How do I get Marine Finance

Obtaining marine finance can be particularly difficult if you do not have the necessary documents at hand, and do not understand the process of application. The area of marine finance is vast and there are numerous policies available to candidates seeking a variety of different vessels for both commercial and private use. It is therefore essential you obtain the guidance from a professional consultancy firm of independent yacht broker to guide you in finding the most appropriate finance plan with the best broker.

To find out how we can assist with your finance requirements, please Contact Us, or to learn more, please view our Marine Finance page.

Obtaining Maritime Finance

When seeking maritime finance, you should consider all your requirements to ensure the policy you obtain will help meet your overall objectives. Usually, the type of vessel sought, your country of domicile, the intended use for the vessel and your financial standing, will all influence the type of finance plan you can obtain.

In order to prevent ending up with a poorly tailored finance plan that will not help you to achieve your goals and will in fact be a financial strain on you, it is suggested that potential yacht buyers seek professional assistance.

Typically, the process of applying for a marine finance plan through a professional consultancy firm is as follows:

  • Research the type of vessel you want to buy. Once you have found your ideal boat, you can then seek approval from the finance lender
  • It is vital that you search thoroughly with regards to finding the most appropriate finance lender that offers good rates, flexible policies and will tailor your plan to meet your needs
  • One you have chosen the finance lender, you will be required to submit a finance application form – usually along with a number of other documents the lender may request, such as proof of address
  • You will then be subject to a thorough credit check. Should you pass the check, the lender will also require documents to prove your financial standing and ability to pay the monthly repayments
  • When going through a consultancy firm they will likely require from you; copy of vessel purchase agreement, copy of passport, proposed flat stage for vessel registration, location of planned permanent berth, bank statements and the terms and conditions you seek from your marine loan.

It should be noted that each marine finance lender may subject applicants to a number of checks to ensure they are financially viable to take on the loan they require. Although the process of getting the loan will vary according to the lender and the jurisdiction, the principle remains the same – locate a finance firm that will support you in meeting your personal and financial objectives.

A professional consultancy firm that is experienced in marine services will have the understanding and expertise to inform you of different interest rates, terms and conditions, small print and repayment plans, thus helping you to find the most appropriate lender available to you.