There is no doubt that a time out on the sea brings a great adventure. However, while renting a boat is a great idea, there is nothing better than having your boat. While this sounds great, you might soon get discouraged after getting the quote of your favourite boat. And this is whether it is a new or used option. This is thanks to the considerable cost associated with a boat purchase.
Now, while this sounds disturbing, do not let it bother you anymore. Now, you can overcome your financial struggles with boat finance.
What Is a Boat Finance?
Boat finance is an option that allows you to get easy and quick access to the cost of a boat. With it, you avoid paying the lump associated with the boat purchase. In turn, you get a lender that provides the purchase sum. All you agree to do is make a repayment of the cost price and interest over an agreed period.
You can maximise boat finance for a wide range of finance. You can use it to finance the purchase of a fishing boat, wakeboarding boat and even a yacht. It provides a cheap and fast alternative to personal savings.
Usually, they come at a low cost. You also enjoy low repayment obligations. Even more, you do not need to make any deposit to get access to this option. All you need to do is find a willing lender, access the loan, make your purchase, then start repayment.
Boat Finance Options
You can maximise a wide range of boat finance options to purchase your boat. They are:
Secured boat finance allows you to purchase a new or used boat at lower interest rates. It then comes with the added advantage that you can obtain a higher sum.
Typically, with this finance option, you get access to the finance sum. In turn, you commit to repayment within a fixed term, usually between one to seven years. However, you use the boat as security for the loan. Then, as soon as you complete the payments, the security becomes extinguished.
This option also allows you to access the funds for the purchase of a boat. However, it is more suitable for older or used boats. With this option, you get greater flexibility. However, you tend to pay a higher sum as interest. This is because you do not provide any security for the loan. Regardless, you get fixed-term repayment option between one to seven years. Then, once you complete the payment, you extinguish the financial arrangement.
Frequently Asked Questions
Yes, you can obtain a used boat from private sellers. However, this will depend on the lender, and you will also need to meet some certain documentation requirements.
Yes, self-employed people can obtain boat finance. In fact, retirees can also obtain boat finance. All you need is to find a willing lender and satisfy the requirements.