FAQ - Consumer Credit

FAQ - CGI Finance and SGB Finance

Q: What is the smallest possible down-payment?

A: 30% of the purchase price incl. VAT. The down-payment will be made directly to the boat dealer. In exeptional cases 20% of the purchase price incl. VAT can be approved for the down-payment.


Q: What is the longest possible duration?

A: 12 years. In exceptional cases 15 years may be allowable.


Q: Is the interest rate fixed throughout the duration of the loan?

A: Yes.


Q: Will there be an additional balloon payment at the end of the loan?

A: No, except if you explicitly ask for one. We can offer you a balloon rate of 15% up to a term of 12 years..


Q: Is it possible to finance used boats through CGI Finance and SGB Finance as well?

A: Yes, CGI Finance and SGB Finance finance used boats up to 30 years of age.


Q: How can I keep the monthly rate down?

A: Through a long duration. Of course, CGI Finance and SGB Finance pay attention to low interest rates. But a long duration is the deciding factor in keeping the monthly charge low.


Q: Why should I choose a long duration even if I plan on changing the boat in a few years?

A: A long duration will keep the monthly charge low thus allowing you to invest less capital in your boat throughout the year. In this way you maintain financial flexibility and keep capital for other purchases and expenditure. These advantages in combination with a maximum early repayment fee of 1% are good arguments for long duration finance. On request, you can terminate the loan or make a partial loan repayment at any given time.


Q: Am I already legally bound by my signing of the credit application?

A: No, there is a legal requirement of 14 days revocation period. This revocation period only starts upon receipt of the written acceptance by CGI Finance or SGB Finance respectively.


Q: Are partial loan repayments possible?

A: Yes, any time and without limitation regarding the amount.


Q: May I cancel the contract at any given time?

A: Yes.


Q: Do partial loan repayments or early termination cost me a lot of money?

A: No, the additional costs amount to only 1% of the paid off sum.


Q: What collateral do I need to provide for the loan?

A: In general, the boat is the only security needed.


Q: How does the provision of collateral work?

A: In most cases, through a simple transfer of title. CGI Finance and SGB Finance then register the boat in the Ship Register in Hamburg, Germany in their name. The costs must be paid by you.


Q: Do ship registration costs incur for all boats?

A: Up to a purchase price of € 150.000,00 incl. VAT CGI Finance and SGB Finance may forgo ship registration, meaning no further costs for you. However, this is only possible for new boats.


Q: What other costs are to be expected?

A: No further fees are payable to CGI Finance or SGB Finance when arranging the finance.


Q: How does the boat need to be insured?

A: CGI Finance and SGB Finance require that you take out a liability insurance as well as a comprehensive insurance. CGI Finance und SGB Finance works with Pantaenius but you as a client are free to choose your insurance company.


Q: May I charter out my boat?

A: Yes.


Q: Are other flags possible?

A: Yes, on request. CGI Finance and SGB Finance also finance clients in France, Spain, Italy, and the UK. CGI Finance and SGB Finance would be pleased to offer financial solutions for international clients residing in these countries.

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