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Boat financing options

Just like car loans, boat financing options are many for prospective buyers. Before deciding to obtain a boat loan, it is crucial to study various options available and what each entails. This article describes the various options available for any prospective boat purchaser.

  • Secured boat loan. This facility enables the boat purchaser to buy the vessel and the boat is itself secures the loan. This means if you default the loan, the lender may seize the boat and sell it to recover their loan. Because it is fully secured, the interest charged under this loaning option is slightly lower compared to regular loan facilities.
  • Chattel mortgage option. This option allows the bought purchaser to obtain the loan using various business assets as security. It is recommended for companies and traders already in boat related businesses.
  • Leasing the boat. Under this option the financier buys the bought on behalf of the customer and leases it to them within agreed period of time for a fixed cost. At the end of the leasing period the customer may pay a residual agreed amount and own the vessel.
  • Commercial Hire Purchase for boats. Under this option, the financier buys the boat on behalf of the customer and the latter is granted vessel usage and pays regularly. The whole arrangement is based on contractual terms between the financier and vessel user.
 
 
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