Marine Finance

Have you ever dreamed of owning your own boat? The good news is, that dream is closer to reality than you might think. Whether you're a first-time buyer or looking to upgrade to a larger or newer vessel, we make the entire process easy, fast, and straightforward.

At Key Finance, we specialise in providing seamless, hassle-free financing solutions designed to help you get out on the water as quickly as possible. With our streamlined application process, competitive rates, and personal support, owning the boat of your dreams has never been simpler.

Let us handle the financing while you focus on the excitement of setting sail. Contact us today and experience how easy marine financing can be.

The Boat:

We offer flexible financing options for a wide variety of boats, including:

• New or Used: Whether you’re purchasing a brand-new vessel or a pre-owned one, we can tailor the financing to suit your needs.
• Power or Sail: From motorboats to sailing yachts, we provide financing for both types of vessels.
• Business or Pleasure Use: Whether your boat is for personal enjoyment or used for commercial purposes, we offer financing solutions to match.
• Exclusions: Please note that we are unable to finance boats intended for live-aboard or permanent residency purposes, as these do not meet our criteria for financing.
• Registration Requirements: To be eligible for financing, the boat must be registered under the UK’s Part I or Part III register.

We understand that buying a boat is a significant decision, and we’re here to make the financing process as simple and stress-free as possible. If you have any questions about whether your boat qualifies or if you need further clarification, our team is here to assist you every step of the way.

You:

We offer financing to a broad range of borrowers, including:

• Individuals or Limited Companies: Whether you are a private individual looking to finance your own boat or a limited company seeking to expand your fleet, we provide flexible solutions to suit both personal and business needs.
• UK-Based Borrowers: Our lending services are available to residents and businesses based in the UK, ensuring that we support local boat owners and operators.
• UK Income: To ensure financial stability, we require that borrowers have a UK-based income, whether from employment, business, or other sources.
• Homeownership Preferred: While homeownership is not a strict requirement, it is preferred, as it can help demonstrate financial reliability. If you are a homeowner, it can enhance your application, but we also consider other factors in assessing your eligibility.

At KMAF, we understand that every borrower is unique. If you feel you may not meet all the criteria, don’t worry – we’re happy to discuss your specific situation and explore the best options available.

Costs and Terms:

We offer flexible and competitive financing solutions to suit a wide range of boat buyers. Here’s an overview of our lending criteria:

• Loan Amounts: We can lend between £50,000 and £750,000, allowing you to finance a wide variety of vessels, from smaller boats to larger, more premium yachts.
• Deposit Requirement: A deposit of 20-30% is typically required, though the exact percentage may vary depending on factors such as the type of craft, its intended use, and its location. Our team will work with you to determine the appropriate deposit for your specific situation.
• Loan Term: We offer financing with terms of up to 7 years, giving you the flexibility to choose a repayment schedule that works best for you. Additionally, we can include the option of a balloon payment, allowing for a larger payment at the end of the loan term if that better suits your financial plans.

Our goal is to provide you with a financing solution that is as tailored and straightforward as possible. If you have any questions about the costs, terms, or how the financing can work for you, our team is ready to assist and guide you through every step of the process.

Mortgage:

To secure the loan, we will require a Legal Mortgage over the boat. This means that the boat will be used as collateral for the loan, ensuring both your and our interests are protected throughout the repayment term.

A Legal Mortgage gives us a registered claim over the boat, which provides peace of mind for both parties. In the unlikely event of non-payment, we have the legal right to recover the outstanding amount by selling the boat. This process ensures that the loan is secured, while also allowing you to continue enjoying your boat without concern.

The mortgage will be registered with the UK’s Part I or Part III Ship Register, and the registration process is typically straightforward. We will assist you through each step, ensuring that everything is legally in place and the process is as simple as possible.

If you have any questions about the mortgage or would like more details on how it works, our team is here to provide clarity and guidance to make the process as smooth as possible.

Registration:

For your loan to be approved, we require the boat to be registered under the UK’s official boat registration system. Specifically, the boat must be registered either under Part I or Part III of the UK Ship Register, depending on the size and type of vessel.

• Part I Registration: This is the full, permanent registration for boats over 24 meters in length or for larger commercial vessels. It provides a legal claim to the boat and ensures that it is recognized as a British vessel, which is often required for international use and trade. This registration offers the highest level of security for both you and the lender.
• Part III Registration: This is for boats under 24 meters and is typically used for smaller recreational craft. While it is a simpler and less costly process than Part I registration, it still provides a formal record of ownership, which is necessary for securing financing.

Both types of registration are important for ensuring legal ownership of the boat and allowing the boat to be used as collateral for the loan. If your boat is not yet registered, we can guide you through the process of registering it, making sure all necessary steps are completed.

If you need more information on boat registration or assistance with the process, our team is here to help at every stage.

Already found the boat you are going to buy? Please complete our initial questionnaire. Alternatively, please contact us to discuss your requirements or if you have any other queries.