How are loan funds disbursed?
Depending on who you are purchasing the boat from will determine how funds are disbursed. The most common scenarios are the following: 1. Boat Broker: Using a boat broker is very helpful in the marketing of a vessel and can assist as a third party for funds disbursement. In most cases we will fund the proceeds from the loan directly into the brokers escrow account. From there the broker will wire transfer these funds to the seller. These funds along with your down payment will equal the agreed purchase amount of the vessel. 2. New Boat Dealer: A transaction in a new boat dealership is handled much like the boat broker transaction. The main difference is that the funds wired from the loan are not wired to a seller, as the dealership owns the boat. 3. Private Party: Although the private party transaction is a normal occurrence here at Newcoast, many individuals are confused because there is no buyer or seller representation by an authorized agent. In the same way as the dealer or broker
