Where to start with a yacht loan ?

It is best to start by reviewing the offers of at least several financing institutions and compare their conditions. It is worth bearing in mind that often attractive terms of financing the purchase are offered directly by the boat dealers. Most lenders have loan offers prepared for those who already have some funds set aside, but each case is individual, so you must always ask the financing entity about your creditworthiness. Currently, yacht loans are offered by banks, as well as specialized lenders, boat manufacturers, but also dealers.

Additional costs

Often people make the mistake of considering only the actual cost of the boat when looking for a loan, and forget that you will still need products and services related to boat ownership, such as maintenance, storage, pontoons, and even a new docking station. All of these expenses can be included in a loan depending on the lending institution, so determine the total amount so you don’t get any related surprises later.

Ongoing costs can also include insurance, maintenance and cleaning, for example. All these costs are in addition to the loan repayment. Yachts also require special maintenance due to the time they are in the water.

But how about leasing?

The offered parameters for financing yachts and motorboats differ from one financial institution to another, just like in the case of loans or credits. In leasing, the conditions are influenced by the characteristics of the asset (value, type of object), as well as factors related to the applicant and the company itself. These include the period of operation or the industry in which the company operates. The situation of the entrepreneur and the parameters of the vessel have a noticeable impact, for example, on the minimum required initial payment and thus the monthly installment.

Basic issues in a leasing agreement:

– amount of financing,

– duration of the contract,

– initial lease payment,

– flat, diminishing or seasonal installments,

– credit history,

– length of time in business and financial capacity.