Blog Menu
Blog Menu

How to finance a narrow boat purchase

<< Back to Blog list

Wed Oct 5, 2016 at 3:36pm

Purchasing a narrow boat is a large investment and depending on your circumstances and budget financing this purchase can be under taken in a variety of different ways. In this article we are going to look at a few ways you can finance a narrow boat purchase.

Cash sale

If you are in the very fortunate position of having the money in the bank then you will be able to negotiate with the seller by doing a cash deal. This cash deal will be undertaken with either a private seller or a brokerage company, by having the funds at hand you will be soon find yourself on the waterways. Having your funds already in place you are in a strong position to get a quick sale and perhaps negotiate a reduced price depending on the seller.   

As a guide price if you have around £20,000 in the bank you will be able to buy a boat in a reasonable good condition which shouldn't require any major works. As with all the boats we sell we always recommend that you have a survey carried out before buying. Find out more about surveys and surveyors here.

Use our search tool to view boats meeting your requirements and budget

Borrowing from family  

A family member maybe prepared to loan or gift you the money (usually mum and dad) as this can also be seen as an investment for the whole family. We have worked with many people who's parents have offered to finance a boat purchase to get their kids on the property ladder,providing them with their own independence and accommodation. It also becomes a financial asset for the parents.   

Personal loan

Before taking out a loan Make sure you are able to make the repayments, don't over stretch yourself. There are going to be ongoing costs and also unforeseen problems that will crop up so make sure you will have enough money to cover all these costs.   

Example of a high street loan borrowing £30,000 over 5 years

Payments were calculated on 26th August 2016     

Marine Mortgages  

There are some professional marine mortgages that specialise in marine mortgages please see below some options;

Jonathan Waugh. Pegasus Finance
Telephone: 0800 066 28820800 066 2882 FREE 
From a mobile: 0330 088 2002
www.pegasusfinance.co.uk
Technology House, Station Road, Alton, Hampshire, GU34 2PZ    

Paul Halfhide. Arkle Finance
Main: 01933 30478901933 304789 Mobile: 07792 76197907792 761979
Please visit their website for more information: www.arklefinance.co.uk    

Brenda Feeney.  Zebra Finance Ltd
Phone: 01332 680 40001332 680 400
Email: enquiries@zebrafinance.com 
Lincoln House Stephensons Way Wyvern Business Park Derby DE21 6LY

Come and talk to us!  

We have helped and advised many people realise their dream and we are here to help if buying a narrow boat is on your to do list.   

We always ask for a £1000 deposit to secure a boat and this is for all boats whatever the asking price. This then places the boat under offer which means nobody else can view it and nobody else can make an offer on it.  

If you decide to proceed with the sale without having a survey then you can own the boat the same day as long as we have cleared funds in our bank. But if you decide to have a survey which we do recommend then it depends on the dock/surveyor availability as to how soon you can own the boat. Normally it takes 5 days after the survey to received the report and then there might be some negotiations to take place. Please see our buyers agreement/t&c’s  

Once negotiations are completed or once you the buyer has the report and is happy then the full outstanding balance is due and once the funds are clear you will be able to cruise away!  

We offer fantastic moorings at the marina for more information follow this link

We are open 9.00am to 6.00pm, Monday to Sunday (Summer) 9.00am to 5.00pm, Monday to Sunday (Winter) and no appointment is necessary. 

Comments

There aren't any comments for this post yet. Why not be the first to comment?

Leave a Comment

Your Name
  
Email Address (kept hidden)
  
Comment
  

So that we can check that you are a real person (and not a crafty computer),
answer this simple sum:

What is 17 - 4?
  
Register for Boat Updates
©2017 Venetian Marine (Nantwich) Ltd | Website Design By Zarr