Marine Finance?

[[165042]]

I've always bought my boats outright however I'm looking to finance a boat for the first time. Does anyone have any recommendations and experiences? I'd probably be looking at paying the loan off within 2/3 years with lump sums so early settlement options beneficial. Looking at a 15 year old motorboat for around £35k if it's relevant.

 

[alt]

The previous owner of my boat had it on finance, I bought it out-right from them directly (Lombard) - I wasn't a customer of theirs, but I found them excellent to deal with (answered the phone / sent out paper-work quickly etc.)

 

[Mr Googler]

For that amount and timeframe, perhaps a personal loan would be easier?

 

[jimmy_the_builder]

For that amount and timeframe, perhaps a personal loan would be easier?

Yep. £25k loan from Sainsburys bank, 2.9% apr. At that interest rate, penalties for early repayment are negligible.

 

[[165042]]

I don't think you can get a personal loan for £35k?

 

[Bigplumbs]

I don't think you can get a personal loan for £35k?

But you could for a large chunk of it and perhaps put the rest up yourself if you are in that position

 

[[2068]]

I don't think you can get a personal loan for £35k?

Take a look at Sainbury’s personal loans.
Up to £40k.
It’s how I bought my car - they are pretty good to deal with, and the interest rates are reasonable, just get a Nectar card first.

 

[[165042]]

Thanks - I just checked with Sainsburys and you have to have a Nectar Card to get a loan of £35k. Not sure what relevance monitoring what groceries you buy has but hey ho - play the game!

APR goes up to 8% on that amount which is still much less than the initial marine finance quote I got of 17.8%.

 

[IDAMAY]

Probably not worth the fuss of a Marine Mortgage for that amount although I had a small one from Lombard some years ago. Their service was excellent. Might be worth a look at peer to peer lending such as Zopa. All done on the web and over the phone and very quickly arranged provided you can show a good credit score.

 

[bedouin]

Marine Finance is pretty expensive - if you own property it would be much cheaper to get/increase a mortgage.

 

[Bbroomlea]

Thumbs up for Lombard. I found them very helpful, knowledgeable and made the whole process very easy. On that amount they wont want the boat Part 2 registered so should be straight forward.

Lombard are flexible with payments and no early settlement but they do charge a ridiculous set up fee