Boat Finance

Clarke & Carter work very closely with a number of finance houses ensuring that we get the best deal tailored to your specific needs. The current economic climate has encouraged many people to think hard about the purchases they make. One consideration is whether to buy outright or to look into other alternatives.

For those thinking about buying a boat using finance the number of providers of marine mortgages or hire purchase agreements, to buy either a new or second-hand sail or powerboat, in the market place has reduced. There are now only three main financial players in the market place: SGB Finance, Lombard Marine Finance and Promarine Finance.

There are a numerous finance options available from these finance providers including marine mortgages, hire purchase and unsecured loans. Marine mortgages are often more flexible than personal loans or hire purchase, allowing overpayments and other tailored repayment options including, fixed rates, fixed monthly payments, interest only or balloon payments.

One of the key benefits of using a financing arrangement rather than purchasing with cash is that there is no need to outlay a large amount of cash upfront. The fixed rate or fixed monthly payment options help the buyer to budget and keep control of how much is spent. The cash that would have been used to purchase the boat can be used elsewhere.

Repayment options vary depending upon the product selected but can be anything from 3 to 15 years and can vary with owners able to make overpayments to suit cash flow. Most providers require a minimum of 20% deposit, but again this can be more or in some cases less.

The process of financing a boat can be likened to buying a property which means personalisation and flexibility are paramount. If you require further information on how to fund the purchase of your new or second-hand boat then please do not hesitate to contact us and we will point you in the right direction.