In times of Covid, consumers want float for their boat
There is the day you bought your boat and the day you sold it. But don’t forget the day you funded it.
More consumers looking for personal loans are doing so to buy a boat during the pandemic, according to one measure. Credible operates a market in which borrowers apply for loans and lenders respond with a rate offer. He reports that among the roughly 800,000 loan applications this year, there has been a relative increase in the number of people saying they want to borrow money to buy a boat.
Prior to the declaration of national emergency in the United States this year, boat loans were the smallest category of reasons for borrowing with just 0.07% of loan applications. But since March 14, boat loans represent 0.34% of requests. That share exceeds engagement rings, vacations, RVs, and babies or adoptions, according to Credible.
There has also been an increase in demand for boat rentals through other measures. GetMyBoat, a rental market, reported a 3,900% increase in demand from April through July. The company noted that “boating [is] a great activity for family fun while practicing social distancing.
An increase in purchases is not typical during a recession. The lenders hope that it is mainly the insurers and not the insurers who need to worry about the boats being under water.