PHOTO COURTESY NMLA

The National Marine Lenders Association has released its 2024 Annual Statistical Report, which provides information related to banks, credit unions and private lenders that originate and hold boat loans; and service companies that originate, outsource and broker boat loans to lenders.

In a statement, the NMLA said the “publication benefits all businesses and associates in marine lending and the entire recreational boating industry by supplying data-management tools and summaries that can be compared to peer performance.”

Data from the report includes:

• age, income and relevant demographics of boat buyers in 2023

• trends and shifts for down payment expectations, loan terms and duration

• delinquency, charge-off and yield performance

• loan acquisition channels used by lenders

• operational data for boat-loan fees, lien perfection, floorplan, repossession and remarketing

According to the report,, the average amount of a boat loan in 2023 increased 13.1% at banks and credit unions. The highest percentage of boat-loan business was derived from people ages 45 to 54. Fewer service companies reported fully funding loan contracts with electronic or digital signatures.