Wozencraft Making Finance-Side Push In Miami
Though Wozencraft Insurance Agency has offered financing services for a few years, most members of the national go-fast boating community know the Southern California-headquartered company for its insurance brokerage business. Devin Wozencraft, the founder of the outfit that bears his name, is on a mission to change that, starting at the Miami International Boat Show next week.
Known primarily for insurance, Wozencraft is pushing deeper into financing. Photos by Pete Boden copyright Shoot 2 Thrill Pix.
To that end, not only will he have an exhibit at Herald Plaza, he signed on as supporting sponsor of the Florida Powerboat Club/Speed On The Water Miami Boat Show Bash set for Friday night, February 16, at the Sagamore Hotel in South Beach.
“It’s been a challenge trying to get the word out,” Wozencraft explained. “Everyone know us for insurance, but when I tell them we also have financing services they say, “Wow, I didn’t know that. I had no idea.’”
While interest rates for powerboat financing are still relatively high for even the most qualified applicants, Wozencraft said he is “cautiously optimistic” that they will continue to gradually decline. In the ideal scenario, the would-be borrower has a credit score of 800, has provable qualifying income and is looking for a 70/30 loan, he noted.
The company works with 18 financial institutions and even offers private equity financing options.
Proving annual revenue can be difficult for would-be boat buyers who are self-employed, said Wozencraft, and performance-boat buyers often fall into that category. For buyers with excellent credit scores and substantial down-payments, he also has “no-document” loans available.
Wozencraft said he is “cautiously” optimistic that interest rates will gradually decline.
“No-doc loans can be a great option for applicants with great credit scores and history, but who have trouble proving revenue,” he said.
Wozencraft and his team will be available throughout the show at their exhibit. They’ll also be front and center at the Florida Powerboat Club/Speed On The Water Friday night affair and willing to talk.
“Like the rest of the guests at the party, we’ll be there to celebrate and enjoy ourselves,” he said. “But please, if you see me or Tanah Kinsey or another member of the Wozencraft staff and you want to talk finance—or insurance—by all means don’t hesitate to say hello.”