Boat Loans

What are boat loans?

Boat loans are personal loans used to buy a boat. Before applying for a loan, it‘s important to know exactly how much you can afford in monthly repayments. Your answer will determine how much you can realistically borrow without putting a strain on your finances and give you an idea of your boat budget.

How do boat loans work?

There are two ways you can get finance for a boat, similar to getting a car loan. You can buy a new or second-hand boat using either finance option:

1. A loan to purchase the boat outright. The borrower pays off the amount over an agreed timeframe alongside interest on the loan.
2. Arrange a deal with the registered boat seller. Alternatively, make the purchase using finance agreed between yourself and the seller. An upfront lump sum may be required, with the remainder of the value paid over time, alongside interest.

Commonly asked questions about boat loans

Read the frequently asked questions below to learn more about Norton Finance boat loans.

Can I use a boat loan to buy an older boat?

Yes, Norton Finance can help you raise the finances needed to buy an older boat. The age and condition of the boat does not affect your chances of being approved for a loan. Instead, we base our boat loans on whether you can comfortably afford the monthly repayments.

Which watercraft can I buy with a boat loan?

A boat loan allows you to borrow the money to purchase any kind of boat. So, whether you’re planning to live on a narrowboat or canal boat, or take to the open waters aboard a yacht, our watercraft loans have you covered.

How much can I borrow?

Our secured loans range from £3,000 to £500,000. The amount you can borrow will depend on your individual situation.

How long are the repayment terms?

Loans can be paid back over one to 30 years. The most important thing is that you’re sure you can afford to pay the instalments alongside your other regular outgoings.

See our secured loan calculator to get an idea of your desired repayment plan.

What are the interest rates?

The interest rate you’re offered will depend on your financial situation both historically and right now. For homeowners, boat loan interest rates start at 6.7%.

Are there any loan fees?

As a broker rather than a bank, we don’t charge upfront loan fees. We receive a commission from the lenders we work with on the loans we secure for our customers. On secured loans, we may charge a broker fee of up to 12.5% of the loan on completion, capped at £3,995. On unsecured loans, we don’t charge broker fees.

Am I eligible for a boat loan?

At Norton Finance, we may be able to help you find a loan even if you have CCJs, are retired, self-employed, or receiving benefits. If you’re someone who lives aboard a boat or is planning to, we can also help you secure the finance you need.

Applying for a loan

At Norton Finance, it’s our job to understand your needs as an individual. We listen to your personal circumstances, learning about your financial situation to make sure we help you find a boat loan.

Before borrowing any sum of money, including boat loans and other types of personal loans, you must be sure that you can manage the repayments. Before you apply, use our loan calculator to get an estimate of how your monthly repayments will look. That way, you can find out whether you can afford to borrow the amount you’re looking for.

What do I need to apply for a boat loan?

To begin your application for a boat loan, you need the following details to hand:

• Name and address
• Employment status
• Details of your income

You can start your application online, then we’ll get in touch with you to find out a little more. It’s a good idea to have a note of the boat you’re looking to buy, including its make, model and running costs.