Close Brothers Classic Boat Finance Classic Boat Finance - Rate Table (October 2026)
| Rate metric | Detail |
|---|---|
| APR range | 7.2% – 12.5% |
| Maximum term | 10 years |
| Maximum LTV | 65% (against survey valuation) |
| Minimum advance | £10,000 |
| Survey requirement | Professional marine survey mandatory (YDSA / RYA-affiliated) |
| Vessel age | Pre-1980 classic/vintage craft considered |
| Hull types | GRP, steel, timber (clinker, carvel, strip-plank) |
| Product types | Hire Purchase, Marine Mortgage, Finance Lease |
| BSS certificate | Required for inland waterway-moored craft |
| Notes | Survey required; lower LTV; better rates for strong profiles |
Rates are indicative as at October 2026 and subject to change. All applications subject to status, survey and lender criteria. LTV applied against professional survey valuation, not purchase price.
About Close Brothers Classic Boat Finance Classic Boat Finance
Close Brothers Asset Finance is one of the UK's most established specialist asset lenders with a dedicated marine division. While not a pure classic boat specialist in the same mould as Pegasus or Compass, Close Brothers do extend their marine finance product to well-presented classic vessels where a comprehensive professional survey supports the lending case.
Their rate range of 7.2%–12.5% APR is the tightest and most competitive on this comparison - clients with clean credit histories and classic vessels in excellent survey condition can access some of the market's best rates. The trade-off is stricter criteria: the maximum LTV of 65% is lower than most classic vessel lenders, reflecting Close Brothers' more conservative approach to residual value risk on aged craft. The £10,000 minimum advance is also higher than specialist competitors, effectively ruling out smaller entry-level classics.
A full professional marine survey - typically YDSA or RYA-affiliated - is mandatory, and Close Brothers' underwriters pay particular attention to structural integrity, maintenance history, and the surveyor's opinion on market saleability. Wooden hull vessels are considered but are scrutinised more carefully; GRP classics and steel motor vessels in proven survey condition are more straightforward.
The 10-year maximum term is shorter than Pegasus and Rankin's 15-year ceiling, which pushes monthly payments higher. However, for clients with strong credit profiles who can comfortably service a 10-year term, Close Brothers often delivers the best headline rate - making them a compelling first stop for creditworthy buyers of higher-value classics in demonstrably good condition.
Strengths
- Lowest minimum APR (7.2%) among classic specialist lenders
- Established, well-capitalised institutional lender
- Strong acceptance rates for clean credit / excellent survey condition
- GRP and steel classic vessels well within appetite
- Clear decision process with experienced marine underwriting team
Limitations & Considerations
- Lower LTV ceiling (65%) - larger deposit or equity required
- Higher minimum advance (£10,000) - smaller classics excluded
- Shorter maximum term (10 years) - higher monthly payments vs 15-year alternatives
- More conservative on wooden hull and pre-1965 vessel types
- Approval more credit-profile-sensitive than specialist alternatives
Why Classic Boat Finance Requires a Specialist Approach
Classic and vintage vessels - typically those built before 1980 - occupy a unique position in the marine lending market. Their values are driven not by depreciation curves but by condition, provenance, rarity, and the specialist demand from a relatively small pool of knowledgeable buyers. This makes residual value risk genuinely harder for mainstream lenders to model.
A professional marine survey is not optional - it is the foundation of any classic boat finance application. The surveyor's report must be carried out by a YDSA (Yacht Designers and Surveyors Association) or RYA-affiliated surveyor. For pre-war and early post-war timber vessels, a specialist wooden boat surveyor is often required in addition to, or instead of, a generalist marine surveyor.
Lloyd's Register classification, where held, is viewed positively by all classic lenders and can simplify the valuation process. Vessels on Part I of the British Ship Register are generally preferred. The Boat Safety Scheme (BSS) certificate is mandatory for craft moored on inland waterways.
Doulton Bridging Finance's role is to present your classic boat enquiry to the lenders best suited to your vessel type, age, condition and personal financial profile - avoiding the cost and credit footprint of multiple applications.