Financing of used boats

Rule of thumb

We are pleased to offer yacht financing for used boats. Please note the following rule of thumb: the age of the boat and the term of the loan agreement together should not exceed 25 years.

Why an age limit?

The age limit has purely financial reasons. Of course there are 40-year-old yachts in top condition. However, the resale value of these boats can no longer be reliably determined. However, this is of immense importance if you only accept the financed good itself – i.e. the yacht itself – as collateral for the loan. In this context, we would like to expressly point out that this age rule can under no circumstances contain a statement about the quality of your future dream boat. On the contrary, there are many yachts that are in excellent condition beyond our age limit.

Expert analysis of boats

Instead of buying a new yacht, maybe you have decided on a used boat? Then we recommend that you first have an expert opinion drawn up. This is the only way to ensure that you are purchasing a used boat in the best possible condition.

Yacht appraisals are an obvious thing in many countries. In England, for example, the lack of regular reports is a clear sales disadvantage. Our yacht financing and boat financing usually also provide analysis of used boats. This is because the yacht financier only takes the boats to be financed as security and therefore requires the certainty that the yacht is in order from a technical, visual and thus price point of view. Only when the report proves that the used boat is as it's best, can we make you an offer to finance your boat with a loan.

We are convinced that these expertise also protects you as a boat buyer. This means that nasty technical surprises, which are more likely to occur with a used boat than with a newly purchased yacht, are less likely. Thus, you have a realistic assessment of the market value of the yacht and the resale value can also be increased. Because the existence of an expert opinion is always seen as an indication of good care of a yacht and seriousness of the owner of a boat.

An expert should be chosen wisely. Criteria in this respect are a short journey to the boat (travel expenses) and a solid specialisation of the expert on any individual technical questions.

Exceptions to the obligation to obtain an expert opinion for the purpose of yacht or boat financing are only possible for very young used boats if the chain of ownership can be easily traced back and the almost new boat is sold by an established yacht dealer.

Private seller

If you decide to finance a used boat instead of buying a new boat, it plays an important role whether you conclude the purchase contract for your used boat with a dealer or with a private seller. Generally, yacht financing for privately sold used boats is possible. Once again, when it comes to financing, it is important to take into account the need for security on the part of the yacht financier, which always protects the customer as well. Because the financed yacht is considered security for the loan and must therefore be demonstrably free of third-party rights. The boat papers of the used boat must prove this. In addition, basic information is required from the seller so that the loan amount can be paid out at all. We would be happy to help you check these two criteria before the purchase and loan agreement for your boat is signed.

However, buying a used boat from a dealer can have decisive advantages: the professional boat dealer, unlike the private seller, does not exclude guarantees and warranties for boats. And the boat financing can also be processed quickly and easily, because there is a long-standing, trusting cooperation with almost all larger and established yacht dealers.

You should pay attention to this when buying a used boat:

Instead of buying a new yacht, have you found a used boat that meets your exact wishes and needs? Even if you are familiar with boats and yachts, you should not rush into anything and do not start the boat financing too quickly. New yachts may be more expensive, but used boats can have hidden defects that need to be uncovered before you decide to finance and take out a loan. Take your time and always consult an expert.

The following points are particularly important to note in a used boat:

Basically: Never buy a used boat without a test sail. Take your time on the water and test the engines, equipment and all the accessories of the boat. If you and the expert are satisfied with the quality of the used boat, we will gladly prepare an offer for boat financing.

Financing of a used boat with go boating

We would be happy to make you an offer for an individual financial plan. The boat financing is tailored to your individual needs and budget. With a long term of the loan, you can keep the monthly instalments as low as possible. However, the financial plan can be adapted to your needs over time and the term and instalments of the loan can be redefined.

At go boating, a used boat is usually financed with a loan. Only new boats are usually financed by French leasing. The prerequisite for French leasing is that the sales tax can still be reported. However, in the case of a used boat, there is often the problem that there is no proof of whether the VAT to be paid in the EU has already been paid for the boat.

During a personal meeting or a phone call, we would be happy to take the time to answer your questions about financing used boats. We will then be happy to make you an offer for a loan, taking into account the monthly rate you want. You can reach us on +49 / 40 / 527 31 72-0.

Contact us, we look forward to advising you!

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