Best Yacht Finance
If you’re not content with just spotting what’s gliding through the water and would prefer to be at the helm of your own yacht, then it’s time to talk yacht finance. You don’t want financing the boat of your dreams to be a nightmare, so knowing what types of loans are available and where to source the best finance deals is essential preparation.
We give you information on what loans are available for the purchase of yachts and where you can source this finance.
Personal Yacht Loans
If you are purchasing a yacht for personal use, a Secured Boat Loan is the most commonly used type of finance. This type of loan features a fixed interest rate, fixed monthly repayments and fixed loan term. It usually allows for additional payments to me and if you choose to pay out the loan early, only minimal break out fees should apply. If you’re interested in discussing a Personal Secured Boat Loan, contact us for a contact.
Business Yacht Finance
Purchasers of superyachts in particular will very often choose to purchase the vessel under a company structure. As such, the purchase should qualify for a business finance product.
The options include:
- Marine Commercial Hire Purchase
- Boat Leasing
- Marine Chattel Mortgage
The variations in each involve the treatment of GST and tax deductible, balance sheet entry and other aspects. You should consult with your accountant as to which best suits your business structure and yacht purchase.
Sourcing Yacht Finance
With superyacht purchases you have the opportunity to customise your boat. When it comes to your finance, you should also be in a position to tailor your boat loan to suite your purposes. Unfortunately when you approach the bank or a finance company that is not always possible. Banks have strict lending guidelines and are often not in a position to bend these rules.
The better option is to use the services of a finance broker to handle your yacht finance. When selecting a broker, ensure they have extensive experience in marine finance and specialise in boat loans.
Also ensure that the broker is independent of any association with a bank or financial institution but is accredited with a large number of lenders. This ensures your finance deal is being sourced after consideration of a large number of available options. It’s your assurance you are receiving the best quote.
We know people that specialise in marine finance and can pass on their details to you. Please contact us for more information.