If you are looking for finance to assist you with your next boat purchase, there are a number of options available to you.
Probably the most cost effect solution is to extend and existing house mortgage. Interests rates at present are great and could fall again in the coming months. Borrowing against your equity in your home can give you a longer repayment period, thereby reducing the monthly payments. On the downside, interest paid over the term of the loan is likely to be significant if you leave it "on the house" for the normal term of a housing loan. Talk to us - we can help!
There are currently two or three major players in the boat finance game. Both will lend up to 100 percent (conditions apply) of the value of the vessel over a maximum of 5 years. Interest rates range from 10-11 % depending on the amount borrowed and the duration of the loan.
Companies offer a "balloon" facility at the end of the loan under certain circumstances. This allows you to repay only part of the principal during the term of the loan with an arrangement to refinance the balance or repay the outstanding portion at the end of the loan period. Both companies have their own lending criteria and may chose to avoid lending on specific types or ages of vessels.