The National Marine Lenders Association (NMLA), whose lender members extend or originate credit to consumers, retailers/dealers and manufacturers of recreational boats and equipment, reported that its 1Q-2021 Snapshot Quarterly Survey indicates that 88% of responding members stated that their marine loan volume had increased over the same quarter in 2020.
The NMLA introduced its first brief Quarterly Survey to lender members in 2011 to gauge changes in the lending environment, and identify trends that could be used for business planning. Below are a few highlights from the 1Q-2021 Snapshot Survey:
- 88% of respondents said their marine loan volume had increased compared to the same period in 2020: this was the highest perception to this question ever
- 85% saw an increase in the amount of their average marine loan, the highest quarterly perception since this survey began
- The majority of respondents reported that new boats represented more than 50% of their volume 1Q-2021.
- 54% of respondents feel the lack of new boat inventory might result in a decrease in their volume for the next quarter, while 46% are projecting that there will be “no impact”.
A complete copy of the 1Q-2021 Snapshot Survey can be accessed HERE.