Financing your boat

Easy Boat Financing with Promarine

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

Step-by-Step Application Process

Step 1: Initial Inquiry

You can complete an online application or call us at any stage.

Step 2: Documentation Submission

We will ask you to share your bank information using open banking, which is quick and allows us to make faster, more informed decisions.

Initially, we’ll conduct a soft credit check with your permission to review certain information on your credit report. Soft searches aren’t visible to other companies and have no impact on your credit score or future credit applications—only you and we can see them. This helps us gauge your financial health, as it is in both our interests to make sure you can comfortably afford the monthly loan repayments.

Once we have this information, one of our team members will reach out to discuss your circumstances and how we may be able to assist you.

Information We Need from You

• What are you wanting to do with your boat, is it for recreation, or to live on

• What you do for a living and roughly how much you earn.

Step 3: Offer, Completion and Funding

Following a short telephone call with one of our team, we will issue our offer terms. Our offers are subject to confirmation of boat ownership and a satisfactory survey

The broker or vendor will provide a completion statement, a new bill of sale transferring the boat to you. You will need to arrange boat insurance noting Promarine financial interest and we will send them the balance of the purchase price.

And the boat is yours to enjoy

Loan Requirements and Underwriting Guidelines

• 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.

Boat Financing Process 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

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.

Financing Boats from Private Sellers: How We Assist You

Private sale vessels can be a little more complex due to both parties being less familiar with the process. This is where we can assist and complete Bills of Sale between the vendor and yourself.

Financing a boat: Frequently Asked Questions