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.

A boat loan is an alternative way to secure finance to purchase a new boat. While it’s common to arrange boat finance straight from the seller, you can also borrow from an independent lender. This gives you more flexibility when it comes to defining the terms of your borrowing – but you should only borrow what you can afford to pay back.

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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:

The borrower pays off the amount over an agreed timeframe alongside interest on the loan.

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.

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Get a loan in 3 simple steps

1

Click apply for a loan to start your journey

2

Fill out our online form for your personalised rates

3

Get the loan that best suits your circumstances

Apply for a secured loan
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Frequently asked questions

FAQ's

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.

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.

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

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.

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 6.59%.

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.

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.