Can you finance a boat?

Yes you can. It works on the same principle as financing a motor car. It’s a standard HP (Hire Purchase) agreement.

Do I need to pay a deposit?

Although there is no legal requirement for a deposit, a deposit may be required depending on your credit risk assessment. With a luxury item like a boat the bank normally ask for between 10 and 20%

Do we take trade-ins, and can you use my old boat as the deposit?

Yes we do. We will trade-in most boats. Obviously we would need to see the boat and evaluate it. You can use your old boat (trade in) as a deposit.

What interest rate will I get?

The prime interest rate at the moment is 15%. Depending on your credit worthiness, will depend on what interest rate you get. However the average on a luxury item is prime plus 1

Will I need to get insurance?

If you are financing yes you must have insurance. If you are paying cash it’s up to you. However we do recommend that you get insurance on your craft. Marine insurance is very reasonable. Please complete an enquiry box below and we will be happy to give you a quote.

What period will I be able to finance it over?

Most banks are happy to finance a boat for a minimum of a year with the maximum of 54 months being the most popular.

Which bank will give me the best deal?

Leisure Marine deals all the major banks in South Africa. We will send your application to these banks and see which bank will offer the best deal. (It is often the bank that you have your personal or business account with)

How do I know what my repayment will be?

Please click on here to get a finance calculator. Fill in all the relevant “blocks”. This will give you a very accurate approximate payment.

What do I have to do to apply for the finance?

Attached find a finance application form. This must be completed and forwarded to us along with a copy of your ID and payslip. Once we have the finance approved in principle you will need to get all the relevant documents required by the bank to us. (See list of requirements)

How long will it take to get an approval?

This ranges, sometimes we have an answer in a few hours. But to be safe we like to say that it takes at least 24hours.

Am I under any obligation by filling out a finance application?

No you are not under any obligation what so ever.