Compass Finance (Specialist Classic Marine) Classic Boat Finance - Rate Table (October 2026)
| Rate metric | Detail |
|---|---|
| APR range | 8.2% – 14.9% |
| Maximum term | 15 years |
| Maximum LTV | 75% (against survey valuation) |
| Minimum advance | £5,000 |
| 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 | Specialist classic boat lender - alongside Pegasus |
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 Compass Finance (Specialist Classic Marine) Classic Boat Finance
Compass Finance occupies a similar position to Pegasus Marine Finance in the specialist classic vessel lending market - they are genuinely set up to finance the older, more unusual and more characterful boats that most mainstream asset finance houses are simply not equipped to underwrite. Alongside Pegasus and Rankin, Compass represents one of the three primary go-to sources for classic boat finance in the UK broker market.
Rates at Compass run from 8.2% to 14.9% APR - slightly higher than Pegasus at the floor but within normal range for specialist classic vessel products. The 75% LTV ceiling is the most generous available from any classic lender on this comparison, matching Pegasus and Rankin, and the minimum advance of £5,000 is the lowest available - making Compass genuinely useful for the full spectrum from affordable small classics to prestigious high-value vintage vessels.
Terms extend to 15 years, and Compass is one of the few specialist lenders who will consider this loan tenure for older timber vessels - a material advantage for buyers of high-value classic yachts and motor vessels where managing monthly cashflow is important.
Compass's underwriting approach is notably hands-on. They are experienced with Lloyd's Register classified vessels, vessels with Part I British Ship Register entries, and craft with complex ownership or flag state histories. For unusual or rare classic vessels where standard market comparables are thin, Compass's underwriters are experienced at working with specialist surveyors and recognised classic boat valuers to establish a defensible lending value.
Survey is mandatory for all vessels. For wooden classics, Compass - like other responsible lenders in this space - expects to see a specialist wooden boat surveyor's report alongside the standard marine survey. Boat Safety Scheme certificates are required for relevant inland waterway craft.
Strengths
- Genuine classic specialist alongside Pegasus - not a bolt-on product
- 75% LTV - joint highest with Pegasus and Rankin
- 15-year terms including for older timber vessels
- Low £5,000 minimum - suitable for smaller classics and runabouts
- Experienced with Lloyd's Register classified and Part I registered craft
Limitations & Considerations
- Rate floor (8.2%) slightly above Pegasus (7.9%) for equivalent scenarios
- Rate ceiling of 14.9% - second only to Rankin at top end
- Full specialist survey mandatory - specialist wooden boat surveyors for timber
- Broker access only - no direct-to-public product
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.