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Staged payments: everything you need to know

Axopar Spyder 22

At Promarine Finance, we’re proud to help boat lovers secure the boat of their dreams. Every person and every story is different, so we try to be as flexible as possible and tailor our marine finance solutions to suit you.

Staged payments, for example, are payments required by a boat builder when constructing a new boat. The payments will be set out in a contract stating the amounts and their due date. The payment dates are usually related to the stage of build, e.g., securing the purchase with a deposit; hull completion; first fix of electrics; engine installation; boat completion, and delivery.

How Promarine Finance can help

At Promarine Finance, we can help new buyers get a boat by making payments directly to the boat builders, ensuring they meet the due date.

For Noel Hutchinson, managing director and RYA instructor at Get Lost Sailing & Powerboat Training LTD, staged payments were the ideal solution in helping him secure the Axopar Spyder 22, due for completion in December 2021.

Recommended by Henry Hillier, change project manager at Marine Matters UK, Hutchinson contacted Promarine Finance to organise a staged payment marine finance loan.

He said: “From a financial perspective, Promarine Finance made it possible for us to secure the Axopar Spyder 22 while it is still being built, and provided us with the flexibility to pay an initial sum of money, and the final payment on delivery. We’re very grateful for that.”

What to consider

While staged payments offer several financial benefits and some flexibility, there are still a number of things to consider.

Stuart Austin, founder and managing director at Promarine Finance said: “Staged payment loans are possibly the only way customers can order a new boat if they do not have cash funds available.

He continues: “To be approved for a staged payment loan, you will still need to have a deposit, a signed build contract, and meet the necessary criteria. You must also be aware that there will be VAT on a new boat if it’s not a liveaboard vessel, which staged payments won’t cover. All of our quotes are bespoke, and our team of boating experts will help find a solution that best suits you.”

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