Can I get yacht finance

Yacht finance is obtainable by any individual or company that wishes to purchase a vessel, provided they meet the necessary financial and credit check requirements. Yacht finance can also be sought for the maintenance of a yacht of ship, and not solely for the purchase of one. There are many aspects to consider before applying for marine finance and it is advised that you speak with a professional consultancy firm who can guide you through the necessary stages in getting a favorable finance plan.

Obtaining yacht finance

Yacht companies and brokers may find it considerably easier to obtain yacht finance than individual or private yacht buyers. However, with the right guidance and a credible introducing consultancy firm, individuals can obtain a favorable finance plan that meets both their financial and personal requirements.

Marine finance brokers will typically require more documents and requirements to be met from individual yacht buyers than larger shipping companies, for example. As such, it is important to enlist the professional services of a consultancy firm that can help facilitate the finance application process, and assist you in filing the necessary documentation.

Finance brokers need to be satisfied that the applicant is financial stable and capable of repaying the finance at the agreement rate with interest. Usually finance plans will be repayable with monthly installments and it is essential for individuals to prove that they can meet these requirements.

There are specific documents that will be required from the applicant, when applying for yacht finance. Some of these documents include, but are not limited to;

  • Credit history documents
  • Bank statements
  • Vessel specifications including yacht price and intended location of 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

There are many credible marine finance companies, which specialize in offering manageable yacht finance plans for both companies seeking yacht finance for commercial purposes and individuals seeking yacht finance for the private purchase of a yacht.  It is essential that you choose a reputable yacht finance broker that will provide you with a finance plan that will help you to meet your overall objectives while remaining within your financial boundaries.