The National Marine Bankers Association (NMBA) said in its quarterly survey that new lenders have entered the marine market, but the acceleration of loan volume has fallen off. The survey covers the first quarter of 2013.

“Eighty-one per cent of all lender respondents (both service companies and banks/finance companies) indicate dollar volume was the same or up over the same period in 2012, but this is the lowest level of year-over-year volume increase in the past six quarters,” said a statement from the association. “Similarly, 88 per cent of all lender respondents expect next quarter dollar volume to be greater than or equal to the same period last year, but this is also an 18-month low.”

The survey said consumers are “unresponsive to the increased wealth they should be feeling” with housing values on the rise and increased automobile sales.

About a quarter of the respondents said credit criteria has tightened in 2012 and through the first quarter of 2013.

“On a positive note, 31 per cent of participating lenders reported new boat financing accounted for more than 50 per cent of their loan transactions in Q1 2013, the highest level since the NMBA quarterly survey was introduced in the first quarter of 2011,” said the statement. “Though new boat financing increased, fewer lenders indicated average loan amounts were on the rise: 87 per cent reported the same or higher loan average, a number that continues to slide since early 2012.”

Thirty-eight per cent said they expect loan business to be up in the second quarter compared to the same quarter a year ago. Fifty per cent said they expect it to be the same.