Financing your boat with Promarine
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 or call us at any stage.
Initially, 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.
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 and 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 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 needs 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 so ensuring you are obtaining a 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.
Can I get a yacht on finance?
Popular ways to finance a yacht purchase is via marine finance company or a bank loan, whether you’re buying a new or pre-owned yacht. Interest rates for yacht loans can vary from floating-rate to fixed-rate loans with payment options and amortizations up to 20 years. Get a personalised quote via our yacht finance calculator.
How long can you finance a 10 year old boat?
It is quite common to have a yacht loan term stretched out over 120 months (10 years) or more. An average loan term is going to range from eight to 12 years, and a long loan term is going to be 15 to 20 years. Use our quote calculator to get an instant personalised quote for your needs.
Can you finance a yacht?
Yes. There are several banks and marine lenders that will finance the purchase of a yacht or super yacht, either via a leasing transaction or via a marine mortgage.
How many years can you finance a boat?
One of the most common yacht loan term is 10 years, but an average term is going to range from eight to 12 years. Get an instant personalised quote for your needs via our boat finance calculator.
What is the best way to finance a boat?
To finance a boat, you can go with one of these three options: through your yacht dealer, a bank loan or to take out a loan with a marine financing specialist. You can get an instant quote on our website using the yacht finance calculator. You can also find advice on pre-approved finance to learn more.
What is the oldest boat you can finance?
Depending on lenders, you will find offers for used and refinance loans on boats as old as 19 years. If the yacht is of high value, you may even find lenders willing to finance a watercraft as old as 25 or 30 years. Get an instant personalised quote for your needs using our quote calculator.
Can you get a yacht on finance?
There are several banks and marine lenders that will put your yacht on finance, with a range from 8 to 12 years. To get a personalised estimate use our online quote calculator.
Is it hard to get financed for a yacht?
There are several factors that determine whether it will be hard to get a yacht loan. In the current boating and financial markets, securing a loan has never been easier. If you have a solid credit history and a yacht under £500,000, it can be relative easy to secure a lender including many same-day decision. Get an instant personalised quote using our yacht quote calculator.
Can you buy a narrowboat on finance?
To buy a narrowboat on finance, you have three main options: through your dealer, a bank loan or to take out a loan with a marine financing specialist. Using our quote calculator you get an instant personalised quote for your needs and have it approved in 30 minutes.
Is it easier to finance a new or used boat?
Nowadays it is not any easier or harder to finance a used or new boat. Just bear in mind that a used boat loan may come with a slightly higher interest rate than a new boat loan.
Is it better to finance through dealer or bank?
In general, you can usually get lower interest rates on a new boat through a dealer than on a used one. A dealer may negotiate a higher interest rate with you than a specialist marine lender offers and take the difference as compensation for handling the financing. Find your initial estimate using our finance quote calculator.
How long will banks finance a boat?
There are several factors a lender may take into consideration when determining just how long a loan term. Nowadays many banks and marine finance companies will finance a boat for up to 20 years. Find more on our website and get a quote using our boat loan calculator.