The National Marine Lenders Association (NMLA) released its 41st consecutive Annual Statistical Report. This report is the considered the only comprehensive report of recreational marine financing data in the U.S., providing lenders with trends and data important to their businesses.
Some noteworthy highlights from this year’s report include:
- The dominant age group of boat loan consumers continues to be 45 to 54 years old.
- The $100,000 to $150,000 household income tier had another strong response concentration in 2020, at 47 percent.
- An overwhelming majority of respondents underwrite boat loans at credit scores of 700 and above.
- Ten percent was the most common down payment offered for both new and pre-owned boats.
- Marine loans, as a percentage of all consumer installment loan annual volume and outstandings, increased significantly in 2019 and 2020.
- Marine loan delinquency and charge-offs typically outperform all other consumer installment loans. Respondents reported declines in both areas during 2020.
- Marine lenders have not yet adopted new funding technology, with 70 percent of respondents reporting no e-signature contracts in 2020.