Pegasus Marine Finance is the UK’s leading boat finance broker, providing narrowboat finance.
If you’re looking for a competitive narrow boat finance deal, great interest rates and flexible terms allow us to provide affordable monthly payments.
Fulfill your dreams
If you’re looking for a competitive canal boat finance deal, great interest rates and flexible terms allow our friendly team of finance advisors to provide affordable monthly payments on top of their fantastic customer service. Apply online when you’re ready to kick-start the process, or call us today for some professional advice before taking the next step.
- Interest rates from 5.9% APR
- Loans of £5,000 – £2 million
- Often No deposit required
- Live aboard – no problem
- Sign agreement online
- Payout within 24 hours
If you’re interested in living on your narrowboat long-term, houseboat loans are a kind of ‘marine mortgage’ which give applicants a chance to buy a brand new boat and make a life for themselves on the water. In these cases, a 50-foot narrowboat may be the best option – offering your family the space to live comfortably, versus the 30 or 40-foot alternatives traditionally associated with weekend cruising and canal boat holidays.
With a selection of luxury houseboats for sale across the UK, via boat yards, brokers and private sellers, you’re sure to find a vessel that suits your needs. Although it’s true that houseboat loans can mean higher monthly payments compared with a typical mortgage (depending on how quickly you’d like to repay your loan and what your credit score looks like), these flexible finance deals give you an exciting opportunity to live aboard and, subject to your budget, can be repaid at a much faster rate than a mortgage on a house.
Before you buy a canal boat
If you’re deciding whether or not to buy a narrowboat, there are number of things to consider before you commit to a purchase (other than the finance payments themselves). Additional costs you’ll need to factor into your budget when buying a canal boat include:
- Insurance: this can be fully comprehensive or third party
- Mooring: costs vary dramatically, but you can check out the Canal Junction website for a list of marinas which offer moorings
- Licences: the Canal and River Trust (CRT) controls most waters in the UK, and you’ll need to obtain a licence to cruise them. Visit their website for useful information and licence costs
- Fuel: you’ll need fuel for both the engine and heating system – and it’s worth noting that engines will use around a litre of fuel per hour of cruising
- Misc: don’t forget to allow for an annual engine service and a blacking of the hull every two years or so
Whether your narrowboat is for leisure or long-term living, there’s a good chance that the large capital cost may require you to borrow some or all of the purchase price. And if it turns out you do need some help financing your canal boat, you’ve come to the right place! Our team of friendly and knowledgeable marine mortgage experts understand the unique challenges associated with narrowboat finance and are committed to getting every customer out on the water as soon as possible.
Read more: buying a narrowboat
Questions? CALL 0800 066 2882
Our experts are always ready to help
Applying for narrowboat finance
At Pegasus Marine Finance, we pride ourselves on doing things differently to other boat finance brokers, and have developed close relationships with several lenders who are happy to provide canal boat finance. These relationships enable us to arrange loans for customers with great and not-so-great credit scores – meaning every applicant stands a chance of getting approved regardless of their financial past.
Whether you’re a bad credit holder looking to rebuild your credit rating while you cruise the UK’s inland waterways or a narrowboat owner ready to upgrade to something special, the application process is much the same:
Step 1: choose your narrowboat.
If you’re looking to buy a narrowboat, the first step is to browse the market in search of the vessel that’s right for you. From 30-foot weekend cruisers to larger, liveaboard canal boats, there’s a diverse range of narrowboats and luxury houseboats for sale – and whether you’re buying through a private seller or boat broker, there’s guaranteed to be an option that suits your requirements.
We offer narrowboat finance deals from £5,000 to £100,000, meaning you can buy anything from a more modest used model to a locked and loaded luxury craft – so there’s no need to limit your options based on what you can afford to buy upfront.
Step 2: get a custom quote online.
There’s no denying that a new canal boat is quite an investment, especially if you’re in the market for a houseboat to live in long-term. For that reason, it’s important to compare your finance options before committing to an application. Boat loan calculators offer a quick and simple solution to calculating your monthly repayments, based on the amount you’d like to borrow, your preferred loan term and your current credit rating – making it easier to find a canal boat finance deal that’s affordable for you.
Give ours a try to check out how much you could borrow for your new narrowboat, and what you’ll need to repay each month.
Step 3: apply for a loan.
The application process is designed to be as swift and straightforward as possible, giving you more time to track down the narrowboat of your dreams – rather than spending hours becoming frustrated with complex online forms and paperwork. Our short application form can be completed online in a matter of minutes – and all we’ll need are some simple details to get the ball rolling.
When you apply for narrowboat finance with us, you’ll get a decision within the hour from one of our friendly and knowledgeable advisors – as well as access to some of the most competitive marine loans available anywhere in the UK. Regardless of your circumstances, our team will do what they can to find a selection of suitable finance options and get you approved in as little time as possible.
Once you’re given the green light, we may even be able to arrange for the funds to be transferred to your account the same day.
If you have any questions, give us a call on 0800 066 2882 to talk through your marine finance options. Otherwise, you can apply online below.