Boat Buyer’s Guide launched by Promarine Finance

So, you want to buy a boat. Ever wondered if there is a complete guide to boat ownership that will assist you from the very early stages of researching boats to buy through to actually purchasing the boat and enjoying life as a boat owner? Look no further. In our boat buyer’s guide, you’ll find everything you need to start your boat buying journey.

In the six chapters detailed in the guide, we take you through the various stages of becoming a boat owner, ensuring you have all of the information you need.

Depending on where you are in your boat buying process, you can select the chapter that you require.

Chapter One: the basic things you need to know before buying a boat

In this chapter, you’ll find the basics of boat buying. From identifying the right boat for your budget; to the different avenues to boat ownership; to surveys, insurance, and storage information, you’ll find it here.

As a team of boat lovers and seasoned members of the boating community, we want to help as many people as possible buy the boat of their dreams with boat finance or a marine mortgage. Here’s what you need to know.

Chapter Two: the documentation you will need when you buy a boat

In this section, you’ll find all of the information you need regarding the documentation you must have when buying a boat and becoming a boat owner.

We give the lowdown on the paperwork you need, as well as going through the various surveys available and certificates you require.

Chapter Three: things to look for when buying a boat and tips on price negotiation

Here you’ll find all of the information and some top tips when setting up a viewing and taking your potential new boat purchase for a test drive. From arranging a viewing and what items to test, to sea trials and price negotiation, we take you through each item step by step.

Chapter Four: what you need to know about the boat buying process

In this section, you’ll find the information you need when purchasing the boat you have selected to buy. This includes the surveys you’ll need to conduct, insurance, mooring, and storage considerations as well as finance options.

Chapter Five: other things to consider when buying your boat

In this section, you’ll find all of the other considerations you may need to think about when buying a boat. These include the process of buying a boat abroad, buying second-hand, the types of equipment you may need to purchase and the ongoing maintenance costs of running a boat.

Chapter Six: tips on how to get the most out of being a boat owner

Congratulations, you’re a boat owner! Whether you’re a first-time boat-owner or you’ve had experience with owning a vessel before – it’s an exciting time!

Now you’ll be looking for ways to enjoy boat ownership, to get the most out of your boat, and getting out on the water in and around the UK. This chapter covers improving your boating skills, the best events to attend in the UK, useful resources to visit for boat owners, and a directory of UK businesses, groups, and governing bodies that may be useful.

You can view the boat buyer’s guide here.

BoatLife: our key takeaways

Back in February, Promarine Finance had the pleasure of attending BoatLife Live. The inaugural show took place from 17- 20 February at the NEC, Birmingham.

As the first in-person boat show since Southampton International Boat Show (SIBS) 2021, it was a convenient, well-timed event, and run by a friendly and professional team.

Here are our three key takeaways from the show.

1. BoatLife kicked off the season with a small and intimate show

Kicking off the season, BoatLife was a small and intimate show. Companies boasting smaller motorboats, ribs, and a few sailboats were in attendance.

Among the exhibitors were some familiar faces, including Clipper, Bates Wharf, Tingdene, Brig, Grand, Viko, Supra, Boat Exchange, Lakeland Leisure, Gibbs, Aqueduct, Excel Ribs, Boatworld, Rebel Leisure, South West Yachtbrokers, Axopar, Bray, Boatshop, H2O, Horizon, Idealboats, TBS Boats, Northern Powerboats, ABC Leisure, Clearwater, and Waterlodge.

2. The event saw an incredible turnout

In total, 140 companies were involved in the event, and the show exhibited some 120 craft all in all.

This was particularly impressive, given the announcement of severe weather warnings in the lead-up to and during the event. In fact, Storm Eunice caused transportation issues all over the UK. 

According to Powerboat & Rib Magazine, by BoatLife day three, several industry-leading boat suppliers had exceeded their 2021 SIBS sales figure.

Several other boat distributors, insurance partners, and British Marine members visited our stand to say hello and try out our boat finance calculator.

3. Although it was in-person, it still catered for those who couldn’t attend

If you were unable to attend due to COVID-19, or were hampered by Storm Eunice, you can find the live-streamed interview with Mark Covell and Stuart Austin on Facebook.

The next BoatLife show will take place from 16-19 February 2023. We look forward to attending!

Promarine Finance is a leading provider of marine finance. If you’re thinking of buying a new or used boat or find out if you’re eligible, get a quote today.

Promarine Finance to give an introduction to boat finance at BoatLife

The Promarine Finance team is excited to be making waves at the first high-profile boating event of the year in February 2022 with a talk on boat finance.

BoatLife, hosted at Birmingham’s NEC, is a new show set to bring together the biggest brands in marine.

As well as exhibiting at the show from 17-19 February 2022, Stuart Austin, founder and MD at Promarine Finance, will be joining interviewer Mark Covell on the sofa at the show to talk all things boat finance.

Join Stuart at the BoatLife Live Stage for ‘An Introduction to Boat Finance’ at 2pm on Friday 17 February.

Stuart will chat to Mark about changes to the marine sector since the 2008 financial crash; provide an overview of the boat finance process, and outline the involvement of the lender.

Stuart, who founded Promarine Finance more than a decade ago, said: “During the pandemic, while people were unable to travel abroad, exploring the UK’s waters became a popular alternative.

“A lot has changed over the past few years, with several lenders exiting the market, liveaboard vessels growing in popularity, and boats appreciating in value for the first time.

“In our experience, boat ownership has been rapidly growing in popularity, and we want to help more people realise their dreams of buying a boat of their own.”

After the talk, there will be a chance to ask any questions you have about the boat finance industry or securing a marine mortgage of your own.

Stuart added: “Marine finance is an affordable way to get out on the water, whether you’re a first-time buyer or a seasoned boater. And more importantly, it helps buyers do so in a cost-effective and easily manageable way. We want to educate boat lovers on the options they have.”

You can find Promarine Finance at stand G60 from 17-19 February at The NEC, Birmingham.

Promarine Finance reports 65 percent increase in liveaboards since start of pandemic

Homebuyers are swapping traditional homes for liveaboards as the housing market hits record highs, the cost of living soars and purchasers look for alternative ways of living without compromising a step on the housing ladder.

Leading marine finance lender, Promarine Finance has seen a 65 percent increase in the number of liveaboards in the two years since the start of the coronavirus pandemic. 

With the average UK property cost was £270,708 in the most recent House Price Index data from November 2021 and for London this was £519,934, it’s no surprise that the costs of canal and narrowboat living are attractive. The average cost of a narrowboat sits at £57,000 with more modern boats up to £150,000 and although there are further fees of residential mooring, your Boat Safety Scheme (BSS) certificate and insurance, if you maintain your boat, it will hold its value.

Inflation is at a 30 year high with the rise in food costs and energy bills with gas and electricity costs set to rise further in the spring with the end of the government’s price cap. Choosing a liveaboard vessel despite having limited space and storage, it promotes a minimalist way of living teamed with a relaxing pace of life while cutting on bills.

Promarine Finance offers fixed rate marine mortgages for all types of leisure vessels including new and used RIBs, motorboats, sailing yachts and canal boats over periods of two to 10 years where the finance is secured against the vessel. It can offer finance from £5,000-£500,000 with flexible repayment terms allowing customers to make extra payments or to settle at any time without penalty.

Stuart Austin, director of Promarine Finance, said: “It’s great to see such consistent growth when reflecting on the last two years since the pandemic started. It’s clear there is a real trend of people choosing to live on vessels over traditional homes whether that’s due to the rising cost of living, a way to get on the housing ladder or simply as an alternative lifestyle. 

“We are the only company financing liveaboards and I think a big part of our growth is our willingness to offer early settlements without penalty which offers true flexibility.”

Stuart continues: “Marine finance is a simple way to obtain something valuable and spread the cost across monthly payments that suit you, so that it becomes affordable. Younger buyers want to get on the property ladder and boat ownership is a practical and affordable alternative to renting. We want to help people get the right boat, without the cost being the most defining factor.”

Find out more.

Promarine Finance reports 45 percent growth in Q3 2021

Leading marine finance lender, Promarine Finance has seen a 45 percent growth in Q3 compared to the same period in 2020.

Promarine Finance offers fixed-rate marine mortgages for all types of leisure vessels including new and used RIBs, motorboats, sailing yachts, and canal boats over periods of two to 10 years where the finance is secured against the vessel. It can offer finance from £5,000-£500,000 with flexible repayment terms allowing customers to make extra payments or to settle at any time without penalty.

One of the strongest growth areas is in the canal boat sector with the number of deals for this period showing a 93 percent year-on-year increase demonstrating the popularity of those choosing a liveaboard vessel as their home, a trend that is showing no signs of slowing down.

Stuart Austin, director of Promarine Finance, said: “I’m delighted to see consistent growth in Q3 and over the last 12 months as a whole. We’re providing finance on all types of deals from Saxdor 320s through to Elan 45s and also seeing more and more younger people making purchases whether those entering the market and only just getting into boating and those looking for a way onto the ‘housing ladder’. This period of growth has coincided with a very successful Southampton International Boat Show where we met with both new and existing customers.

“In 2020 we saw in the demand for boat finance for liveaboard vessels which demonstrated how behaviours were changing during the pandemic. However, this has continued to increase and shows what could be seen as a permanent shift towards liveaboard living. July 2021 saw an incredible increase of 250 percent compared with July 2020 and September saw a 100 percent increase compared with September 2020. Although some people were purchasing boats in 2020 for leisure due to not being able to go on holiday abroad, it’s the

popularity of people wanting liveaboard vessels for residential use which is really accelerating. We’re now seeing buyers purchase liveaboard vessels across the country, and not just in city centres, as an alternative and more cost-effective way of living.

“We are also the only company financing liveaboards and I think a big part of our growth is our willingness to offer early settlements without penalty which offers true flexibility.”

Stuart continues: “Marine finance is a simple way to obtain something valuable and spread the cost across monthly payments that suit you, so that it becomes affordable. Younger buyers want to get on the property ladder and boat ownership is a practical and affordable alternative to renting. We want to help people get the right boat, without the cost being the most defining factor.” For more information on marine finance visit Promarine’s website www.marine-finance.org

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