Finding a boat loans lender:

Finding a loans lender who specialises in supplying boat loans can be harder than you think.  If you are looking for an establishment to accept your application of a loan for your boat, you may find that it doesn’t easily fall into the criteria set by most standard banks.  

Many loans lenders will deal with loans for houses, or other such items which are considered as suitable security.  However, a boat does not fall into this category and you will need to look for a specialised loans lender. 

High street loans lenders will not be able to offer a residential mortgage on a boat, even if you are planning to use it as a houseboat.  This is because a boat is not regarded as secure as bricks and mortar, so you may have to take out a loan for your boat and not a mortgage. 

However, there are some loans officers who will look at your application for a loan on your boat.  These establishments will offer finance for boats whether you plan to use them for leisure or residential use.  Loans are also available for second hand boats and in most cases you will be able to borrow a maximum of up to eighty per cent of the boat’s price.   

It is worth doing your homework when looking at loans for your boat, as you will find that each loans officer will offer different rates and benefits.  The interest rate on these types of loans for your boat will be approximately around the nine per cent mark, but with research you could find a better deal.