Boat Motor Finance

Common Questions About Boat Motor Finance

• Can I finance just the motor, or do I need to finance the entire boat?

  Yes, you can finance just the motor. Whether you’re upgrading an existing motor or replacing one, Credit One offers tailored boat motor finance options so you don’t need to finance the entire boat.

• Are second-hand boat motors eligible for financing?

  Yes, second-hand boat motors can be financed, however, approval depends on the lender’s lending criteria, which typically include the age and condition of the motor. We work with lenders to help you secure financing for both new and used motors.

• Do I need a deposit to apply for boat motor finance?

  Deposit requirements vary by lender. Some lenders may require a deposit of 10-20% of the motor’s value, while others offer 100% finance with no deposit necessary. We’ll help you explore the most suitable options for your financial situation, including no-deposit loans where available.

• Can the loan cover additional costs, like installation or propellers?

  Yes, many lenders allow you to include additional costs, such as installation, propellers, or accessories, in your loan. This helps simplify your purchase by bundling all related expenses into one manageable repayment.

• Can I finance a full engine replacement?

  Yes, we can help you finance a new or replacement boat engine, including associated installation costs. Whether you're upgrading performance or replacing a worn-out motor, we’ll guide you through your options.

• How is the value of the boat motor determined for financing purposes?

  The value of the motor is determined based on its purchase price and, for second-hand motors, an assessment of its age, condition, and market value. Lenders may request an invoice or valuation report to confirm the motor’s value.

• Do I need insurance for the motor before my loan can be approved?

  Yes, most lenders require comprehensive insurance for the boat and motor before finalising the loan. This protects both you and the lender in case of damage or theft. We can assist you in arranging suitable insurance.

• What documents do I need to apply for boat motor finance?

  You’ll typically need:
  
  

  • Proof of identity (e.g., driver’s licence or passport)
  • Proof of income (e.g., recent payslips or tax returns)
  • Details of the boat (e.g., make, model, purchase price, and seller information)
  • Bank statements and details of any existing debts

  
  Our team will guide you through the application process and ensure you have everything needed.

• How long does it usually take to get approved for financing a boat motor?

  Approval times typically range from 24 to 48 hours, provided all required documents are submitted. We work hard to streamline the process and get you back on the water quickly.

• What happens if I want to upgrade the motor or sell it before the loan is paid off?

  If you decide to upgrade or sell the motor before the loan is fully repaid, you’ll need to settle the remaining loan balance. Alternatively, you may be able to refinance the loan or roll the cost into an existing boat loan, depending on your lender’s terms. We’ll help you explore the best option for your situation.

• Are interest rates for boat motor loans different from loans for full boat purchases?

  Interest rates for boat motor loans can differ slightly from full boat loans, depending on the lender and the value of the motor. Some lenders may offer a fixed interest rate, giving you certainty around your monthly repayments for the life of the loan. Secured loans, where the motor acts as collateral, typically offer lower rates. We’ll compare options to find you the most competitive rate.