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Boat Finance in five easy steps

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