Yacht finance
Yacht finance generally comes in Marine finance category. It's the way of financing boat or yacht purchase. Basically, yacht finance can be in the form of a yacht mortgage where the charge of yacht is taken over by the funding agency. It can also be an unsecured loan where the charge of yacht is not taken over by the funding agency. It is a dream of every sailor to own a boat or yacht. Buying a yacht is not very easy as the cost of yacht is very high but thanks to funding institutions which assist you in buying a yacht of your dream.
Yacht funding companies
There are many renowned yacht financing companies in the world, and have their branch offices throughout the world. These companies have variety of fixed and adjustable rate loan schemes including no income verification loans, competitive fixed rate boat loan schemes and attractive adjustable rate boat loan schemes with down payment requirements to meet your financial needs with rates starting from as low as 6.25%.
Mortgage procedure
If yacht is more than one year old, then a survey and valuation of yacht is compulsory for mortgage. It is always wise to ensure that you are receiving good value for money through valuation. This valuation should be done by any authorized and qualified surveyor. Most of the funding companies have the facility of providing a list of reputed and authorized surveyors.
Facilities provided by the yacht funding companies
These yacht funding companies can also provide refinancing for your already existing boat loan, foreign registration of boats or yachts, multi-hull vessels, linerboard requests, boats being delivered to your country and some charter boats. In addition to this, these companies can assist you with special ownerships such as trusts, partnerships and corporations.
The pros and cons of different yacht funding methods depend on each client's financial position, ability to recover finance position, taxing procedure whether incorporated or individual taxation and type of yacht required by the client. Generally yacht funding companies gain information about client, simply by the way of discussion with the client, they don't ask client to complete an application form for loan. If any particular issue regarding yacht funding is to be researched then a client can approach suitable lending agency.
Repayment of yacht loan
Many yacht finance companies issue loan on a disclosed basis when the yacht is paid for, usually yacht funding loan is remunerated. These companies can advise clients on government tax matters, registration, coding and surveying and chartering of yachts.
For what kind of yachts the funding is received
Generally yacht finance is available for any kind of Pleasure Sea craft (including even wooden hulled boats) used for both sea and inland waterways. Most of the yachts funding companies generally provide funding for additional or replacement equipments and refitting, but some yacht funding companies don't lend against highly specialized or extensively modified crafts.
Insurance
Yacht should be insured with by renowned insurance company so that any kind of damage can be catered to.
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