Rankin Commercial Vessel Finance - Current Rates
| Finance Type | APR Range | Max Term | Max LTV | Min Loan | Typical Use |
|---|---|---|---|---|---|
| Hire Purchase (HP) | 8.2%–13.5% | 15 years | 80% | £10,000 | Ownership at end of term |
| Finance Lease | 8.2%–13.5% | 15 years | 80% | £10,000 | Off-balance-sheet option |
| Refinance / Equity Release | 8.2%–13.5% | 15 years | 80% | £10,000 | Release capital from existing vessel |
Rates correct as at October 2026 and subject to change. Individual rates depend on business profile, vessel type, LTV and term. Business lending - no consumer credit regulations apply.
About Rankin Commercial Vessel Finance
Rankin is a specialist marine and vessel finance provider with a highly differentiated offering: a 15-year maximum term, 80% LTV and a minimum loan of just £10,000 make them uniquely accessible across the entire commercial vessel spectrum, from small inshore fishing boats to larger workboats and passenger craft. Their rates of 8.2%–13.5% APR are at the higher end of the market, reflecting their willingness to take on cases that other lenders won't - but the extended term means monthly payments can be significantly lower than with a 7-year lender, even at a modestly higher rate. Rankin is a genuine marine specialist: their underwriters understand vessel depreciation curves, the operational economics of fishing and charter, MCA coding requirements and the impact of flag state on security value. They are comfortable with vessels of almost any age, provided the marine survey supports the proposed LTV, and their £10,000 minimum makes them the logical first call for small fishing vessel purchases, RIB finance and entry-level workboat transactions. Rankin also have appetite for second-hand foreign-built vessels being imported for UK registration, which most mainstream lenders will not touch.
Commercial Vessel Registration & MCA Requirements
All commercial vessels financed through Rankin must comply with UK maritime regulatory requirements. Key points for borrowers:
- MCA Coding: Commercially operated vessels carrying passengers or crew must hold the appropriate MCA Coding Certificate for their area of operation (Codes 1–6). Lenders will verify this before drawdown.
- Part I Registration: Most lenders prefer Part I registration on the UK Ship Register, which provides clear legal title and supports the lender's security interest. SSR is acceptable for some vessel types.
- SSR Registration: The Small Ships Register is acceptable for fishing vessels and some workboats. Part I is preferred for vessels over 24m.
- Marine Survey: An independent survey from an MCA-recognised surveyor is required for all commercial vessel finance applications. Survey costs are typically borne by the borrower.
UK Seafood Fund & Fishing Vessel Grants
If you are financing a fishing vessel, the UK Seafood Fund (administered by Defra and the devolved authorities) provides grant funding for vessel upgrades, energy efficiency improvements and safety equipment. Grant funding can often be combined with commercial vessel finance - the grant covers capital expenditure while finance covers the vessel purchase. Speak to Doulton Bridging Finance about structuring a combined finance and grant arrangement.
Strengths of Rankin for Commercial Vessel Finance
- Market-leading 15-year maximum term - lowest monthly payments in this comparison
- 80% LTV - same as Close Brothers but available on much smaller loans
- Minimum £10,000 - accessible for small fishing vessels and RIBs
- True marine specialist - comfortable with older vessels and non-standard types
- Will consider import finance for foreign-built vessels being UK-registered
Limitations to Consider
- Highest rate range at 8.2%–13.5% APR - significant cost if rate is near ceiling
- Longer term means more interest paid over the life of the loan
- Less well-known than bank lenders - may require more explanation to clients
- For very large transactions, bank lenders may offer better overall terms
Compare Rankin Against the Whole Market
| Lender | APR From | Max Term | Max LTV | Min Loan |
|---|---|---|---|---|
| Close Brothers | 5.9% | 10 yrs | 80% | £25,000 |
| Lombard | 5.5% | 10 yrs | 75% | £50,000 |
| Shawbrook | 6.5% | 7 yrs | 70% | £50,000 |
| United Trust Bank | 6.2% | 10 yrs | 75% | £50,000 |
| Aldermore | 6.8% | 7 yrs | 70% | £50,000 |
| Together | 7.5% | 7 yrs | 70% | £50,000 |
| Rankin | 8.2% | 15 yrs | 80% | £10,000 |
| Funding Circle | 7.9% | 5 yrs | 70% | £10,000 |
Highlighted row = Rankin. Source: Doulton Bridging Finance lender panel, October 2026.