New Search

Please click on the colored area below where you most often boat.

Toronto Area Sea Ray Dealers Where Land Ends Life Begins
New Search

Please click on the colored area below where you most often boat.

Toronto Area Sea Ray Dealers Lakefield Area Port Carling Area Orillia Area
| More

The Color of Money

Why should I choose a lender who specializes in marine lending?

An experienced marine lender is better able to advise you on the complexities of large boat loans, such as the need for additional paperwork for Coast Guard documentation. Marine lenders may also offer additional financing options beyond the typical monthly payment plan. For example, Brunswick Financial Services (BFS) by KeyBank offers special "lifestyle" boat loans with flexible payment plans, including seasonal (skip up to three consecutive months), annual (one payment per year) and bi-weekly options.

How long will it take to process my loan?

Experienced marine lenders like BFS by KeyBank can process your loan application with remarkable speed. In many cases, a customer can be notified of the results within a matter of hours.

Are there steps I should take before applying for a loan?

Before applying for a boat loan, it is important to check the accuracy of your Credit Bureau Report to make sure you get the rate you deserve. Contact Equifax (800-685-1111), Experian (888-397-3742) or Trans Union (800-888-4213) for a copy of your credit report. It is also helpful to have your personal financial information available, in case your lender needs to verify the information on your loan application. Make sure you have a current pay stub or personal financial statement available for review. Large boat loan applicants may also be asked to provide tax returns.

Will a boat qualify as a residence to earn tax benefits?

In accordance with Internal Revenue Code 163(h)(2), a yacht will be considered a qualified residence if it is one of the two residences chosen by the taxpayer for purposes of deductibility in the tax year, and as long as it provides: basic living accommodations (such as a sleeping berth), a toilet (head) and cooking facilities (galley). However, it is always recommended that you seek the advice of your tax accountant for further clarification.

Are there any special deals for Sea Ray owners?

With the purchase of their next Sea Ray, qualifying Sea Ray Owners Club members may enjoy BFS by KeyBank's special 0.25% rate discount*. Simply visit the authorized Sea Ray dealer in your area, select your new Sea Ray, and present your membership card or proof of membership to your sales consultant or business manager upon application. If your Sea Ray dealer is a participating BFS by KeyBank dealer and you choose to finance your boat through BFS by KeyBank, you will receive an exclusive 0.25% rate discount regardless of the amount financed. You could save hundreds, possibly thousands, of dollars during the life of your loan.

Are their any advantages to buying at a boat show?

Boat show buying offers several advantages. First, it is a great opportunity to see a full range of new boats and other marine products available for that model year. To help introduce these new models, most dealers, manufacturers and lenders offer special pricing and incentives at boat shows that benefit consumers. Many dealers and manufacturers also provide special discounts on "leftover" models from the previous year. Another advantage of boat show buying is a fast turnaround, with most boats available for spring delivery.

(*Subject to credit approval. Terms and conditions may vary. KeyRate discounts may be combined with other eligible incentives. Limit to one rate discount per contract. Sorry, this offer is not available in Alabama, Hawaii or Canada. Please visit your participating dealer for details. Offer only valid with a participating and authorized Sea Ray dealer and is not transferable. Brunswick Financial Services by KeyBank reserves the right to cancel this program without prior written notice.)


Back to Maintenance Tips Selections