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Buying a boat: how to get pre-approved boat finance

Motor boat

When it comes to buying a boat, there are a myriad of things to think about. From selecting a boat that will suit your lifestyle to deciding how you’ll pay, there’s a lot to consider.

Paying for your boat with marine finance is a popular option for buyers. And, getting your loan pre-approved before embarking on your boat buying journey poses a number of benefits.

So what do you need to know if you are looking to purchase a boat with pre-approved finance? In this article, we discuss the benefits of a pre-approved boat mortgage, and how best to get one. 

What is pre-approved boat finance? 

In simple terms, it means that a lender is happy to provide you with a mortgage based on your preferred vessel type, e.g. a motor boat or canal boat, subject to finding a satisfactory boat. If the boat value increases or your deposit reduces as a percentage of the value significantly, however, the lender may change the acceptance terms.

What are the advantages? 

  • You’re in a better position to negotiate with the seller as a serious buyer with a trusted ability to pay 
  • Getting a pre-approved loan could help speed up the overall process
  • A clearer idea of what you can afford to buy, helping you more accurately search for your next purchase 
  • Getting pre-approved finance in place means you can proceed as fast, if not faster, than cash buyers. Boats are selling particularly fast, and this will help you to get the boat you really want.

What you’ll need to get a pre-approved boat loan from Promarine Finance

  • Complete our online proposal form
  • Be prepared to share your bank statements with the lender of your choice

Assuming you meet all the criteria, you can enjoy all the benefits of a pre-approved loan and take the next steps in your boat buying journey.

Large purchases can be daunting. With all of the information under your belt, you’ll have everything you need to help you make your decision. Our buyer’s guide takes you through the entire process — from your initial thoughts and decisions about the type of boat, budget, power and propulsion systems through to your boat viewing, surveys, negotiation and more. Find out more information about financing a boat here.