Marine Dealers

Instant Application

Welcome to North Shore Bank's family of boat dealers. We are pleased to have you as a dealer of ours and are very excited about providing you with the finest financing plans available today. At North Shore Bank, we stress three important factors in the way we do business:

Service - We staff our office with adequate loan officers and support staff to meet even the busiest seasonal needs of our dealer base. We emphasize our one-hour turnaround time on most credit applications.
Expertise - Because the recreational industry represents a large part of our business, our personnel are well versed in the latest models of boats. Whether it is a sixteen-foot fishing boat or a fifty-four-foot yacht, our personnel know your business and can provide you with the terms you need to arrange your sale.
Competitive Interest Rates - We may not always be the lowest, but our rates are always competitive. Most of the time, we are the lowest, and we try hard to be the leader. Our rates are established to provide us with an appropriate profit allowing us to remain a long-term lender to the recreational industry.

We are anticipating a very successful relationship, and our promise is to work hard to provide you with the best financing programs available.

Form & Document Uploads

Use the "Additional Information" button to email North Shore Bank underwriters attachments containing the requested information.

Use the "Upload Funding Documents" button to email our funding department your completed and signed loan packets.

Additional Information Upload Funding Documents

General Forms & Links

Calculators

Dealer Programs

Standard Balloon Note

This loan provides you with the opportunity to maximize your sale dollars and to provide your customer with a low interest rate and low monthly payment.

This loan should be the first and most important loan in the finance manager's financing package. It includes:

One of the lowest interest rates available in the marketplace today.
The customer can actually tie in his financing term to the length of time he expects to keep the product. This provides you with an excellent opportunity to solicit a new sale from the customer.
Credit life and disability insurance is most easily sold on this loan. The premium is low and can be sold as a part of the financing package.
This loan is available in three and five-year maturities and can be amortized up to 15 years on certain units.
There will be a minimum monthly payment of $100.00.

Zero Down Loans

Loans with little or no down payment are available to very well-qualified customers. Guidelines for these loans are:

Loan amount up to $50,000
Terms up to 180 months
Borrower must have a 760 credit score according to North Shore Bank's Trans Union report
New and used units back to 3 years old
Borrower must be a homeowner or have significant verified assets
Loan amount up to 90% NADA retail value
Self-employed customers must provide 2 years complete tax returns

0% Interest Loan Program

North Shore Bank's 0% Interest Loan Program can be used effectively when interest rates are at the bottom of the interest cycle. The program requires the dealer to sell the boat at an assumed full list price because the dealer, in effect, is paying a discount to the bank to provide 0% financing to the customer. Of course, the dealer can pass along any discounts that it wants to the customer as well, but needs to be careful before quoting a sale price. There is no finance reserve paid on this program.

This program is computed by using the Bank's buy-rate on retail contracts and discounting the amount financed. The dealer will need to have a program to compute this calculation. The bank uses software called T-Value. This software is available at a special price to our dealers. Contact your sales representative to make arrangements for the purchase.

0% financing has from time to time been very attractive to the automotive marketplace and marine dealers should apply those financing strategies to the recreational industry.

As always, a competitive interest rate for calculating the discount.
The dealer can offer up to 60-month terms
Normal down payment terms apply, but the program is most effective when used with a 20% down payment plus tax and fees requirement
Credit insurance can be written but is subject to the same discount as the other parts of the transaction.
The program can be used on any of our small boat products.

Rate Buydown Program

North Shore Bank is pleased to offer a very competitive rate buydown program to be used as you see fit to help increase sales.

You may buy down the rate in 25 basis point increments. For every 25 basis point buydown, the dealer will pay a fee of one percent of the amount financed to North Shore Bank. This may be done up to a maximum of a 200 basis point rate buydown for a fee of eight percent of the amount financed.

Please include a check for the rate buydown fee in the funding package. This program is not available for fax funding and the buydown check must come from the dealer - not the customer.

For example, dealer sells a unit with an amount financed of $25,000 and a buy rate of 7.00%. The following table displays the rate buydown options:

Rate	Fee paid by Dealer to North Shore Bank on a $25,000 unit
7.00%	$0.00
6.75%	$250.00
6.50%	$500.00
6.25%	$750.00
6.00%	$1,000.00
5.75%	$1,250.00
5.50%	$1,500.00
5.25%	$1,750.00
5.00%	$2,000.00

Large Boat Program

Since North Shore Bank's Large Boat Program has special criteria, the following details are helpful for dealers participating in this loan:

Transaction of over $100,000 and up to $150,000
Twenty-five percent (25%) cash down payment or trade equity required. Trade equity is calculated using the most recent version of the J.D. Power Marine Appraisal - average retail value plus applicable adds.
Maximum advance is 100% of manufacturer invoice or 90% of J.D. Power, including credit insurance
Warranties may not exceed $4,000 of 15% of the sales price up to $10,000 without prior approval from underwriting
A term of up to 240 months
Loans with Empirica scores of less than 750 will have a .25% higher rate, scores less than 725 will have a .50% higher rate and scores less than 700 will have a 1.0% higher rate
Two years' complete tax returns are required
An itemized copy of the purchase agreement must be submitted with the application
We offer a fully amortized loan and a balloon note
All boats required to have Coast Guard documentation based on weight or length, must be properly documented with the Coast Guard. All boats located in other states require documentation when they qualify under Coast Guard guidelines.
Used boats require a current survey. Boats up to fifteen years old are eligible under the program but may be subject to more limited terms.
Houseboats, high-performance, and charter boats are not eligible under the program

Indirect Marine Financing Dealer Reserve Program

In the interest of providing our participating marine and RV dealers with the finest dealer reserve program, we have developed the following guidelines to be used in administering the program. The intent is to provide our dealers with a generous participation in contracts written while protecting them against charge-back shock in the off-season.

Reserve is based on the rate charged on the contract and paid on the finance amount according to the following schedule:

Customer Rate	Reserve %	Fully Earned Reserve After x Regular Installment Payments
Buy Rate	0%	6
Buy Rate + .25%	1%	6
Buy Rate + .50%	2%	6
Buy Rate + .75%	3%	6
Buy Rate + 1.00%	4%	6
Buy Rate + 1.25%	5%	10
Buy Rate + 1.50%	6%	10
Buy Rate + 2.00%	7%	12

NOTE: 5%, 6%, and 7% reserve is not available on all terms. Please refer to a current rate sheet for details.

Dealer will be subject to a chargeback of the reserve paid if the loan is paid in full prior to the collection of 6 regular payments if dealer reserve is from 1% - 4%, or 10 regular monthly payments if dealer reserve is from 5% - 6% or 12 regular payments if the reserve is 7%.

NOTE: There must be 6, 10, or 12 regular payments made, if the 6th, 10th, or 12th payment is the balance of the loan, the dealer will be subject to a chargeback.

If the loan principal is reduced by greater than 35% before (a) 6 regular payments are made if 1% - 4% reserve is paid or (b) 10 regular payments are made if 5% - 6% or reserve is paid, or (c) 12 regular payments are made if 7%reserve is paid the dealer is subject to a chargeback

Dealer Volume Discount Program

North Shore Bank recognizes the value of dealer relationships and loyalty to a lender. For that reason, we offer our dealers who reward the bank with large volumes of business a volume discount program.

The program is based on the volume of contracts the dealer sells to the bank. There are three ways of attaining a volume discount. In any case, the dealer will receive a .25% reduction on the buy-rate they receive from the bank.

The three methods are as follows:

In any one month, the dealer sells the bank ten (10) contracts. In that case, the dealer will receive a 0.25% drop in the buy rate for the following month.
During a twelve-month period running from October 1 through September 30, the dealer sells the bank one hundred twenty (120) contracts. In that case, the dealer will receive a 0.25% drop in the buy-rate for the entire following calendar year
During a twelve-month period running from October 1 through September 30, the dealer sells the bank $1,200,000 in contracts. In that case, the dealer will receive a 0.25% drop in the buy rate for the entire following calendar year.