The usual suspects are marine loans (also known as yacht mortgages), secure loans (borrowing against the equity in the home), and unsecured loans.
The various marine finance companies offer a vast array of options when it comes to the rates, terms & condition. Expect in most cases to make a down payment of 10 - 20% with fixed loans terms of 10 - 20 years.
If seeking finance for a vessel that isn’t new or one of the latest models, it might be a requirement of the loan that a survey report is a carried out by a qualified surveyor. It's important to remember this question at the time of getting the loan.
A lot of the lenders offer a free tool known as a 'Boat loan calculator' to calculate the cost of a loan. Its just a matter of advising the preferred loan amount, the repayment period, and interest rate. Once that data is entered the service is able to offer an indication of the loan details. This helps to determine if a loan fits the circumstances and budget.
BoatUS, eBoatLoans, BoatMoney & Boats are just a few of the companies that offer marine finance rates and services, such as calculators.
Taking the time to track down the ideal marine finance package, with the assistance of a boat loan calculator can often help with the huge costs involved in purchasing a boat. |
