Support and FAQs
SALT is committed to helping all our customers make financial decisions that are right for them. Our lending process is based on overall financial insight, not just a credit rating. We are careful lenders too, as considering risk factors is of course in everyone’s best interests.
Why should I choose SALT?
Our focus is making your boating dreams come true. Follow the easy application procedure using our unique App, offering convenient 24/7 access to track progress of your boat loan from quote to completion. Using Open Banking access to your bank data, rather than having to provide copies of statements and proof of income, this means you will receive a quick decision alongside fast funding. Our team of keen boaters are on hand via phone and webchat to share their multiple decades of experience in boat buying with you and ensure you have all the support you need from quote to completion.
What kind of boats does SALT finance?
We provide finance for boats that are used for leisure purposes. This includes sailing yachts, motorboats, ribs and jet skis. We DO NOT provide finance for canal boats or widebeams. Boats must be kept and used in continental Europe. The boat CAN NOT be your only residence. We finance both new and used boats, up to a maximum of 30 years old at the end of the finance agreement. This means if you are buying a boat which is 27 years old today, you can only finance it for a maximum of 3 years.
Can I buy a boat with a friend or partner?
We can provide joint loans between a maximum of 2 people. This could be a partner, friend or family member. Both borrowers will be liable for the full loan and responsible for ensuring repayments are made on time. The ownership of the boat must match the loan agreement.
Can I buy my boat from a boat dealer/broker?
Yes, customers generally buy their boat through a boat retailer/broker which is also the best way to protect all parties involved. If you are considering buying a boat in a private sale, we will need a marine lawyer to act. We can make introductions to trusted marine lawyers.
Can I purchase a boat abroad, in a different currency?
Yes, you can. Our loans are always in GBP, so your monthly repayments will be too. We can make payment in other currencies if you are buying a boat from abroad. Speak to a member of our team for full information on 0333 090 2368 or via Webchat.
Are there any admin/arrangement fees to pay?
We don’t charge any arrangement fees for our loans, but you should consider other costs such as insurance, maintenance, pre-purchase surveys and boat registration fees that may be applicable to your purchase. Our team will be happy to answer any questions you have, just get in touch!
I want to avoid paying a deposit
Currently this is not possible and the minimum deposit required to enter into a financial agreement with SALT is 20%. This does vary and will depend upon the type of boat being financed and the length of loan required.
Do you offer loans for people with bad credit scores?
At SALT we never automatically decline an application for finance. Each case is reviewed by our expert team to take into account individual circumstances. We will not be able to help everybody, but we do promise to be fair and transparent when making our lending decisions. If we can not help you, we will do our best to suggest alternatives that will get you out on the water. If you would like to discuss further, please contact the team on 0333 090 2368 or via Webchat.
Is my interest rate Fixed?
All our loans are Variable Interest Rate loans. Your interest rate is based on a percentage above the Bank Of England’s Base Rate which varies from time to time. This means that if the Bank Of England Base Rate goes up or down, the rate on your loan will also go up or down by the same amount. If rates go up, the amount of interest you pay overall increases. If rates go down, you will pay less interest overall. Our loans have a fixed monthly payment, so when interest rates change, your monthly repayment will remain the same, but because you are paying more or less interest, you will either settle your loan sooner (when rates go down) or it will take longer (when rates go up). It is the term which changes, not the monthly payment. This allows you to budget better knowing your monthly payments will not change.
What happens to my monthly payments if interest rates change?
Nothing. Your monthly payments do not change, instead the term on the loan changes. This means if interest rates go up, you pay the same amount each month but it takes longer to repay your loan. If interest rates go down, you pay the same amount each month but it takes you less time to repay your loan.
Can I settle my loan early?
Yes, you can settle your loan at any time. There are no early settlement fees. You can also pay off a lump sum of at least 10% of your outstanding balance.
Does my boat need a survey and/or valuation?
An important part of boat purchase is for a surveyor to complete a survey in order to pinpoint any issues. If you are buying a used boat (anything older than 12 months or with a previous owner) SALT requires that a survey and valuation take place. With regards to new boat purchases, the choice lies with the customer to decide whether a sea trial is sufficient. The option of a survey and valuation do provide peace of mind that the boat you buy is structurally sound and safe for your use. It is essential to know you are buying a boat that is worth what you are paying and SALT can assist by recommending experts to contact. The surveyor must be a member of the YDSA or IIMS.
Do I have to register my boat?
If you plan on taking your boat out of UK waters, or if you are borrowing more than £150,000 from SALT, then we do require that your boat be fully Part 1 registered with the Maritime and Coastguard Agency (MCA). This requires you to select a Port of Registration, and a name for your boat. You can easily provide these through the SALT App. We will take care of the registration after your purchase completes and ownership has transferred to you.
Will I have to arrange boat insurance?
Yes, you must ensure your boat is adequately insured throughout the duration of your loan with SALT. You must also ensure that SALT is noted as a First Loss Payee on the insurance policy and provide a copy of your policy to us prior to the completion of your purchase. You can easily upload this through the SALT App. Should you have any questions about arranging insurance for your boat our expert team will happily help you, just get in touch! For an insurance quote from Panteanius click HERE.
What happens if I can’t afford the repayments any longer?
We will always treat each customer individually and offer support where we can for customers experiencing short term financial difficulties. This might include offering a payment break or restructure of the debt, to allow time for the boat to be sold and the boat repaid. Any forbearance of this nature is entirely at our discretion. It is important you contact us if you have any reason to believe you might struggle to make your repayments on your loan. The sooner you speak to us the easier it will be for us to help. Ultimately, if you fall behind on your repayments we might repossess the boat in order to recover our money. This could adversely impact your credit score.
