Boat loan rates are as with other loan types dependent on circumstances, rates are related to your credit score, boat age and purpose among other things. Boat loans are usually secured on the vessel and the lender would normally expect you to pay a 30% deposit.
Payments for a boat loan will be typically be spread over 10 years, or as much as 15 years in some circumstances. A Variable rates payment plan lets you have a boat loan rates of interest linked to LIBOR and repaid quarterly charged on the day-to-day rates and outstanding loan amount. Payments subsequently will alter through the loan period.
Also a balloon final fee or with out penalty early repayment allows you to sell the boat on if required.
Lease terms can be found for UK residents wishing to keep their boats abroad and perhaps charter their vessels as a business enterprise to offset running costs such a loan rates. Tax advice and early consultation is important since terms and scheme administration will fluctuate depending upon individual circumstances.
The loan company will register an interest on the vessel as their security, it may have to be a British Registered vessel for a British lender. The registration prices are your responsibility. Boats should be comprehensively insured by you with an insurer endorsed by the lender.
For used boats the financial institutions might insist that the boat you are buying is surveyed by a qualified professional. This is a normal procedure, just like you would expect when dealing with a bricks and mortar property such as a house. The cost of the survey will normally be paid by you.