Borrow money for a boat
You can choose from two types of loan to finance the boat: a personal loan or a revolving credit . You can use our loan guide to determine which loan best suits your needs. If you would like security, a personal loan will suit you. You pay the same charges every month; the interest and term are fixed. Do you not only want to finance the boat but also have extra money at your disposal? This flexibility offers you revolving credit.
Most customers opt for a personal loan to finance a sloop or yacht. You adjust the term of the loan to the economic life of the loan goal. If the term is longer than the economic life of the boat, you still pay for the loan while the boat has already been written off.
Thanks to the fixed monthly installments, the loan for the boat is fully paid off on the maturity date; you are debt free. Interest rate fluctuations do not affect your loan. If you want to make additional repayments on the loan during the term, you can do so without penalty.
If you opt for a revolving credit, you choose a flexible loan form. The term is not fixed and the interest is variable and therefore subject to interest rate fluctuations. The monthly charges are fixed. The amount of a personal loan is paid out once by the bank. With a revolving credit, you determine when you withdraw what amount up to the agreed credit limit.
Do you need money again during the term, for example for a repair to the boat? You may withdraw repaid amounts again. This is not possible with a personal loan. Additional interim repayments on the credit are free of charge.
Co-finance the boat in a mortgage
Do you have a mortgage with, for example, ING, Rabobank or ABN AMRO and have you not taken out the maximum mortgage amount? Then you may be able to co-finance the boat. However, the term of a mortgage is longer than the term of a loan. The mortgage interest is slightly lower than the interest on loans, but because of the long term of the mortgage, you are ultimately cheaper with a loan. Financing through your mortgage entails additional costs, such as appraisal and notary fees, and the application process takes longer than arranging a loan.
Term life insurance
In the event of death, you do not want your next of kin to have to take over your loan. With a term life insurance , the insured amount is released after your death. This insurance provides security so that you can borrow without worries. You take out the insurance at a low premium at the same time as the loan.
Would you like to receive a proposal from our partner banks for the loan of your choice? Fill in your details on our digital application form and you will receive a personal quote for financing the boat. We offer you the lowest interest and favorable conditions. You do not pay any advice and closing costs. We are happy to arrange your loan so that you can enjoy your new boat as a skipper. Or as the lessor of the new sloop.
Request a quote without obligation