Boat & Marine Finance

How boat finance works

Marine finance is normally hire purchase secured against the vessel, over terms that can be considerably longer than other leisure assets because well-maintained boats last decades and depreciate slowly. A steel narrowboat that has been blacked on schedule can be worth much of what it cost twenty years on, and lenders price accordingly.

What the lender needs is evidence the vessel is what it is claimed to be and that title is clean. A recent survey, clear proof of ownership and, where relevant, registration all make an application straightforward. Their absence is usually what causes a decline, rather than anything about the buyer.

Narrowboats and inland craft

Narrowboats are the most commonly funded inland vessels. Hull thickness from a recent survey, the age of the fit-out and whether there is a residential or leisure mooring all feed into the decision. Continuous cruising is not a barrier, though a secure mooring generally helps.

Yachts, cruisers and RIBs

Sea-going craft bring VAT status and registration into play, particularly on imports and older boats where proof of VAT paid can be difficult to produce. It is worth establishing that before you agree a price, because it affects both value and fundability.

Charter and commercial use

If the boat will earn — charter, day trips, holiday hire — it is assessed as a business asset on projected income and trading position rather than personal affordability. That is often the better route, and can bring the wider commercial lending panel into play.

What to send us

Send us the vessel details, the asking price, whether you have a recent survey, and where it will be kept. Tell us if it is for private use or charter, because that decides which panel we approach. No credit check to ask.