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8th Feb 2021 by Rightboat

Boat Finance in Five Easy Steps

Promarine Finance and Rightboat.com aim to make the process of arranging marine finance for your new boat in the UK as simple as possible.   

 

Click the link to complete an online application or call the team at any stage.

 

Here’s how to finance your boat with our partners at Promarine Finance in five easy steps.

1. Found your dream vessel and considering finance?

Initially, Promarine will want to know:

  1. What are you wanting to do with your boat, is it for recreation, to live on, or a business venture

  2. Where you live and how long you have lived there

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

 

It is in both parties interests to make sure you are able to afford the monthly loan repayments.

 

Before finalising an offer, a ‘soft credit check’ will be required 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 to gauge your financial health.

 

You will need to provide copies of three months’ bank statements – an internet banking copy is fine. If you are a business, copies of your business accounts will also be required. 

 

2. Underwriting guidelines and requirements

  • A deposit of 20% or more

  • Satisfactory credit search

  • 3 months of bank statements

 

Decision time – usually Promarine Finance will offer a decision on the same day they receive the above information. 

 

3. Processes and documentation

The marine finance industry operates standard documentation which both the finance operator and your yacht broker will be able to advise you about depending on the vessel you are purchasing.

 

The 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 your lender, i.e. Promarine Finance.

 

If it is a new boat, an 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, you will need to produce original bills of sale for a period of up to five years. A survey depending on the age, value and type of vessel may also be required.

 


4. Buying from a private vendor? Promarine Finance will help both of you to complete the paperwork

 

Once all documentation is in place, a transfer of the loan amount to your broker (or private seller) will be sent, they 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. You will be issued copies of all the documents and will hold onto the originals until the loan is repaid.

 

The vessel will be required to have comprehensive insurance. This may require you to have a survey in order to meet the insurance company conditions.

 


5. Getting a quote is easy, simply find a boat you like based in the UK between £20,000-£100,000 and click on the ‘Get Finance’ link for your quick quote.  

Or click here to start your own quote.  

For more information, or to discuss finance, contact info@marine-finance.org 

 

 


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