The Sterling Star

The Sterling Star - Winter Newsletter

February 2025

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IN HOUSE SERVICES

Welcome 2025!

As we reflect on our journey together, I want to express my deepest gratitude for the trust and partnership you’ve extended to us over the years. Your commitment has been a cornerstone of our growth and success, and we are truly honored to have you as a valued client or business partner.

We understand that the landscape is constantly evolving, and we're committed to offering you exceptional service, the best recreational loan rates, innovative solutions, and steadfast support to help you secure the boat or RV of your dreams. Thank you for your continued confidence in us. We look forward to fulfilling your financial needs in the near future. If there's anything more we can do to support you or if you have any questions, please don’t hesitate to reach out.

With sincere appreciation,

Industry News & 2025 Projections

Last month, the Federal Reserve kept its benchmark rate steady following a series of cuts in 2024. Projections indicate that interest rates may gradually decline in 2025, though the 20-year fixed rate is not expected to drop below 6% until 2026. We are hopeful that this will help drive a rebound in consumer interest, leading to increased demand in the boat and RV market.

The latest quarterly review from the National Marine Lenders Association (NMLA) reveals that 52% of survey participants—lenders and loan originators—report an increase in loan volume compared to the past two quarters. Modest growth is anticipated for 2025, particularly if interest rates decrease as expected. However, broader economic uncertainties, such as inflation and overall confidence in the economy, could temper this growth, resulting in a more gradual recovery than the explosive surge seen in 2020. Additionally, 55% of survey participants noted strong attendance at the fall and winter boat shows, indicating a rise in consumer confidence.

While inventory levels remain high, especially with the release of the current model year, dealers and manufacturers are optimistic that improved market conditions will soon begin to benefit the industry again. As interest rates decrease, those with higher-rate loans can look forward to refinancing opportunities. While challenges remain, the combination of declining rates, growing consumer confidence, and industry optimism points to a promising outlook for the boat and RV market in the year ahead.

Refinance your Boat

Refinance your RV

NOAA Withdraws Speed Ban Proposal!

NOAA has rescinded a proposed rule that would have limited boats between 35 and 65 feet to a speed of 11 mph along much of the Eastern Seaboard for up to seven months annually, aimed at protecting Atlantic right whales from vessel strikes. However, after challenges in distinguishing between data and assumptions, and uncertainty over whether whale strikes were caused by large ocean vessels or recreational boaters, the proposal was withdrawn.

It quickly became clear that the speed ban could have inflicted serious consequences or implications for small businesses and boaters along the North Atlantic seaboard.

Click the article link to learn more about this momentous decision for both the commercial and recreational boating communities.

Dave Trostle, Co-Owner/Senior Vice President of Sterling Acceptance & Licensed Yacht Insurance Agent

Dave's Winter Upkeep Tips:

The off-season months can be hard on your boat; Prepare with caution

As a fellow boater, Dave understands that the off-season months can be hard on our boats. However, some of the lasting effects can be avoided with just a little extra caution and care. Read Dave's tips on how to better protect your investment in the winter for your spring and summer adventures!

Keep Reading..

Insurance:

Dave has been a licensed yacht insurance agent since 1996 and is currently an agent for Global Marine Insurance.

A lifelong boater, Dave has cruised the eastern seaboard from New England to Florida and sailed throughout the Bahamas and Caribbean. He has owned boats of all sizes, most recently a Post 50 Sportfish. Dave’s unique perspective as a boater gives him a deeper understanding of his clients' yacht insurance needs. He is skilled at navigating today’s insurance challenges and can secure quality coverage! Give Dave a call and let him help make the insurance process the easiest part of your yacht purchase!

Finance Advice from the Experts:

Sterling Acceptance works hard to provide our customers with the best buying experience possible. Check out the articles below for valuable information to assist you in the finance process. We hope our knowledge is beneficial to you, and encourage you to contact us with any questions!

Click the Headlines to read the full article

Liquidity and Net Worth

Facts, tips, & explanations on what

Marine Lenders expect

Credit Reports & Recreational Lending

Why we need them; How we use them; What you should know

Reasons to Finance

Financing your boat purchase may earn you a major

tax deduction

Collateral Valuations

Insight to the way recreational lenders will value

your collateral

What are we up to?

Boat Shows, Boat Shows and more Boat Shows!

In 2024, we had the pleasure of attending nine boat shows up and down the East Coast. Our season kicked off at the Boston Convention Center for the New England Boat Show. In March, we made our way south to Palm Beach, Florida for the Palm Beach International Boat Show. As the weather warmed, we also participated in both Annapolis Spring shows, marking a successful start to the season.

The Fall Boat Show season was a huge success, with impressive turnouts at all five events. We kicked off the circuit in September at the Newport International Boat Show in Newport, RI, before heading to Baltimore, MD for Trawlerfest. The following weekend, we made the short trip to Annapolis, MD, where we participated in both the United States Powerboat Show and the United States Sailboat Show. We wrapped up our boat show season in style at the Fort Lauderdale International Boat Show.

With market rates on the decline, we saw strong customer engagement across the country, highlighting continued enthusiasm for boating. We are excited for the upcoming 2025 shows season and look forward to seeing you at the Palm Beach International Boat Show in March!

Ready for a New Challenge? We're looking for you!

We're Expanding - Apply Now!

We are seeking a highly motivated, self- driven Florida Sales Manager. This position offers the flexibility to work from home, with a highly competitive commission pay plan. The ideal candidate should be a results-oriented person, maintain high ethical standards and integrity, as well as outgoing and comfortable making outside sales calls and have a finance background. Connections to the boating industry are a plus.

Contact Dave for additional information.

National Vessel Documentation Center/ US Coast Guard News

Currently, U.S. Coast Guard processing times are around two months, a significant improvement over the last couple of years. The Coast Guard has added more processors, which has further streamlined processing...

In September, the American Vessel Documentation Association met in Boston to discuss industry news, NVDC updates along with an array of other topics, including e-notaries... Keep Reading

We Moved.

After more than 20 years in the same location, we’re excited to announce that we've relocated to the Annapolis maritime neighborhood of Eastport, right in the heart of the action! Our new office overlooks Yacht Haven, giving us a front-row seat to the bustling move-in and move-out of the Annapolis Fall Boat Shows. We’ve truly enjoyed being part of this vibrant neighborhood all summer long and look forward to what’s ahead. Be sure to stop by and check out the new digs. We would love to see you!