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How Boat Finance Works

May 6, 2016

Investing in a boat is a big decision, and purchasing one upfront can be incredibly expensive – but the ship hasn’t sailed yet on buying the boat of your dreams, thanks to the extensive range of marine finance options available.

Boat loans are a practical and affordable way of skipping straight to the good bit – allowing you to enjoy the best of both worlds, with the knowledge that you can keep your boat afloat through a series of manageable monthly repayments. Better yet, the straightforward application process means you can quickly and easily buy any water craft you want – from jet skis to power boats and everything in between. What’s not to love?

Our guide explores all the need-to-knows associated with boat finance – giving you all the information you’ll need to buy the boat of your dreams and bypass the upfront payment. We’ll take you through everything from deciding which boat to buy to getting approved in no time at all.

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Choose your boat

At Pegasus Marine Finance, we know that the only person who knows which boat is right for you is you. That’s why we offer a wide range of flexible finance options, whether you’re looking to buy from a broker, private seller or boat yard. Whatever floats your boat, once your application has been processed and we’ve received all of the relevant documentation, we’ll make it our priority to transfer the funds into your account so that you can make your purchase and sail away as soon as possible!

When buying a boat, consider what kind of vessel you’ll need. Inland, coastal and offshore boats are all equipped for different purposes and come with different price tags – but with our wide range of finance options, it’s likely that we’ll be able to accommodate your needs.

If you’re deciding whether to buy new or secondhand, it’s worth noting that both come with their own unique perks and challenges. A brand new boat may be pricier but won’t cost much to maintain in comparison to a used boat. On the other hand, it’s possible to find pre-loved vessels that are in great condition if you’re willing to take the risk. Whether it’s old or new, buying your watercraft on finance means you’ll be able to snap up that bargain before anyone else.

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Try our boat finance calculator

Whether you’re looking for a top-up loan or financing the full balance, with loans between £3000 and £100,000, our boat finance options can be tailored to suit your circumstances. The amount you borrow and the length of the repayment period influence how much you’ll repay each month – as does your current credit score.

A longer term will lower your monthly repayments, but you may end up paying more in the long run – so it’s worth identifying an option that works for you before committing to an application. Using a boat finance calculator gives you a chance to work out a financially viable repayment plan in advance, so that you won’t find yourself struggling to keep up with repayments.

Apply for marine finance

With Pegasus Marine Finance, you could be setting sail sooner than you’d think. Get approved online by filling in our quick and easy application form. We just need to know how much you’d like to borrow and which type of boat you’re interested in buying, as well as a few personal details about yourself.

Once you’ve applied, our specialists will make you their priority. We’ll process your application in as few searches as possible to protect your credit rating – and you’ll hear back from one of our UK-based finance advisors within the hour! If you’re successful, you could even receive the funds that day.

Ready to get out on the water? Apply for marine finance with Pegasus today and your dream boat could be yours in no time. With Pegasus Marine Finance, it couldn’t be easier to find a loan that suits you – try out our boat finance calculator now for a personalised online quote.

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