Buying a Boat with Promarine
Promarine Finance aim to make the process of arranging marine finance for your new boat as simple as possible.
You can complete an on-line application or call us at any stage.
Initially we will need a 5 minute chat on the telephone so we can both agree what you would like us to do for you. At this time we can discuss payment options and confirm what information we will need from you.
We will want to know:
- What are you wanting to do with your boat, is it for recreation, to live on, or a business venture.
- Where you live and how long you have lived there.
- 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 need to do a personal credit search and receive a copy of 3 months bank statements – an internet copy is fine. If you are a business we will require accounts information too.
Underwriting Guidelines & Requirements
- Deposit 20% or more
- Satisfactory credit search
- 3 months bank statements
Decision time – usually the same day we receive the above information. We can complete a deal in a day if you need to.
Processes & 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 need 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 boats history so ensuring you are obtaining good title to the boat.
If it is a used boat we will require original bills of sale for a period of up to 5 years. We may require a survey depending on the age, value and type of vessel
We can finance boats being purchased from private vendors and we will help you both 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.