Marine finance lender, Promarine Finance, has seen a 71% increase in the number of boat financing deals in the first quarter of 2021 compared to the same period in 2020 as uncertainty caused by COVID-19 continues.
The company has seen the biggest demand driven by motorboat finance during this time with a 180% increase in the number of motorboat mortgages in Q1 2021.
There has also been a 150% year-on-year increase in finance deals for RIBs for the same period compared to 2020 and a 30% increase in the number of canal boat finance deals.
“Our Q1 performance this year has been our strongest to-date,” said Stuart Austin, Promarine Finance director. “We’ve noticed a surge in demand for boat finance particularly for motorboats and RIBs. This highlights the growth in leisure boating in the UK and indicates that boat ownership is very strong.”
He continued: “With ongoing uncertainty about overseas travel and the requirement for vaccination passports, and ‘green zones’, more people are opting for guaranteed leisure time through boat ownership.”
Many of the boat financing deals are for new entrants to the market, people who see leisure boating as a safe and unrestricted option.
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