barclay marine finance sucks on aluminium boats?

[bitman]

yesterday i asked barclay marine finance about the finance possibilities of buying an aluminium alubat ovni. her answer was oh on aluminium boats we only finance that to max of 50% but if you buy a grp boat we can go up to 80% finance...

now i really don't understand this policy and the logic behind this...

any one who knows more about this as the barclays girl couldn't give me any explanation... also i had the idea that she doesn't even know anything about boating while talking with her. ie not really customer support minded.

thx

 

[samwise]

Probably similarly uninformed thinking that causes mortgage companies to have the vapours if you are seeking to finance a timber-framed house.

 

[bitman]

yeah, may be i should talk with my 'old' bank abroad who has a wider view then these narrow minded UK banks over here...

 

[bedouin]

They obviously feel that there is a significant risk of an aluminium yacht having, or developing, a serious hull defect that could have a major impact on its resale value.

They are probably not in a position to quantify the risk so they take a cautious approach

 

[samwise]

They obviously feel that there is a significant risk of an aluminium yacht having, or developing, a serious hull defect that could have a major impact on its resale value.

They are probably not in a position to quantify the risk so they take a cautious approach

Is there any evidence to support such concerns? I can understand misgivings about ferro construction , chiefly because of the variable quality of home build projects. However, I would have thought that a professionally built ally boat would be a pretty safe bet, unless someone has been dropping pennies into the bilge!

 

[bedouin]

unless someone has been dropping pennies into the bilge!

There's your evidence

Galvanitic corrosion is rumoured to be an issue with ally yachts - so a poorly installed shore power circuit could result in the hull disappearing in a few months.

 

[RIB_imposter]

Probably similarly uninformed thinking that causes mortgage companies to have the vapours if you are seeking to finance a timber-framed house.

Yes unless you happen to be in Scotland where that is the standard construction technique and so the same lender will have no problem with it! In essence what they are saying is "in this market, this construction technique is not the norm, and so the long term value is uncertain" the same applies to Aluminium boats. I expect its much easier to get finance in Oz/NZ where Ali is a common material for construction.

 

[bitman]

well well i see lots of knowledge here about aluminium boats. you guys are sounding like the UK banks... i bet then none of you ever sailed / owned one.

 

[snowleopard]

Never even been on one but I've heard a few horror stories like the guy who used bog standard (i.e. copper based) antifoul. Within a short time the hull was paper thin. The old penny in the bilge story is often told but the effect of a careless electrician sprinkling tiny fragments of copper wire in the bilges is even more devastating.

Aluminium is an excellent boatbuilding material with the toughness of steel but not the weight. Some on-offs have had weld failure problems but that's not a worry with modern series production boats or competent builders. I admire the OVNIs and, if I could afford one it would be high on my list but for the fact that it's a bit short in the hulls department.

I take it from the tone of your post that you own an aluminium boat and are angry that your choice is being criticised. Will you at least admit that the owner of an aluminium boat has to be meticulous about avoiding galvanic action?