Support and FAQs
SALT is committed to helping all our customers make financial decisions that are right for them. Our lending process is based on overall financial insight, not just a credit rating. We are careful lenders too, as considering risk factors is of course in everyone’s best interests.
Why should I choose SALT?
Our focus is making your boating dreams come true. Follow the easy application procedure using our unique App, offering convenient 24/7 access to track progress from quote to completion. Using Open Banking access to your bank data, rather than having to provide copies of statements and proof of income, this means you will receive a quick decision alongside fast funding.
Can I buy my boat from a broker?
Yes, customers will need to buy their boat through a boat retailer/broker which is also the best way to protect all parties involved.
Does my boat need a survey and/or valuation?
An important part of boat purchase is for a surveyor to complete a survey in order to pinpoint any issues. If you are buying a used boat (anything older than 12 months or with a previous owner) SALT requires that a survey and valuation take place. With regards to new boat purchases, the choice lies with the customer to decide whether a sea trial is sufficient. The option of a survey and valuation do provide peace of mind that the boat you buy is structurally sound and safe for your use. It is essential to know you are buying a boat that is worth what you are paying and SALT can assist by recommending experts to contact.
Do I have to register my boat?
If you plan on taking your boat out of UK waters, or if you are borrowing more than £150,000 from Salt, then we do require that your boat be fully Part 1 registered with the Maritime and Coastguard Agency (MCA). This requires you to select a Port of Registration, and a name for your boat. You can easily provide these through the Salt App. We will take care of the registration after your purchase completes and ownership has transferred to you.
Will I have to arrange boat insurance?
Yes, you must ensure your boat is adequately insured throughout the duration of your loan with Salt. You must also ensure that Salt is noted as a First Loss Payee on the insurance policy and provide a copy of your policy to us prior to the completion of your purchase. You can easily upload this through the Salt App. Should you have any questions about arranging insurance for your boat our expert team will happily help you, just get in touch!
Can I settle my loan early?
Yes, you can settle your loan at any time. There are no early settlement fees.
Can I purchase a boat abroad, in a different currency?
Yes, you can. Speak to a member of our team for full information on 0333 090 2368 or via Webchat.
I want to avoid paying a deposit
Currently this is not possible and the minimum deposit required to enter into a financial agreement with SALT is 20%. This does vary and will depend upon the type of boat being financed and the length of loan required.
Do you offer loans for people with bad credit scores?
At Salt we never automatically decline an application for finance. Each case is reviewed by our expert team to take into account individual circumstances. We will not be able to help everybody, but we do promise to be fair and transparent when making our lending decisions. If we can not help you, we will do our best to suggest alternatives that will get you out on the water. If you would like to discuss further, please contact the team on 0333 090 2368 or via Webchat.
Are there any admin/arrangement fees to pay?
We don’t charge any arrangement fees for our loans, but you should consider other costs such as insurance, maintenance, pre-purchase surveys and boat registration fees that may be applicable to your purchase. Our team will be happy to answer any questions you have, just get in touch!
