Promarine Finance aims to make the process of arranging marine finance for your new boat as simple as possible.   

You can complete an online application here or call our team at any stage. Here’s how to finance your boat with us in five easy steps.

1. Found your dream vessel and considering finance?

Initially, we will want to know:

a) What are you wanting to do with your boat, is it for recreation, to live on, or a business venture
b) Where you live and how long you have lived there
c) What you do for a living and roughly how much you earn

It is in both our interests to make sure you are able to afford the monthly loan repayments.

Before finalising an offer, we will do a ‘soft credit check’ to look at certain information on your credit report.  

Soft searches aren’t visible to other companies – so they have no impact on any future credit applications you might make. Only you can see them on your report, and it doesn’t matter how many there are.  It helps us to get a gauge of your financial health.

And receive a copy of three months’ bank statements – an internet banking copy is fine. If you are a business, we will require your accounts information too.

2. Underwriting guidelines and requirements

• We require a deposit of 20% or more
• Satisfactory credit search
• 3 months of bank statements

Decision time – usually we offer a decision on the same day we receive the above information.

3. Processes and documentation

The marine finance industry operates standard documentation which we and your yacht broker will be able to advise you about depending on the vessel you are purchasing.

Our documents consist of a marine mortgage document (loan agreement secured on the vessel) and a direct debit which your bank requires in order to transfer the agreed monthly payment to us.

If it is a new boat, all we require is the original invoice or a Bill of Sale from the boat builder to yourself.

If you are buying a used boat, your broker will arrange for a Bill of Sale to be completed by the current owner of the vessel agreeing to sell the boat to you. 

This is essential to be able to track a boat’s history and ensure you are obtaining the agreed title to the boat.

If it is a used boat, we will require original bills of sale for a period of up to five years. We may require a survey depending on the age, value and type of vessel.

4. Buying from a private vendor? We will help both of you to complete the paperwork

Once all documentation is in place, we will transfer the loan amount to your broker (or private seller) who will use this money and your deposit to pay the vendor of the vessel. Your marine mortgage is now live.

The broker will at this point complete the bill of sale. All original documents are required by Promarine Finance. We will issue you copies of all the documents we have and we will hold on to the originals until the loan is repaid.

We do require the vessel to be comprehensively insured. This may require you to have a survey in order to meet the insurance company conditions.

5. For more information, or to discuss finance with us, contact info@marine-finance.org

The onset of a new national lockdown will be a challenge for many of us. We may have taken time in 2020 to consider exactly what is important to us and what dreams we want to realise. The dawn of a new year would have also resulted in new resolutions being made and, for some, those resolutions will be to undertake all those things that have been previously put off.

Thankfully the end is in site with the roll out of the COVID vaccine and we can now begin to put our plans into action.

Boat ownership is an aspiration for many, whether that’s buying a RIB that allows you to explore the coast in your free time or purchasing a larger boat for quality time with your friends and family.

Promarine Finance is a specialist marine finance provider, helping like minded customers realise their ambitions of ownership. After a busy 2020 and now with more hopefully short term restriction on us it is no surprise that enquiries in the last two weeks have spiked.

Who wouldn’t want to buy a boat and be ready to shake off lockdown blues? When it is safe to do so, you could be pottering up and down rivers, anchoring in secluded bays or relaxing on the back of your own boat with friends and family.

Winter is a great time to carry out research in preparation to purchase boats for the upcoming boating season. Pomarine Finance provides a good option as the finance is secured against the boat which leaves other assets, such as property, cash reserves and investments available for other uses. All of our finance options can be settled at any time without penalty.

Another compelling reason to choose Promarine Finance is the expertise on offer by the specialist marine finance team who are ready to assist boat buyers. Each member of the team has a background and interest in boating. This expertise in the boating world enables us to understand individual requirements and tailor our finance solutions on a case-by-case basis. Over the past 10 years our experience and knowledge of the boat buying process really aides a customer’s confidence when buying a boat.

If you are planning on buying your first boat or possibly trading up your current one and would like to speak with one of our marine finance specialists, then please get in touch. We’d be delighted to
discuss a range of financing options with you.

You can be on the water quicker and easier than you may think! Apply here.

After a surprisingly busy year financing all kinds of boats, resulting in a 30% growth, we head into 2021 with yet another national lockdown. Before this lockdown, I would have estimated that 2021 would have been largely uncertain. However, with the Chancellor continuing to support workers and businesses, I feel the underlying economy is buoyant and is only facing hibernation until spring.

The UK consumer and boater is once more obeying the rules whilst readying themselves for easing and more freedom come springtime. We are already starting to see boat buyers resurfacing, and we are seeing plenty of enquiries.

Last year, our biggest year-on-year growth in the number of finance deals came from RIBs with an 86% increase from January-December. This was followed by motor yachts with a year-on-year growth of 47% in the number of deals made. Canal boats saw a 31% year-on-year increase and lastly sailing yachts with a 10% year-on-year increase.

We are noticing that the enquiries are for all types of boat types which is extremely positive. We also believe that COVID is prompting more people to consider boat ownership this year and once again consider the great British staycation in order to avoid the uncertainty of foreign travel.
  
Last year, we saw most boat brokers for inland and ocean going vessels stating that used stock was sold out and their new stock allocations were sold out for 2021 – how much of this is true to salesmanship aiming to sell their used stock I don’t know. We do know that some brokers and dealers were concerned that 2021 would be a year with nothing available to sell. 

Some brokers are forecasting that first time buyers last year may be changing their boats this year which will replenish the used boat market and create new activity. In 2020 we saw a number of buyers upgrading their boats after just a few weeks or months and in each instance upgrading their boats. Some of our early enquiries this year confirm this trend has already started. Any why not? Our facilities allow customers to change their boats without finance penalties which further helps our customers to have the boat they really want.
 
2020 saw used boat prices across the board rise by 10% or more. Odd considering that new car sales are at a record low. Mainstream lending is available where BBLS and CBILS are offered but many personal loan companies have withdrawn from the market.
 
Service from mainstream lenders is virtually non-existent due to their cost cutting and streamlined procedures and relying upon algorithms to make decisions. We’ve also received feedback from customers that the mainstream lenders are extremely difficult to get hold of.
 
Promarine remains in a strong position and we are enthusiastic to help like-minded people to buy the boats they really want. We are keen to explore new ways to help new and existing customers with boat purchases and offer our understanding and expertise in all things boating.

Over the weekend, we have been extremely fortunate to have received the following video message from Pip hare as she undertakes the incredible Vendée Globe challenge.

As we announced, the team has been taking part in the Promarine Pip Hare Charity Challenge. For every mile that we run, cycle or go for a walk during her time at sea, we will be donating £1 to Pip’s chosen charity, Visa-gb. To date we have now covered 223 miles amongst us and aim to reach 700 miles over the next few months.