Boat Ownership and Possession
With each of the commercial finance products, the buyer takes possession of the vessel at the time that the sale is completed.
You get to select the boat you want, negotiate the price with seller and after purchase, you are responsible for handling boat rego, insurance costs and all maintenance and running expenses.
The buyer takes possession but the lender retains ownership of the boat under varying structures:
- Comprehensive Hire Purchase CHP: lender hires the boat to you for fixed monthly hire rate which is effectively the repayment
- Leasing: lender leases the boat back to you under fixed monthly rate
- Chattel Mortgage: lender takes a mortgage over the boat and you repay the loan at fixed monthly repayment
A broker will clearly explain the details of each and guide you through the decision making process.
Follow these links to connect with a specialist marine finance broker