trade ins?
I do not. I only do loans.
14)  Can I purchase graphs and add them to the loan?
No. Graphs are not always permanently mounted so I can't add them to the loan. If they are already on the boat and part of the sales price, then no problem.
15)  Do you finance new boats?
Yes. New or used are ok.
16)  I have experienced a bankruptcy. Can I still get a loan?
You will need to be past your 5 years since bankruptcy was declared and you must have met all your requirements.
17)  Can I use your financing to buy a boat from out of state?
No. Out of state boats seldom meet all the requirements to get them titled in Texas. When they do, I always receive documents late and I get stuck paying the late fees. So I no longer do loans unless the boat has Texas titles in the name of the seller.

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