There are a number of specialist suppliers of finance for the marine market. See our Marine Finance
listings in our Products & Services directory for a list of the main companies operating in this field.
Finance can be arranged with specific conditions for liveaboard boaters, leisure boaters, self builders and new craft purchasers. Typically, canal boat finance
is available for up to 80% of the cost of a new canal boat
and 75% of the cost of a used canal boat
. Repayments can be up to 15 years and in the case of liveaboards, canal boat finance
is usually only available to those who arrange a permanent home mooring
For the self builders some lenders may assist in finance for the fit out, and in the case of new boat purchases stage payments can be arranged for payment direct to the canal boat builder
Currently, both fixed and variable interest rates are available.
The loan is commonly secured against the boat and is known as a Chattel Mortgage. Special legal terms and conditions apply to chattel mortgages and in some specific cases the canal boat finance
company may issue an agreement whereby they actually own the boat until the canal boat finance
has been repaid. If the boat is used then some evidence of history, value and condition may be required. Check the small print but it is likely the lender will require evidence of where the balance of payment is coming from and he may not lend if the balance is financed from another loan.
Whatever your circumstances are, speak to one or more of the specialists before committing to buy your boat. Understand fully all the terms and conditions of the finance and seek independent financial advice if you are in anyway unsure.