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Old 15 August 2004, 18:19   #1
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Country: UK - England
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Boat finance

Does anyone know about boat finance or can recommend a good company?

We want to upgrade and have possibly found a boat but we need to finance a lump of it.

Advice please?

Andy
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Old 16 August 2004, 02:14   #2
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Send a message via MSN to GaryD
there are a lot of good finance and loan companies on the following site.

www.find.co.uk
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Old 16 August 2004, 02:39   #3
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Send a message via Yahoo to Daniel TD5
forget a broker

go no the net to find a cheap loan

cahoot is the cheapes

dan
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Old 16 August 2004, 11:05   #4
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If you are borrowing loads and want it secured on a marine mortgage then Lombard or Bank of Scotland I think are the marine financiers. But as Mr Td5 points out there are loads of companies which will lend you money on an unsecured loan upto 20k over 5-8-10 yrs. Either that or if you are comfortable with it, extend your mortgage to cover - usually the cheapest rate to be had but is secured on your home!
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Old 16 August 2004, 13:02   #5
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[QUOTE= Either that or if you are comfortable with it, extend your mortgage to cover - usually the cheapest rate to be had but is secured on your home! [/QUOTE]


Yes but don't forget even though the loan may be unsecured they can still declare you bankrupt and make you sell the house so it doesn't make much difference - a remortgage is definitely the cheapest kind of loan you will get!
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Old 20 August 2004, 17:37   #6
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Ugh?

Quote:
Originally Posted by codprawn
Yes but don't forget even though the loan may be unsecured they can still declare you bankrupt and make you sell the house so it doesn't make much difference - a remortgage is definitely the cheapest kind of loan you will get!
Is that correct? Surely an unsecured loan means it is unsecured against your assets?

Or am I missing something??

Bruce
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Old 23 August 2004, 07:57   #7
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if you run into financial difficulty and don't contact your vendor and agree some form of compromise payment, then the finance company can take you to court. The county court judgement will come up with a payment schedule which you must keep to if you fail to do this then a lien can be taken against your house.

In Andies case however considering he runs a leisure company (paintball and 4 x 4 site ) then I would have thought the pragmatic thing to do would be to make the boat an assett of the company and seek assett finance secured against the boat.

thae advantages are quite good the vessels are noramlly depreceated over 4 years and with that level of depreciation it doesn't matter if you are running a few extra points on the interest rate
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Old 23 August 2004, 08:08   #8
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I have found this site very useful - It has frequently updated comparisons - Used Northern Rock with no problems :

http://www.fool.co.uk/loans/loans.htm

Northern Rock have a no early repayment penalty which allowed us to buy a new RIB before we had sold the old boat and adjust the loan repayment period and ammount after we had sold the old boat
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Old 23 August 2004, 09:03   #9
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depends on the amount you wish to borrow

marine finance varies a lot

Bank of Scotland, Nat west , and others all provide money whih normally is a personal loan not secured on the craft -------you then have a marine mortage which is cheaper than the first mentioned but the loan operates in the same way as you mortgage at home secured on the vessel

The best and cheapest way is to utilise the equity in your house.

Stuck for finance try bank of scotland first they are the easiest to deal with

need any further information PM me and i will send you all the details you need.


David
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