A loan for boat financing can become a very interesting alternative,
Depending on your favorite boat type, especially when it comes to high sums. Some providers therefore specialize in loan offerings, which are particularly suitable for boat financing. Under certain circumstances, you may be able to obtain necessary funds from some providers at particularly favorable conditions. In return, however, you must meet some specific requirements. It is therefore always worthwhile to compare all offers with a loan calculator.
Financing some requirements will be met by you. For example, the loan provider may need some information from you about the asset to be valued. Among other things, you must submit a detailed and illustrated description with the type designation and year of manufacture
If available, you must also specify the body number as a CIN number or HIN number. The current berth is to call.
An important requirement for boat financing is a full bill for the boat with VAT and boat salesman information, as this will verify the seriousness of the offer. If the purchase is made abroad, then an internationally valid purchase contract as “Bill of Sale” must be submitted.
Furthermore, the conclusion of insurance for the boat is often required. In many cases, the conclusion of a partial comprehensive insurance is sufficient. From a financing amount of 100,000 USD, however, a comprehensive insurance with a high coverage amount (usually several million USD) must be completed. An entry in a ship register is in any case required for a boat from 15 meters in length.
If you intend to finance a used boat, then you must submit a corresponding complete proof of ownership in the form of a register or a copy of the boat’s license.
Freelancers must submit a business evaluation or a profit and loss account.
It often happens that the bank requests additional collateral from you, especially if there is a high volume of financing. These can either be:
– a capital-forming life insurance
– Real estate
– Shares or deposits
his. In the case of a capital-forming life insurance policy, you must provide the insurer with a corresponding stand-by notification regarding the current surrender value. If you have land ownership, you can send a copy of the property tax statement or excerpt from the land register. Existing shares and bank deposits can be proven with a deposit statement. After the extended check, the provider will contact you in case of a commitment.
If you want to finance a used boat, then you must present a corresponding complete proof of ownership in the form of a registry statement or a copy of the boat’s license.
Boat financing via a dedicated boat loan
When financing with credit, you immediately become the owner of your boat. In some cases, depending on a certain volume and your financial situation, the bank will ask you for additional security a security transfer of your boat, if this has a berth in Germany. If you have concluded a loan agreement with a financing volume of more than $ 100,000, the mortgage is entered in the shipping register. Both hedges remain in effect until you have fully repaid your debt.
Other benefits of a boat loan include the fact that this may usually be canceled during the term always. You can always make the special repayment. For some contracts, you have to pay a prepayment penalty to the financial provider, which, however, is little more than 1% of the original amount.
In principle, you have several options for such financing. You can pay off your boat loan as part of a balloon financing with first low monthly installments and a single high final installment. If you’re applying for a three-way financing, then it’s a very common mix of a loan and a lease because you can return your boat to the dealer at the end of the loan term. Unlike leasing, however, you have full ownership in three-way financing.
The monthly installments can also be defined individually and flexibly. If you opt for a term (10 to 12 years), then the rates will be very low.