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How to Finance a Boat - 3 Easy Steps

Monday, 16 April 2018
How to Finance a Boat - 3 Easy Steps

 

Applying for Marine Finance can be a bit of a headache.


But don't let that put you off.
  
We have made an easy-to-follow 3 step guide, to explain all the ins and outs of marine finance to get you one step closer to that dream boat.

 

 

Just like purchasing a car, you decide what you want to pay per month, what deposit you can pay and how long you want to take the finance for. 

 

Three easy steps 

 

Financing your boat can be broken down into three easy steps:

1. Determining your loan amount

2. Agreement of the initial deposit

3. Deciding the term length

On both new and used boats, the agreement term available will be dependent on the age and price of the boat - the finance term on a new boat can be as long as 15 years, although some exceptions may apply.  
Don’t worry if you already have a boat.  We will gladly take your existing boat in part-exchange as a deposit on your dream boat. We also offer a full brokerage service, and can also buy boats for cash.

what you need

What you need

 

The standard documentation required for a marine finance loan are the following:


1. A marine mortgage document (which is the loan agreement secured on the vessel)

2. A direct debit mandate which your bank will need in order to transfer the agreed monthly payments.

If you are purchasing a new boat, all we require is the original invoice or bill of sale from the boat builder.


If you are buying a used boat, arrangements need to be made for the original Bill of Sale to be completed by the current owner of the vessel, along with the possibility of a survey, depending on the age, value and type of vessel.


Once your credit application has been approved by one of our financial partners, you will be able to cruise away in that new dream boat.

 

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