What does lease to own mean?
Leasing your boat allows you to have a residual value or lump sum left owing at the end of a 2 or 3 year period. This allows you to keep your monthly repayments to an absolute minimum.
What happens at the end for 3 or 4 years when the residual or lump sum owing falls due?
At the end of the term of the loan you have the choice to refinance the residual or pay the loan off completely and own the boat outright.
Does leasing a boat give me any tax advantages?
If you're leasing the boat in your company name or the boat is for commercial use you may be able to claim depreciation and interest as a tax deduction. We recommend you either contact us or talk to your accountant to see what deductions may apply for your circumstance.
Does leasing apply to new and used boats?
Yes, lease to own applies to both new and used boats.
What deposit do I need to pay?
This can vary depending on the size of the loan, individual credit history and if the boat is for recreational or commercial use. Contact us today and we will advise the deposit you require.
Can I finance on no deposit?
Yes, however usually we will require additional security to the boat. This could be in the form of a vehicle or property.