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How you can still secure your boat purchase when boat demand is outstripping supply

Throughout 2020 and 2021, boat sales have rocketed. With an increase in flexible working hours, outdoor hobby uptake, and UK-based staycations, there are numerous reasons that boat sales took off. In fact, Promarine Finance has seen a significant increase in deals this year compared to previous years, particularly canal boats, motorboats and liveaboard vessels. Because of this, manufacturers and dealers across the globe are struggling to meet this demand and used boats are as a result in short supply too.

So, how will this surge in demand affect boat buyers across the country? Here are four things to consider. 

1. Conduct research

When buying a boat of any kind, there is a lot to consider. What can you afford? Will you pay outright or choose to finance the purchase? Are you going to buy a new boat? Have you considered financing a  used boat? During the pandemic, boat prices have risen and continue to rise. Some well known manufacturers have closed their order books until 2023. Before making a decision of any kind, conduct as much research as you can so you know what boats are on the market and at what price. 

2. Have a clear budget in mind and consider your finances 

While conducting your research, you should get an idea of what you like and, more importantly, what you can afford. Before meeting with a broker or vendor, ensure you have a budget in mind and know what flexibility you have to be certain to get the right boat for you.

3. Make a conditional offer & pay a deposit 

As with any big purchase, a conditional offer and a deposit is necessary to take your desired boat off the market. Typically, a non-refundable, 10% deposit is required. You’ll either need the remaining balance — or need to have a financing option ready to go.

Promarine Finance, for example, can offer you a pre-approved facility if you have not found the right boat yet. Remember, getting the right boat for you, your family and your lifestyle now is important. You can always sell, or trade up or down, as and when your situation changes 

4. Promarine Finance 

Promarine Finance provides fixed and variable rate marine mortgages over periods from two to fifteen years. Our exp team offers a quick, flexible, and tailored finance solution for boat owners. The team is made up of boating enthusiasts with expertise in the marine industry. Customers don’t just receive affordable finance solutions, but also advice, support, and the opportunity to become a part of the boating community.  

Promarine Finance is a leading provider of marine finance. To find out if you’re eligible, get a quote today instantly