Below you can find the answers to our most frequently asked questions. If you can’t find what you’re looking for, simply get in touch.
Why should I choose Promarine Finance?
Promarine Finance is an independent company, lending its own funds to people like you to buy the boat you really want. We are one of the only companies in the UK to be able to provide finance for boats sold by a private seller.
We make a decision within an hour of receiving your application and our team of experts truly understand boating which means that you benefit from our experience. The directors and senior staff at Promarine Finance are all passionate boating enthusiasts. Between us we have numerous sailing qualifications including YM Ocean, commercial endorsements, powerboat qualifications, racing and cruising experience and ownership of a number of boats ranging from racing dinghies to yachts and fishing boats.
I am having a new build, can you cover stage payments?
Yes, we can make stage payments to your chosen builder. We will want to see a build contract and you will need to pay your deposit as the first stage payment. For more information, click here.
What is the difference between a marine mortgage and a personal loan?
A marine mortgage is a personal or business loan that is secured on the vessel. This will mean you can borrow more on a marine mortgage than you can on an unsecured loan and there is usually more flexible underwriting with a marine mortgage. If you fail to make repayments on a marine mortgage your boat can be repossessed and sold to pay off the debt. With a personal loan there is no specific security, but a court can instruct a bailiff to sell your assets to pay off the debt.
Why should I have my boat surveyed?
Having a recognised professional survey by a member of IIMS or YDSA is an essential part of buying a boat. Much like a house survey, your boat surveyor will look for any problems that may not be obvious and make recommendations for ensuring the boat is both safe to use and structurally sound. This may mean you walk away from a boat or negotiate further. Either way you will know the strengths and weaknesses of the boat you want to buy. You will also have a legal claim against the surveyor.
What does it cost to settle early?
A good question and one that we answer specifically – simply use this weblink to calculate future settlement figures .
Can I pay lump sums?
Yes, you can pay any amount at any time – there is no penalty and you will reduce the amount of interest you will pay.
How does refinance work?
Refinance is treated just the same as if you were buying the boat. We will need a survey if not recent and evidence of ownership. We would like to know what you need the money for, for example is it to improve the boat, raise cash for your business or some other reason.
SSR or Part 1 registration?
Part I registration proves ownership of a vessel and is required if a marine mortgage is to be registered. All commercially coded vessels must be registered. If taking your vessel out of UK waters the receiving country will expect you to provide a Part I registration certificate at each port of entry: SSR (Part III) or small ships register is a voluntary register for UK residents to register vessels less than 24m.
The information is only as good as the information provided by previous owners of a vessel
and there is no legal requirement to do any of this. This register does not prove ownership or if there is an outstanding mortgage on the vessel.
I’m looking for boat finance with no deposit required. Can you help?
We will need a minimum deposit, equal to 20% of the boat value.
We encourage our customers to borrow the least they need to buy the boat they really want. So if you have more deposit available we suggest you pay this and borrow less from us so saving you interest and giving you lower repayments.
I would like to buy a boat for £20,000 but it’s located in Southern Spain, can I still get finance for it?
We will consider applications for boats based in Spain, France and Portugal, please apply as normal noting location of the vessel. All boats will need to be UK flagged and registered with the MCA.
Can I buy from a boat broker?
At Promarine Finance, we’re able to finance purchases from almost anywhere. This means you can buy a vessel privately, from a broker or a boat yard – maximising your choices when looking for your perfect boat. You find the boat and we finance it – it’s as simple as that!
Do you need a permanent address to take out a boat loan?
We need to be able to carry out a credit search and see a residential address of three years. Existing boaters show on the electoral roll or use a contact address which will suffice.
How are you assisting customers through COVID?
We have supported every customer that has requested assistance during the pandemic. To those who have needed our help, thank you for approaching us without expectation and with total understanding. Fortunately, due to our wonderful customers, we have been able to continue lending and provide finance for boats throughout the lockdown period. We urge any customer to get in touch with us directly to talk through any concerns you have and together, we will find a solution.
Do you pay the money to me or the broker and when?
Once you have accepted the boat following a survey and sea trial you pay the balance of your deposit to the broker (or vendor if a private sale). Once the broker confirms receipt of your full deposit they will raise a closing statement showing the balance of monies due from Promarine and an undated bill of sale from the vendor to you. You insure the boat and Promarine then pay the balance to the broker and the boat is yours.
Your first payment to us will be collected by DD within 7 days.