Can I get ship finance

Ship finance is available for most vessel purchases or maintenance requirements, provided the applicant/ship owner meets all the prerequisites as stipulated by the issuing finance broker. It is important when seeking a favorable ship finance plan, that you enlist the advice of a professional consultancy firm that can help you locate the most suitable broker and obtain the most beneficial finance policy.

Obtaining ship finance

There are a number of things to consider when seeking ship finance; the most important of factors, which will influence your application for finance, include; credit history, financial standing, and the finance broker selected.

By enlisting the help of a professional consultancy firm, you have gain assistance in compiling all the necessary paperwork, completing the application forms and filing the complete application to a reputable finance broker, in a timely and professional manner.

Some of the documentation that you may be required to file to the finance broker, includes, but is not limited to;

  • Credit history documents
  • Bank statements
  • Vessel specification including prices and intended location for registration
  • Intended place of permanent berth of the vessel
  • Company documents of your shipping company if applicable
  • Company business plan is you are a new start up

It is considerably easier to obtain finance for the purchase of a new vessel if you are an operating ship company, however individuals can acquire a good finance policy for the purchase of a private yacht provided all standards and finance requirements are met.

It is important to be aware of the tenor of the loan (length of the policy agreement) and to verify what your repayment installments will be. Some loans require a lump sum to be paid upfront and then smaller monthly installments to be made until the value of the loan is fully paid off. Another factor to carefully consider is the interest rate that is set for your policy. You must ensure you can afford the repayments for the loan, along with all interest rate payments that will be accumulated for the number of years you have the loan.