Used Boat Financing

Found the boat of your dreams and all you want to do is slip the moorings and head off out to sea, the sun blazing down and a sea as flat as a millpond as your new boat glides through the water? If you have been looking through boat yards and boat magazines and have found the vessel that sparks your imagination, all you probably need now to get afloat is to get some used boat finance and slip off to sea.

If you are just embarking on your search for a used boat, you need to be clear on your ground rules for buying a used boat and getting used boat financing. This is especially the case if you are buying a used boat for the first time.

What is the budget you have to spend on a used boat
Where do you want to use your boat – for example on the open sea, in an estuary, on a river or a lake or canal – this will determine how sturdy your boat needs to be;
What size boat do you want and how will you want to launch it and get in on the water;
If it’s a powerboat how fast do you want it to go;
If it’s a cruiser for overnight trips, how many people do you want it to sleep.

We will be providing help and guidance on all these questions in articles on buying a used boat on Marine-Finance.

Used Boat Financing is typically harder to arrange and put in place than buying a new Boat due to the lack of a manufacturers warranty and uncertainty over what you may be buying.

In addition to answering all these questions, what you need to address when buying a used boat is that most Marine Finance companies looking to Finance a used boat will require a Survey on all watercraft that are over 12 months old. There are a range of Marine Surveyors depending on what type of used boat you are looking to Finance – a good place to start looking for Marine Surveys is probably the Royal Yachting Association at http://www.rya.org.uk/

If the used boat that you are looking to finance costs less than £25,000, one place you want to speak to a financial advisor about is looking is for a personal loan – if your credit rating is good, an unsecured loan from one of the high street finance providers may be a good place to start looking. You should take advice from an Independent Financial Advisor for guidance on the best deal for you, but we have selected some finance providers below who you might want to discuss with your Financial Advisor.

If your
Used Boat Finance – Selected Finance Providers
Company: Sainsbury's Loans
Company Description: Loans from Sainsbury’s Bank - 6.1% APR typical. Decision today, cheque tomorrow. Borrow any amount from £1,000 to £25,000 Get an instant decision. Make no repayments for the first 3 months. Money transferred directly to your bank account. Protect your repayments.

Used Boat Finance
Marine-Finance is not offering Financial Advice but purely offering general information on Marine Financing. If in doubt you should speak to a Financial Advisor who can evaluate your own personal circumstances and can advise you on appropriate products.