Pegasus Marine Finance Classic Boat Finance - Rate Table (October 2026)
| Rate metric | Detail |
|---|---|
| APR range | 7.9% – 13.9% |
| 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 | Classic vessel specialist - pre-1980 vessels accepted |
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 Pegasus Marine Finance Classic Boat Finance
Pegasus Marine Finance is one of the UK's genuine specialist classic boat lenders - they built their reputation on being willing to go where high-street banks and most asset finance houses won't. Pre-1980 vessels, wooden hulls, clinker construction, restored vintage motor launches, and other "character" craft are squarely within their appetite, provided the vessel can withstand professional survey scrutiny.
Rates at Pegasus run from 7.9% to 13.9% APR. Where you land within that band depends primarily on the vessel's age, construction material, survey condition report, your credit profile, and the loan-to-value you are seeking. GRP and steel classic vessels generally attract the lower end of the range; timber, composite, or heavily restored craft carry a modest premium. The 75% maximum LTV is relatively generous for classic vessel finance - most competitors cap at 65% or less - but that LTV figure is applied against the surveyor's current market valuation, not asking price or what you paid.
A YDSA (Yacht Designers and Surveyors Association) or RYA-affiliated marine surveyor report is mandatory for all vessels, with specialist wooden boat surveyors recommended for pre-war and early post-war timber construction. Lloyd's Register classification, where applicable, is viewed positively. The Boat Safety Scheme (BSS) certificate is required for craft moored on inland waterways.
Pegasus typically works to decisions within three to five working days of receiving a complete application, supporting terms to 15 years - unusually long for classic vessel specialist lending. Minimum advance is £5,000, making them accessible for well-maintained smaller classics as well as prestigious larger vessels up to high six figures.
Their limitation is that they are a specialist house, not a price-led commodity lender: if your vessel is in excellent condition, post-1985, and you have a pristine credit file, a mainstream marine lender may beat their rate. For genuine vintage and classic craft, however, Pegasus should almost always be in your shortlist.
Strengths
- Pre-1980 vessels accepted as standard - genuine classic specialist
- Higher LTV ceiling (75%) vs most classic lenders
- Terms to 15 years - longer than most specialist competitors
- Low minimum (£5,000) suits smaller classics as well as prestige vessels
- Wooden hulls, clinker and carvel construction accepted
Limitations & Considerations
- Specialist pricing - may not be cheapest for post-1985 vessels in survey-perfect condition
- Full YDSA/RYA survey mandatory - costs typically £400–£1,200
- Timber specialist surveyor may be required for pre-1960 wooden craft
- No unsecured option - loan is secured against the vessel
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.