Choose an unsecured or secured loan
Depending on your needs, you can apply either for a secured or an unsecured loan. They differ from each other in terms of collateral, interest rate and maximum loan amount.
Unsecured loan of 2,000–15,000 euros
Special Consumer Credit is an unsecured loan. Its advantage is that normally you will get financing for your boat very quickly. The loan interest rate is usually 6 – 8 %. You can get a loan of up to 15,000 euros without collateral. Only OP customers can apply for a loan without collateral.
A secured loan comes with an affordable interest rate
Bank loan is a secured loan. Its advantage is an affordable interest rate, typically 3 – 5%. You will need collateral or a guarantor for the loan. As collateral, you can use, for example, a home that you own. If you have made payments on your home loan and your home serves as collateral for it, some of its value may be free for use as collateral for your new loan.
You can apply for a secured loan even if you are not an OP customer. You can get a secured loan starting from 8,000 euros, with no upper limit. In other words, you can apply for it even for financing a large boat.
OP cooperative banks’ owner-customers earn OP bonuses through secured bank loans.
In comparing different types of boat financing, pay special attention to the total loan costs. A loan always involves other costs than the interest or the loan establishment fee, and these should not be compared separately.
Apply online – you will get the loan decision quickly
Apply for a boat loan online. You will get the loan decision quickly. As a rule, you will get a decision on an unsecured loan right away. For a secured loan, you will get the loan decision within 1–3 days.