Marine banker survey shows big increase in lending
By Jonathan Sweet
November 5, 2013
Filed under News
This year may end up being the best in years for lending for new boat purchases, the National Marine Bankers Association reported in its latest quarterly survey.
A quarter of all lenders said that new boat loan volume represented more than 50 percent of activity in the third quarter – up from 8 percent for the same period in 2012 and 0 percent in 2011.
NMBA members are lending more money, too. Eighty-eight percent reported the average loan amount was higher in 2013 than 2012, and 94 percent said total dollar volume was higher year-over-year. Eighty-eight percent also said they expect dollar volume to up in the fourth quarter over 2012 as well.
The NMBA also added two opinion questions to this quarter’s survey:
- Will a new Fed chairman stimulate consumer lending? Only 19 percent of respondents felt a change at the top could produce a more favorable environment for boat loans.
- Will Obamacare negatively impact discretionary purchases? Seventy-five percent of those polled feel it could cause consumers to delay or cancel plans for a boat purchase.