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gulfbreez · 09-01-2019, 03:44

Hi, wondering what is the best Boat loan finance company in the UK. And what are the chances of getting a loan if Im self employed and have excellent credit?

My plan is to get a loan for about £3,500 and put £1,000 in cash towards the boat, im looking to spend about £4,500 on a boat.

Like I said, im self employed, my out goings are minimal, my credit excellent

Wayne hoath · 09-01-2019, 03:49

You won’t get a boat loan (aka marine mortgage) on that sort of amount. You would need to be spending north of £20k at least I would think. For £3.5k I’d just go to your regular bank and tell them it’s for a car or home improvements.

gulfbreez · 09-01-2019, 03:53

yes, I dont plan on getting financing with a boat dealer. I was more on the route of pegasus and similar companies like that.

**boatman61** · 09-01-2019, 03:59

If its just for £3.5K and your credit is good just ask for a bank loan.
Or.. if everyone knocks you back get your CC limit raised to what is needed and settle it as fast as you can.
3.5K loan = old boat little value.. kinda like trying to get a finance company to lend £500 for a banger.
I have had a bank lend me £10K in the past to buy a boat for cash.. mind that was just for the last 1/5th of the boats value.. I was temping at the time and living in rented accomodation so the boats value was my collateral..
If you have a good relationship with your bank manager it should be pretty straight forward.

hamburking · 09-01-2019, 08:21

Not familiar with UK banking, but here in Canada I would recommend a personal line of credit, aka an unsecured line of credit.

Its just like a loan, but often a better rate, and you can pay off or borrow as you like. Think of it as a bank account with a negative balance. Overall it's a very useful financial tool, especially when you own a boat. If you have anything to secure the line of credit (LOC), like a house, land, stocks, etc, you will get a better interest rate.

Some banks will accept a boat to secure a loan or LOC, but not a low value boat or anything over 20 years old.

And finally, I'm sorry to say...but if you don't have the cash to buy an inexpensive boat, you shouldn't be borrowing to buy it. I mean no offense, but the initial purchase is the often the cheapest part of boat ownership. My personal experience owning beautiful older sailboats is that the cost of ownership exceeds the value of the boat...in one year! For example, I can buy a great condition C&C25 for around $3000 cdn. Summer dockage at my marina would be almost $2000 for one season, and haulout/launch/winter storage would be another $1000. Crazy? Yes. But it is what it is. Thats why trailer sailors are so popular here...and everywhere.

**TrentePieds** · 09-01-2019, 09:18

If all you get in your hand, when you reach into your pocket for money, is moth balls, you shouldn't be contemplating boat ownership. Owning a boat will preclude your getting ahead financially. The cheaper the boat to buy, the greater the impediment to your financial welfare!

To keep a small cruising boat on the west coast of Canada costs about C$10K (£6K) a year. I see no reason that it should be less on the west coast of Wales.

If you join a reputable sailing club you will get better sailing, in better boats, commanded by people from whom you can learn, all for far less money than you would have to spend owning your own boat.

For openers get in touch with the Newport Boat Club and see what they have to offer.

Newport Boat Club | Newport Pembrokeshire

Best of luck

TrentePieds

hamburking · 09-01-2019, 12:15

Owning a boat is a constant financial drain. You may have heard a sailboat defined as a hole in the water you throw money into.

From a financial point of view, owning a sailboat is just awful. The only thing worse than owning a sailboat, however, is NOT owning a sailboat.

A sailor without a boat is like a cowboy without a horse.

There are many inexpensive and even cheap sailboats in my area. My daughter wanted to buy one. She decided to buy the biggest sailboat I could pull behind my car (Honda Fit) and keep it in the driveway to avoid marina fees. She bought a good condition, ready to sail Siren 17 (on a trailer) for very little. And she let me pay for the trailer hitch on the car. She had 10 successful sailing trips last summer on her boat. Now she wants me to get a bigger car!

gulfbreez · 10-01-2019, 05:02

Quote:

Originally Posted by hamburking

Owning a boat is a constant financial drain. You may have heard a sailboat defined as a hole in the water you throw money into.

From a financial point of view, owning a sailboat is just awful. The only thing worse than owning a sailboat, however, is NOT owning a sailboat.

A sailor without a boat is like a cowboy without a horse.

There are many inexpensive and even cheap sailboats in my area. My daughter wanted to buy one. She decided to buy the biggest sailboat I could pull behind my car (Honda Fit) and keep it in the driveway to avoid marina fees. She bought a good condition, ready to sail Siren 17 (on a trailer) for very little. And she let me pay for the trailer hitch on the car. She had 10 successful sailing trips last summer on her boat. Now she wants me to get a bigger car!

I have bought and sold 8 boats, always made money on them because I bought cheap and marketed them well, the place where I have stored them is also very cheap £180.00 per year and I do all the work myself on the boat. I would never get a loan or buy a boat over £5,000 because most people in the UK dont have £5,000 to spend on a boat,(the UK is not a boating country) unless its an incredible deal then they will find the money somehow. And I would never get a boat on credit for £10,000+ unless it was a live-board or would be used as a business. Thats why the loan amount im talking about is not very high. But in my area £4,500 is not cheap for a boat either, because 8 months of the year we dont even get a chance to get on the water due to the extreme weather. Boating is just not a priority , thus shelling out anymore then £4,000 is seen as a big deal.

DavidMRea · 10-01-2019, 07:34

I have to disagree. There are over a million boats (all types) in the UK, and around 60,000 are sailing yachts.

https://www.statista.com/statistics/...ed-kingdom-uk/

To me, £4500 is very cheap for a sail boat unless very used.

West Wales is not a great sailing area what with the winds and the tides. I'm in Swansea (South Wales), where the tides are pretty enormous, so I keep my boat now in South Devon. Marina costs in Milford or Neyland (West Wales) are around £2000 for a 30 metre boat. So, I'm guessing you're not paying marina costs, but people do!

**boatman61** · 10-01-2019, 07:46

Quote:

Originally Posted by gulfbreez

I have bought and sold 8 boats, always made money on them because I bought cheap and marketed them well, the place where I have stored them is also very cheap £180.00 per year and I do all the work myself on the boat. I would never get a loan or buy a boat over £5,000 because most people in the UK dont have £5,000 to spend on a boat,(the UK is not a boating country) unless its an incredible deal then they will find the money somehow. And I would never get a boat on credit for £10,000+ unless it was a live-board or would be used as a business. Thats why the loan amount im talking about is not very high. But in my area £4,500 is not cheap for a boat either, because 8 months of the year we dont even get a chance to get on the water due to the extreme weather. Boating is just not a priority , thus shelling out anymore then £4,000 is seen as a big deal.

Wales is not boating country, ***** weather and few ports.
However the S coast of the UK very much is boating country from Ipswich in the East to Falmouth in the West..

gulfbreez · 10-01-2019, 11:44

Quote:

Originally Posted by DavidMRea

I have to disagree. There are over a million boats (all types) in the UK, and around 60,000 are sailing yachts.

https://www.statista.com/statistics/...ed-kingdom-uk/

To me, £4500 is very cheap for a sail boat unless very used.

West Wales is not a great sailing area what with the winds and the tides. I'm in Swansea (South Wales), where the tides are pretty enormous, so I keep my boat now in South Devon. Marina costs in Milford or Neyland (West Wales) are around £2000 for a 30 metre boat. So, I'm guessing you're not paying marina costs, but people do!

I would say the majority of those 60,000 yacht owners are not using their boats very much. Especially Compared to other geographic locations in the world. I lived in Florida where you could get out on the water literately everyday almost everyday of the year. And your right west Wales is horrible for sailing. Inlets getting silted up, huge tides and yes major winds. Just too dependent of the tides, and when the tides where just right to get out, which was only about 4 days a month, you better hope the weather was also good in those 4 days. Whats the chance? Thats why im going back to an 18 inch draft powerboat