Buying, owning and going on a boat is a great leisure activity for many Swedes during the summer. Sweden has a very long coastline with many beautiful archipelagos. Even the hinterland with all fine lakes are popular places for owners of both large and small boats.
Boats do not lose as much in value as, for example, cars. In fact, during boom times, boats can actually increase in value. There are boats in many different price ranges and some are quite expensive to buy. Several banks offer special boat loans that can be taken to finance their boat purchases. This type of loan is based on the fact that the boat is provided as security for the loan.
Requirements for getting boat loans
Although some boats cost as much as a villa, there are no mortgage certificates for boats. What the bank considers instead is the security in the market value of the boat type. Many banks require that the boat purchase be done via an authorized boat dealer. It was to make sure that the boat was checked and valued by experts.
As for other types of loans, your own personal finances are also crucial for whether or not the boat loan is to be granted. Age, income, other debts and lack of payment remarks are the way the creditor looks.
Anyone who borrows money for boat purchases may borrow up to 80% of the boat’s price. The remaining 20% must be paid in cash at the time of purchase.
Banks where you can borrow a boat
In Sweden there are a number of different banks and credit institutions where you can turn to borrow for a boat. When you contact the bank, it is important that you have all the information about the boat’s brand, model, year model and possibly. equipment.
Here we have listed several of them and searched for direct links to their information pages about the boat loans.
|The bank’s name||The name of the loan|
|Consumer Lending||From SEK 20,000 – SEK 350,000|
|Båtlånet||Signed via boat dealer|
|Simple loan||A private loan without collateral|
If it is a boat that costs a maximum of SEK 400,000, you can in practice borrow it through any of all the private loans available. However, the interest rate may be slightly higher since no collateral is then added to the value of the boat. Here you can see a list of private loans .
Tip! Do you have mortgage loans today? If the market value of your home is significantly higher than the mortgage loan, you can think about whether the mortgage loan is your cheapest way to finance the boat purchase. Check with your bank and ask for a calculation.