Building a new luxury boat can be an expensive endeavor and is a significant investment. Various financing options are available to those interested in purchasing or building a yacht. Financing typically involves one of three different solutions:
Bank loans
Portfolio loans
Private lenders
Bank loans are a popular option for financing a yacht construction. Many banks offer boat loans, which are similar to auto loans in terms of loan structure and required collateral.
Portfolio loans have become more popular for financing new construction projects. A number of institutions offer these and often have very favorable rates.
Private lenders also offer funding for boat construction. These lenders typically offer more lenient terms compared to banks. However, interest rates can be higher, and a larger down payment is often required.