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Boat Finance Rates


Denis R

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Anybody here got their boat financed through RoyScot Larch? I've just checked my November statement and they've put the interest rate up to 10%. So, as the base rate has been falling, they've been steadily increasing their rates from around 8.5% up to 10%....

This doesn't affect repayments, it just extends the term. Now rates have hit a 50 year low I'll be expecting to see a substantial drop next month, but somehow I don't think it's going to happen. This feels like a case of clawing back from whom they can as much as they can - the soft targets that don't make the headlines. I suspect their Park Home customers are similarly afflicted.

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They've got a monopoly on the market for marine finance in the <£37,000 bracket, that's for sure; there's no-one else that we could have got the marine mortgage with.

 

I financed through them at first, and found that three years into the ten year term, rate rises had left me with another eight years still to pay.

 

Switched to a personal loan from the bank. Still with 8 years left to pay, but my monthly payments were 12% lower.

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Whilst the banks are being wary now, they still need to lend money to make some for themselves. If you have a good payment record I would have thought that a personal loan from the bank was worth looking at. If you have a house as well, then a re-mortgage would also be a better bet.

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Anybody here got their boat financed through RoyScot Larch? I've just checked my November statement and they've put the interest rate up to 10%. So, as the base rate has been falling, they've been steadily increasing their rates from around 8.5% up to 10%....

This doesn't affect repayments, it just extends the term. Now rates have hit a 50 year low I'll be expecting to see a substantial drop next month, but somehow I don't think it's going to happen. This feels like a case of clawing back from whom they can as much as they can - the soft targets that don't make the headlines. I suspect their Park Home customers are similarly afflicted.

 

 

Yep I noticed that too......can't get a personal loan, although I've had a house mortgage in the past, and huuuge credit card debts that I never defaulted on and are now all paid off (and cut up!) and an excellent rating from Experian, I can't find any one else who would loan to us - because we're self employed. :lol:

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Our marine mortgage is with Bank of Scotland Marine. The rate has come down form 9.9% in october when we arranged it to 8.5% this month. Again wont affect our payments just the repayment term. They were very good arranged the loan quickly and sorted the paperwork out whilst we were on holiday. The loan amount was £28k over 10 years secured on a £38k boat. The rate we pay is fixed by the finance house base rate which is coming down. I suppose different companies use different rates. Our loan will always be 3 percenatge points above the finance house rate.

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