Can you get a loan for a used boat?
Owning a boat is very exciting, however, new models aren’t cheap, leaving many would-be buyers needing to look at preowned boats.
When taking out finance for a boat, your options normally include specialist marine finance or an unsecured personal loan.
Secured finance is generally considered less risky to the lender as they are using the boat as collateral.
When trying to finance a used boat, the older the boat is, the more difficult it can be to resell and this means lenders might not be as eager to provide financing.
If you’re considering purchasing a used boat, it’s worth speaking to an experienced finance broker before starting so you can get an understanding of what a lender is going to require in an older boat.