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Financing A Boat To Live On

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Ric.ror | 10:44 Fri 09th Apr 2021 | Personal Finance
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Matt wants to buy a boat to live on. He’s decided to borrow £25k over 5 years. What would be the best way to finance this and are there specific loans for this type of venture

Cheers in advance

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My mate used this company - he's a liveaboard https://www.pegasusmarinefinance.co.uk/narrowboat-finance-options/
10:46 Fri 09th Apr 2021
My mate used this company - he's a liveaboard
https://www.pegasusmarinefinance.co.uk/narrowboat-finance-options/
Matt should just shop around all loan provider's on a comparason site and get the best price for £25k over 5 year's. Ammot surfeit needs a specialist boat loan lender
Predictive text took over there
Ammot surfeit = Am not sure it...!
I agree he needs to shop around, search for 'marine finance' and there are lots who specialise in loans for boats
Has he been watching Canal Boat Diaries on BBC4? :D
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No - he can’t watch BBC as he doesn’t have a tv
25k seems an incredibly small amount for a boat you could immediately live on to me
Maybe he has a huge deposit?
Question Author
I think it’s going to be a ‘doer upper’
sounds like it. is there an equivalent word to sea-worthiness for boats that'll never see the sea?
Not that I can think of, bednobs, but if it is going on the canal it will need a boat safety scheme certificate every four years and an annual licence.
This might be of some interest
I could suggest a floating loan, Ric.ror - but I'll get my coat instead....
I have heard boats described as a hole in the water that you shovel money into.
A boating chap once told me that you have two days of happiness when you buy a boat - the day you buy it and the day you sell it
Not sure why they've added groceries in to their costings - you have to eat no matter how or where you live
Houseboats like that need permanent moorings which can be horrendously expensive. The cheapest way to do it is continuously cruising, which you can't do with that type of boat. Of course, continuously cruising makes it very difficult to travel to work.
Question Author
Thank you all for your answers - I have passed them on to Matt

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