Workboat finance
Funding for commercial workboats used on marine construction, piling support, aquaculture servicing, dredging support and day-to-day harbour maintenance around the UK coast.
Whole-of-market — 60+ lenders searched, including
Can you finance a workboat?
Yes. A workboat is funded as a commercial marine asset on hire purchase or lease, and the underwrite is built on the contracts it will service rather than on any leisure valuation. Used workboats are very fundable — aluminium and steel hulls have long working lives and the second-hand market is active. The catch is coding and specification. A workboat must hold the right MCA workboat code for the waters and duties it performs, and a buyer who acquires a hull that is not coded for the intended job finds the boat cannot legally start earning.
Used kit: Yes — used workboats fund well, and hulls of twenty years or more are routinely placed where the code is current and survey records are complete.
Get a quoteor call 0333 772 4864
What would a workboat cost per month?
Asset finance is quoted on a flat rate, so that is what the buttons show, with the equivalent APR beside it. Your exact rate depends on the asset, the term, the deposit and the lender.
Prime is an established, profitable business with clean credit. Specialist covers newer businesses and credit that needs explaining — the asset itself carries part of the risk, which is why finance is often available where an unsecured loan is not.
Representative example: on Hire Purchase, borrowing £25,000 over 48 months at a 5.15% flat rate (equivalent to 9.9% APR representative), you would repay around £628 a month; total amount repayable approximately £30,150, of which £5,150 is the cost of finance. This calculator is for illustration only — it is not a quote or an offer of finance, and the rate and repayments you are offered will depend on the asset, term, deposit and your circumstances. CW Asset Finance is a credit broker, not a lender, and may receive a commission from the lender that funds your agreement. All finance is subject to status, affordability and lender approval.
Rates shown are indicative flat rates with the equivalent APR alongside — the two are not the same number. Indicative only and does not constitute a quote or an offer of finance. Subject to status and lender approval.
How lenders treat it
Commercial marine is a small lending market and workboats sit at the sensible end of it, because a coded steel or aluminium hull with a working history is a real asset with identifiable buyers. Funders want the code certificate, the class or survey position, the deck equipment inventory and the contracts or framework agreements the boat will work under. They price in the fact that resale is national rather than local and may involve a delivery voyage. Title is established through Part 1 registration and bills of sale rather than any vehicle-style document, and any prior marine mortgage has to be traced and discharged. Berthing, slipway access and shore compounds are separate contracts outside the asset.
Makes and models we fund
Examples of the machines we are asked to fund. This is not an exhaustive list — if what you are buying is not here, it does not mean we cannot fund it. Your supplier quote is what the agreement is written against.
| Machine | What it is |
|---|---|
| Damen Multi Cat 1908 | Multipurpose shallow draught workboat |
| Damen Shoalbuster 2308 | Push and tow workboat |
| Alnmaritec Sentinel 12m | Aluminium crew transfer workboat |
| Alnmaritec Trident aluminium catamaran | Aluminium landing craft workboat |
| Blyth Workcats 11m catamaran | Aluminium survey and work catamaran |
| Cheetah Marine 10.2m workboat | Aluminium catamaran workboat |
| Seawork bow ramp landing craft | Steel landing craft with bow ramp |
| Volvo Penta D11-670 twin install | Twin main engine package |
| Caterpillar C18 main engines | Heavy duty marine main engines |
| Hydromaster retractable thruster | Workboat manoeuvring drive |
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Who buys one
Marine civils contractors, harbour authorities, piling and pontoon installers, aquaculture servicing firms and dredging support operators. The typical trigger is a contract award that requires a vessel on site within weeks — a sea defence scheme, a marina refurbishment or a multi-year fish farm service agreement. Buyers often already run one or two hulls and are adding capacity rather than starting out, and they need the vessel mobilised before the contract start date.
Get a quoteor call 0333 772 4864
How it is treated for tax
Bought on hire purchase, business plant and machinery normally qualifies for capital allowances on the full cost even though you pay for it monthly, which is a large part of why hire purchase is the common structure. On a finance lease you generally set the rentals against profit instead. The rules change between budgets and your position depends on how you trade, so treat this as the direction of travel and get your accountant to confirm the detail before you commit.
Workboat finance questions
Does the workboat code affect what I can finance?
Yes, directly. The code sets the category of water and the duties the vessel may perform, which determines what contracts it can service and therefore what income it can generate. A funder assessing a commercial hull reads the code certificate as carefully as the accounts.
Can deck equipment be funded with the boat?
Usually yes where it is installed and forms part of the vessel, such as a fixed crane, winch or A-frame. Loose plant carried on deck is generally funded separately. Give us the full inventory so the agreement describes the asset as it will actually be delivered.
I have a contract award but no vessel yet. Can that support the application?
It helps considerably. A signed contract or framework agreement gives the funder visibility of the income the boat will earn and is often the difference on a marginal case. Bring the contract, the mobilisation dates and your existing fleet record together. A named client and a defined scope carry far more weight than a tender you hope to win.
Can I finance a workboat bought from abroad?
Often yes, though it adds steps. The funder will want the registration position, the survey and class status, the delivery arrangements and confirmation of where the vessel will be based. Currency and timing should be planned early because delivery voyages slip. Confirm who holds the vessel documents and whether class certificates transfer with the sale.
Is a conversion from a fishing vessel fundable?
Sometimes. Converted hulls can work well, but the funder will want the conversion surveyed, the code reissued for the new duties and the old licence position clarified. An undocumented conversion is much harder to place than a purpose-built workboat. Ask the seller for the conversion drawings and the yard invoices before you commit.
Get a quoteor call 0333 772 4864
Also in boat and marine finance
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- River cruiser finance
- Sailing yacht finance
- Motor yacht finance
- RIB finance
- Day boat finance
- Charter boat finance
- Fishing vessel finance
- Survey vessel finance
- Dive boat finance
- Dredger finance
- Outboard engine finance
- Inboard engine finance
- Boat trailer finance
- Boat lift finance
- Marina pontoon finance
- Pontoon finance
- Marine crane finance
- Net hauler finance
- Fish pump finance
- Fish grader finance
- Shellfish grader finance
- Fish hold refrigeration finance
- Fish processing line finance
- Marine ice machine finance
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- Recirculating aquaculture system finance
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See everything we fund in boat and marine finance →
Not an offer of finance. All finance is subject to status, affordability and lender approval.
Get your quote
Tell us what you’re looking to fund and Conor will come back to you personally — usually the same day.
Prefer to talk? Call 0333 772 4864 · serving Leeds, York, Harrogate, Wakefield, Selby, Tadcaster & across North & West Yorkshire.