Boat Loan FAQs
Please click below for the answers to our most commonly asked questions. If you can't find the information you need, call us free on 0800 694 5566 and one of our advisers will be happy to help.
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 are paid back over one to 30 years. The most important thing is that you’re comfortable with the instalments, alongside your other regular outgoings.
What are the interest rates?
The interest rate you’re offered will depend on your financial situation both historically and right now. For homeowners, interest rates start at 2.9%.
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.
Can I use a boat loan to buy an older boat?
Yes, Norton Finance can provide you with 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, our boat loans are based on whether or not you can comfortably afford the monthly repayments.