The National Marine Lenders Association (NMLA) has released its 44th consecutive Annual Statistical Report. This report is considered the only comprehensive report of recreational marine financing data in the U.S., providing lenders with trends and data important to their businesses.
The publication benefits businesses and associates involved in marine lending and the recreational boating industry by supplying data, management tools and summaries that can be compared to peer performance. Data examples cover:
- Boat loan borrower characteristics: Understanding borrower age, income and other relevant demographics
- Changing state of boat loan down payment requirements: Trends and shifts for down payment expectations, loan terms, and duration
- Delinquency, charge-off and yield performance: Critical metrics that reflect the health and performance of boat loans
- Loan acquisition channels used by boat lenders: Methods lenders use to acquire boat loans
- Operational data for boat loan fees, lien perfection, floor plan, repossession and remarketing: Details for boat loan processes
Highlights from the report include:
- The average size of a boat loan increased by 13.1% at banks and credit unions in 2023.
- The highest percentage of boat loan customer business in 2023 was derived from the 45- to 54-year age segment for banks and credit unions.
- Most U.S. service companies originate RV financing in addition to marine loans.
- Fewer service companies reported fully funding their loan contracts with electronic or digital signatures in 2023.
