We said at the beginning that we wanted to share information that was useful. Here goes...
Anybody seeking finance for a boat, and needing to make a number of staged payments (i.e. release the total loan in more than one instalment), to the broker or builder, should be aware that:
1. Finance companies can only make a maximum of 2 staged payments because of the terms of the consumer credit agreement.
2. Most will not be prepared to release any money until the boat is at a 'lined sailaway' stage - i.e. engine, windows, ballast, insulation and wood line-out. Before this stage, they consider it to be too risky an investment.
3. In order to be able to make staged payments, many lenders will insist that you hold a 'BMF' (British Marine Federation') contract. In order to be able to provide this, your builder or broker will need to be a member of the British Marine Federation. Not all are.
Other stuff, like being able to lend up to a maximum of 80% of the value of new boats, or 75% of the value of second-hand boats, was clear from the start, but these points above are a few that were not so clear, so we just thought we'd share them.