How to finance your boat purchase

Boat loans

Owning a boat is often thought of as reserved for the rich, but it does not have to be. Sure, luxury mega yachts are for the super-rich, but if you have a more modest desire to ride the ocean, then boat finance makes this a real possibility. A rubber duck, small yacht or medium size power boat are now within your reach, and with so many amazing boating experiences awaiting you and your boat, on both sea and river, boat finance could change your life forever.

How to finance a boat purchase

• Find a broker or lender
Do your research. There are plenty of qualified lenders around, but you want someone who is experienced. Write up a list of everything you want to know, including the different payment options, interest rates, insurance etc.? Email this list to a few companies and gauge their responses. Choose the two or three best and make an appointment to go see these brokers in person.

• Negotiate your rates
Do not accept the first rate a company offers you, you have every right to push back and negotiate for a lower rate. These rates are never set in stone, negotiate until you get a rate you are happy with.

• Boat finance calculator
Using our finance loan calculator, you can work out your various payment options. Try it with various interest rates and payment terms.

• Make sure you can afford it
A boat can make a huge difference to your social life. But you want to make sure you can afford it and that it doesn’t become a burden on you. Make sure you can comfortably afford any payments and that you have made allowances for insurance and any repairs and maintenance that will be required along the way.

Note: This calculator is just a guide to give you an idea as to what your monthly repayments will be. Please check these figures with your broker.

Commercial boat loan

If your business relies on a boat for its revenue, then you could qualify for a commercial loan. Whether you are a solo operator or a company, speak to lenders about their rates for a business loan for your boat.

New and used boat loan

While buying a new boat is obviously ideal, there are plenty of second hand boats that are in excellent condition, many of them barely used. You can save a lot of money by buying a used boat, just get it fully inspected before making that purchase or applying for your loan.

What are balloon payments?

You can set yourself a balloon payment or residual payment option, which means you make one big final payment on your boat loan. This allows you to reduce your monthly payment to suit your budget. When the last instalment arrives, you can either pay it out and take ownership of the boat, or you can refinance it if need be.

Secured or unsecured?

Most lenders will use your boat or another asset to secure your loan, resulting in a lower interest rate for you. Unsecured loans are also an option for your water craft, but this depends on your credit rating and will involve higher interest rates. Talk to your broker about this option.

Contact your local finance specialists and take that first step to getting on the water and changing your life.

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