Finding Loans - page 2
Various ways of using loans to finance your purchase
Marine finance works in a similar manner to other high-value purchase funding methods
If your ambitions are more expensive to realise and you fancy the 'floating gin palace' idea, you are likely to get a better deal by going to the specialists in marine finance. The loan will be adjusted as their considerable experience dictates, to take account of the likely period of ownership, the boat type and the likely usage, i.e. will you be going 'foreign' to dive for treasure or searching the further reaches of the Trent and Mersey Canal. You should talk to the Royal Bank of Scotland owned specialists Lombard Marine, Bank of Scotland Marine Finance and/or Barclays Marine Finance.
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Marine finance works on a basis which could be of interest to those paying a mortgage i.e. it is usually a variable rate loan, but the variation comes in the life of the loan and not the instalments paid. This means that if rates rise a larger proportion of the payment goes to paying the interest, so the period of the loan lengthens, whereas if interest rates fall more money goes towards payment of the debt, and the period of the loan gets shorter.
If your borrowing requirement exceeds £25,000 you will be required to take out a formal mortgage on the boat and register the vessel (at a cost of £130) with the Maritime and Coastguard Agency. As with a house, a survey will be required and the mortgage will have a life of 10 to 15 years.
These are just a few of the more likely sources for your loan. As always, it pays to shop around, and the usual advice applies. If you carry out your loan search on the internet you will have much more time left to look for that dream boat, or even for the course on duck breeding!
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