Are you considering a sea trip to break the monotony of life on land? Are you even thinking of a full time life on board with a circumnavigating type of lifestyle? Or are you just dreaming of having your own yacht? No matter what phase you are in, there is always a bunch of questions that needs to be answered. Here you will find the options you have on how to finance a boat.
Even if you don’t have the cash to purchase a boat outright, there are financing options to help you out. And, maybe to your surprise – it is actually not that hard to finance a boat. Longterm or short term. Your financing plan depends on the amount and duration you prefer. We are here to give you the information needed and hopefully answer most of the questions you have.
Financing your boat
Owning a boat is one of the top solutions when the thoughts are going in the direction mentioned above. Creating your own freedom and going for a trip to sea whenever it would be suitable for you. But as for everything there is always a great preparation until the final step is to be settled. There is no way to avoid that the financial aspect is a big part of it. Whether it’s partial, full, or lifestyle financing for full-time living on a boat, it’s worth considering.
There are many ways to go and many various solutions on how to do it best for you. Never to forget that the solution needs to be as suitable for you as for the possible bank or lender. The first step to reconsider is whether the connection between you and your current bank is stable and good. Having a good relationship with your bank can increase the likelihood of them meeting your needs.
Being aware that they may not be specialized in financing within the yachting ownership industry is crucial. Even if you do have a strong and stable relationship with your bank and they are willing to meet your needs, they might be a bit more restricting when it comes to financing areas that they are not necessarily specialized in. When taking such a big step into the yachting world it is very important that your needs are fulfilled. And that you feel secure in those decisions before taking the next step.
Financing a boat is not hard and should neither be so. No matter if it’s for longterm, short term, a new boat or an old one – it needs to be planned in detail.
Luckily there is a lot of specialized banks that are capable of meeting your needs to make your dream of a Yacht Ownership come true. Letting a specialized bank get to know you and your way of owning a boat, what it will be used for and how much it will be active during an specific period of time, they are very much capable of putting suggestion plans of financing for your yacht ownership goal.
The safety of using a specialized bank is that they have a really good relationships with shipyards, brokers and dealers. This will be something that you could be able to lean back on if ever needed. With the specialization and great relationships of many areas within the yachting world there is many high rated solutions and offers for you to take into thought and consider before taking further action. We believe the customer should always be able to pick out the solution best suited for them. It can differ a lot from person to person, from bank to bank and from which yachting ownership is requested and wished for.
Financing a boat is therefore not hard but it demands quite some comparison regarding banks, solutions and plans. It might sound like a lot to do and quite a handfull for anyone to do themselves. But for anybody who have som questions, there will always be a yacht broker to help you sort those wonderings out. Hiring a broker will increase the expanses by a little bit, but the planning and help you get will help you take the absolute best decision for your further journey within the yacht ownership.
And to not say the least, the most popular way of owning a boat nowadays is to have charter management of your boat – which is also a great way of financing your very own yacht by time!
We sincerly hope that this information already answered some of your questions regarding how it works when it comes to financing a boat. If you have any further questions or thoughts you are more than welcome to contact us.