It is understandable to have many questions when it comes to boat loans for new or used boats. You may have questions about what happens after you are approved for your boat loan. CGI Finance has compiled a general list of frequently asked questions about the boat loan process and what happens during the life of your boat loan. If your questions are still not answered, contact a Finance Specialist.
Our European Yacht leasing customers frequently ask questions related to the following:
|
Q.1 |
Do you offer loans for new and used boats? |
| |
Ans. |
Yes, we offer loans for new and used boats. |
| |
|
|
|
|
|
| |
|
|
|
Q.2 |
Is there someone I can speak with if I have questions? |
| |
Ans. |
Yes, we have a friendly and knowledgeable staff that will assist you in any way possible with your boat loan process. When your loan is approved you will continue to have access to our experienced Finance Specialists who will ensure that you receive the best possible experience at CGI Finance.
Contact a Finance Specialist by email or phone |
| |
|
|
|
|
|
| |
|
|
|
Q.3 |
How can I learn about your marine financing terms? |
| |
Ans. |
Our terms depend on several factors. Call one of our Finance Specialists and they will be glad to assist you with the information you need.
Contact a Finance Specialist by email or phone |
| |
|
|
|
|
|
| |
|
|
|
Q.4 |
Do your rates and terms differ between new and used boat loans? |
| |
Ans. |
No, CGI-Finance offers the equivalent rates for both new and used boats. |
| |
|
|
|
|
|
| |
|
|
|
Q.5 |
My application was approved. How long is my approval good for? |
| |
Ans. |
The typical credit approval is good for 60 days and your rate is locked in for 30 days.
To learn more or to ask questions, contact a Finance Specialist by email or phone |
| |
|
|
|
|
|
| |
|
|
|
Q.6 |
Can I be pre-approved for a boat loan? |
| |
Ans. |
Absolutely, we ask that when you submit the application you include the type of boat you are interested in, how much you expect to pay for it, and the amount you will put down on the boat so that we have a general idea. Then, simply fax a copy of the purchase agreement and we will get an approval to you with the updated information. |
| |
|
|
|
|
|
| |
|
|
|
Q.7 |
I am ready to apply for a boat loan, what do I do? |
| |
Ans. |
It is an easy process, you can call a Finance Specialist to submit an application over the phone or you can download and complete a paper application. Fax your application to 443.955.7501 (Credit Department)
Contact a Finance Specialist by email or phone |
| |
|
|
|
|
|
| |
|
|
|
Q.8 |
What information do I need to apply for a boat loan? |
| |
Ans. |
You will need the boat information, including seller's name and address. The year, the make, and model of the boat will be needed. Also you should know how much you would like to finance, your down payment amount, and your financial, employment, and identification information. |
| |
|
|
|
|
|
| |
|
|
|
Q.9 |
I have submitted my application, how long will it take to process? |
| |
Ans. |
Once we have your boat loan application we can process it in 48 hours if we have all of your financial information. Our business hours are Monday through Friday, 8:00 a.m. to 5:00 p.m. E.S.T. |
| |
|
|
|
|
|
| |
|
|
|
Q.10 |
Is my personal information safe with you? |
| |
Ans. |
Absolutely, your personal information will remain completely confidential and secure while in communication over the phone, fax, or by mail. |
| |
|
|
|
|
|
| |
|
|
|
Q.11 |
Will you work with my marine dealer or boat broker? |
| |
Ans. |
Certainly, we work with many dealers and brokers nation-wide. |
| |
|
|
|
|
|
| |
|
|
|
Q.12 |
What will I receive from the bank after closing on a loan? |
| |
Ans. |
You will receive a monthly invoice before your first payment is due. |
| |
|
|
|
|
|
| |
|
|
|
Q.13 |
Are there any incentives for closing a loan with CGI Finance? |
| |
Ans. |
CGI Finance offer, a rewards program when you refer a friend or family member for marine financing. Upon the closing of the loan, you and your recommended family member or friend will receive a $100.00 VISA © gift card. Learn more... |
| |
|
|
|
|
|
| |
|
|
|
Q.14 |
What are your credit criteria? |
| |
Ans. |
Income, debt, and loan to value (i.e., the percentage of the boat's value that you are borrowing) criteria are used to determine if a boat loan can be approved. Bankruptcies, delinquencies, and unpaid tax liens in your credit history can affect our credit decision. |
| |
|
|
|
|
|
| |
|
|
|
Q.15 |
What is the minimum amount you will finance? |
| |
Ans. |
We require a minimum of $50,000.00 |
| |
|
|
|
|
|
| |
|
|
|
Q.16 |
Does my boat need to have U.S. Coast Guard Documentation? |
| |
Ans. |
U.S. Coast Guard Documentation is the process of registering a vessel by the Federal Government through the U.S Coast Guard, rather than being titled and registered by the state. Pleasure vessels of 5 net tons and over (usually 26 feet or more) are eligible to apply for a Certificate of Documentation. Commercial vessels 5 net tons and over must be manufactured in the US and U.S.C.G. documented, by law. To learn more about how to document your vessel, visit Classic Yacht Documentation or the United States Coast Guard. |
| |
|
|
|
|
|
| |
|
|
|
Q.17 |
How can I refinance an existing boat loan with CGI Finance? |
| |
Ans. |
It is simple, just call 866.939.2443 to speak to one of our representatives and they will assist you. |
| |
|
|
|
|
|
| |
|
|
|
Q.18 |
Do I need to provide income verification? |
| |
Ans. |
We have special programs that do not require income verification. Please call us at 866.939.2443 for details. |
| |
|
|
|
|
|
| |
|
|
|
Q.19 |
Can foreign nationals obtain boat financing from CGI Finance? |
| |
Ans. |
We have a special program that is designed to assist our European customers. Contact us to learn about the program details. |
| |
|
|
|
|
|
| |
|
|
|
Q.20 |
Can corporations, LLC's or trusts have a loan financed with CGI Finance? |
| |
Ans. |
Absolutely, we can put loans in a LLC or Trust; however we cannot directly finance loans into a corporation. |
| |
|
|
|
|
|
| |
|
|
|
Q.21 |
How do I find out details about my account? |
| |
Ans. |
The customer service center at CGI Finance would be more than happy to assist you with this information. |
| |
|
|
|
|
|
| |
|
|
|
Q.22 |
My boat loan is paid off, who do I contact at CGI Finance to get the title? |
| |
Ans. |
Please call us at 866.939.2443 and we can further assist you |
| |
|
|
|
|
|
| |
|
|
|
Q.23 |
Can boat loan payments be made over the phone? |
| |
Ans. |
Yes, a customer can make a payment over the phone with a check. |
| |
|
|
|
|
|
| |
|
|
