BOATSFrom the financing enquiry to the credit approval by your company, there are a few points for the future boat owner to consider. What are the first steps?
Sandra HeinFirstly, the customer agrees the purchase price of the boat with the dealer, manufacturer or previous owner and then submits a financing enquiry to the bank. The financing amount can be up to 60 per cent of the purchase price. This is followed by the necessary credit check of the customer by our company.
BOATSWhat formalities does the customer have to complete?
Sandra HeinFirstly, the bank requires a detailed description of the boat or yacht from the future boat owner in order to determine its value. It is also important to state the berth and current photos of the boat, including the hull number.
In addition, the customer must submit the original invoice with the corresponding VAT certificate and the details of the delivering dealer or seller, from which the name, address and country of origin of the boat manufacturer, various details about the boat, such as type designation, year of construction, serial number as well as guidelines and standards can be determined.
The manufacturer's property-specific CE declaration ensures that the boat complies with the relevant EU directives. For cross-border purchases abroad, the bank also requires the original bill of sale and the corresponding VAT certificate.
In addition, proof of liability and fully comprehensive insurance (for charter companies: hull and embezzlement insurance) with cover of at least six million euros must be provided. For boats with a financing sum of 100,000 euros or more, an entry in a ship register is also required.
When financing a used boat, the buyer must also provide an extract from the register or a copy of the previous boat licence or a cancellation/deregistration.
BOATSHow long does it take for the necessary formalities to be completed and for your financing offer to be finalised?
Sandra HeinAs a rule, it takes around two weeks from the financing enquiry to the preparation of the offer. The financing offer is prepared in consultation with the customer as soon as all the formalities have been completed. After stating the purchase price and the financing period, the down payment, instalment amount and, if applicable, a final instalment are determined.
Even if the list of formalities in the run-up to the financing offer initially appears extensive, it is necessary to ensure that a good and secure deal is concluded for both the bank and the customer. And that is in the interests of all parties involved.
BOATS: How does akf-bank differ from its competitors?
Sandra HeinWe are a medium-sized German corporate bank. To put it plainly, we are around 90 % owned by the Vorwerk family group and just under 10 % by a bank belonging to the Oetker Group. This structure enables us to offer customised financing products for SMEs. As a result, we operate on an equal footing with our customers, so to speak.
Isabella Finsterwalder and Torsten Moench spoke to Sandra Hein
