These days you can buy a yacht second hand for as little as fifty thousand pounds. You might be lucky enough to be able to buy a luxury yacht with cash. But you might prefer to take advantage of our specially negotiated yacht finance instead, a popular way to fund the purchase of a lifetime that can also deliver useful extra financial benefits. Here's what you need to know about UK yacht finance and marine mortgages, plus a few hot tips to help you make the best yacht buying choice.
About boat finance in Britain - Regulated by the FCA
Like every other type of finance, UK boat finance is regulated by the Financial Conduct Authority, a regulatory body that operates independently of the UK Government, financed via fees collected from members of the nation's financial services industry.
Because we're bound by the FCA regulations we can't actually give you financial advice. Only registered Financial Advisors can legally do that. But we can give you the benefit of years of experience plus all the general information you need, and we are also authorised to put you directly in touch with our specialist marine loan partners, CGI.
At Princess Motor Yacht Sales we fully understand that the yacht buying process isn't something you want to rush into. It requires consideration and careful thought. We'll support you all the way, helping you through the entire process if that's what you want, answering all your queries and providing guidance whenever you need it.
Marine finance from CGI - Part of the Societe Generale Group
CGI Finance is an official partner of Princess Motor Yacht Sales. They're a respected subsidiary of the banking giant the Societe Generale Group, one of the EU's biggest retail banks with 27 million customers, 35 years' experience and a dedicated team of experts in yacht finance. Together we've created a suite of useful yacht finance solutions for private individuals and professionals, all exclusive to us.
Efficient, personalised and confidential, CGI's marine mortgage and loan solutions are exactly what you need to purchase new and used boats, with long term loans available at either a fixed or floating rate and lease to purchase also on the cards. Lease status comes with all sorts of advantages, not least lower VAT rates.
It works like this: CGI actually buys the boat and rents it back to you. At the end of the contract you can buy the boat for an amount set in advance, or lease another brand new boat instead. We offer French leasing that complies with the law in France, Spain, Germany and Portugal, and Italian leasing that complies with Italian law. British?
Tips for buying a yacht
Whether you aim to buy for cash or get boat finance, buying a yacht involves lots of thinking and plenty of research. Here are our top tips for making the perfect decision and spending your money wisely:
Do your homework - Pin down the exact features that matter to you and those who will be enjoying the yacht with you, and make sure you know exactly how you want the yacht to work for you.
Actually count the people who are likely to spend time aboard - is the yacht really big enough? It's often sensible to buy a yacht that's a bit bigger than you think you'll need. Our customers frequently find that they love their yacht so much they wish they had more space for extra guests.
How many cabins and heads do you need? Where do you want the galley?
Is the boat for weekends only or longer voyages? Will you be moored most of the time, hugging the coast or venturing far out into the open ocean?
Attend some of the world's best boat shows and see these glorious machines in the flesh, the only real way to figure out which you love best.
If you can't attend a boat show in person, check You Tube and yacht manufacturer websites for video footage of the very latest craft.
Check out the makes and models that the yachting journalists are raving about.
Look at the manufacturer's specifications carefully to find the key features and benefits of each yacht and get a clear visual idea about the layout and design.
Bear in mind that most yachts of the same length have roughly the same accommodation, but the living spaces and the way they are arranged varies enormously.
Think location - it's easier to manage a great big yacht in the Mediterranean than, say, on the Solent, where the space is more restricted.
Consider all of the many options around technology and equipment, vital elements like bow and stern thrusters, electric winches, navigation aids and more.
Create a shortlist of your top three craft to examine more closely.
Like all important purchases, the key is to be as well-informed as possible. If you compare like for like in terms of the specification and equipment, you'll find the decision easier. Once you've narrowed your choice right down you might want to see if your broker will let you have a test sail. And after that you might want to arrange an actual sea trial, something you can usually do once you have handed over your deposit and signed the contract.
If you want to discuss uk marine finance with the experts, feel free to contact us and we'll put you in touch with CGI. Call +44 (0)1489 557755, email: [email protected] or click here to contact the Princess team for friendly, fast, highly professional help and support.