In the current boat sales market you need to move quickly when you find that perfect boat. If you are not ready to agree terms and put down a deposit then you’ll likely be beaten to it by someone who is.
For those of us getting excited about the boating season, this is the time when many of us get serious about our boating plans.
Whether you are searching for your first boat, or upgrading, you would be well advised to organise your finances beforehand so you are ready to put in an offer and, potentially, put a deposit on the table. If you are not ready to make an offer, then the reality is that someone who is able to commit to the purchase and put down a deposit will, in all likelihood, be given priority over you.
The current climate is that demand for boats is good, but availability of the best new and preowned boats remains weak in comparison. That means it’s a seller’s market and therefore there is going to be more than one buyer for the ‘good’ boats. If you are not financially ready to pounce on the right boat, you are likely to keep getting pipped to the post.
In your preliminary planning you’ll have lots of fun working out what type of boat is going to suit you, and there are all manner of books on this topic. And then there is where to keep it, with books on this topic too. Where there are not too many books is how you are going to pay for it. The money side of boat buying is not as fun as choosing a boat and visiting places where it will be moored. However, it is obviously a vital area that needs to be decided upon right at the start of your planning.
Marine finance is a popular option that has been available for decades, though many people, especially new boat buyers, are often unaware of its availability and advantages. For those in the know, it remains popular as they like the many benefits of having their loan secured against their boat. There is also the advantage of having a marine finance specialist on hand to help you through some of the complexities of buying and financing your boat.
As part of your plans to be ready to buy your boat you can apply for marine finance before you’ve decided upon a specific boat. For example, at Arkle, you can speak with our marine experts, at any point in your planning, request some finance indicative terms and, if you wish, you can then submit an application. If you are approved then there is no obligation to use the funds, but with an approval letter to hand you’ll be that much more ready to take prompt action to secure that perfect boat. You will also find that yacht brokers and vendors will take you more seriously if they know you have marine finance ready that is specifically to buy a boat.
Arkle Finance has a dedicated team of experienced marine professionals, and we are on hand to help discuss your plans and navigate you through the purchase. There’s quite a list of things to do when buying a boat, so having a marine specialist to help throughout the process can be very useful. You are very welcome to call us for a chat and we can explain how the finance works. We can also tailor a finance package to best suit your needs. Once your application has been approved, we will liaise with the yacht broker to check the boat title and VAT paperwork, review the survey reports and organise the vessel registration ready for your handover day.
If you are planning on buying a boat, then we would be delighted to speak with you and explain how we can help. Please call us on 01933 304789, or use our website contact form, and one of our specialists will be in touch.
What else can Arkle Finance fund?
Marine finance is just one part of what we do. Arkle Finance provides funding across a wide range of assets to support businesses and consumers. We help businesses large and small, as well as private individuals, to obtain assets that include business assets, such as equipment and vehicles, as well as more specialist assets like boats and planes.
Please note the above is for guidance purposes only and specific terms are subject to approval by Arkle Finance Ltd. The information above may be altered at any time without notice.
Arkle finance Limited are Authorised and Regulated by The Financial Conduct Authority. Financial Services Number 630582.
Arkle Finance is registered at Sanders Road, Wellingborough, Northamptonshire, NN8 4BX. Registered number 03398034.