Marine Finance
There are numerous ways to finance a boat, ranging from traditional to more innovative options.
Traditional methods for purchasing new and second-hand boats usually involve loans or mortgage arrangements with banks and finance companies, contingent on a successful loan application.
We provide introductions to our network of trusted marine financiers and manage the relationship to help you secure the right financing arrangement.
Explore the important information below, and contact our friendly, experienced team to discuss your requirements.
Raising Marine Finance
How much can you afford to borrow? Be clear about monthly repayment amounts.
Be aware of high interest rates.
How long do you want to be paying for the boat? Industry standard for length of loan terms is between 2 and 10 years.
Avoid paying upfront fees and charges, which may not necessarily result in your application being successful.
Is there a financial penalty for repaying the loan early?
When dealing with high value loans, some of the banks and large marine financiers take a mortgage over the boat.
This is known as secured lending and the lender will often insist on the boat being registered on Part 1 of the UK Ship Register if the lender is in the UK, or on the relevant ship register in the jurisdiction of the lender.
By registering the vessel, not only does the lender use the vessel as security against the debt, they will also be able to register their interest against the vessel.
We strongly recommend taking legal advice before taking out a loan or mortgage on a vessel. Please contact us if you have any questions about marine finance, our experienced team would be happy to help.
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Our Approach
Our aim is to promote business activity within the yachting industry, while ensuring our clients are legally and commercially protected.
