Close Brothers Electric Boat Finance Rates - October 2026
| Lender | Rate From | Rate To | Max Term | Max LTV | Min Loan |
|---|---|---|---|---|---|
| Close Brothers (Electric Boat) Specialist marine division | 5.4% | 8.5% | 10 yrs | 80% LTV | £10,000 |
| Black Horse | 5.5% | 8.9% | 10 yrs | 80% LTV | £10,000 |
| Lombard | 5.2% | 8.0% | 10 yrs | 75% LTV | £25,000 |
| Pegasus Marine Finance | 6.0% | 9.5% | 15 yrs | 80% LTV | £5,000 |
| United Trust Bank | 6.2% | 9.5% | 10 yrs | 75% LTV | £25,000 |
Rates indicative only, subject to status. Close Brothers row highlighted; comparison lenders shown for context.
Close Brothers Marine Finance and the Electric Boat Opportunity
Close Brothers Asset Finance operates one of the UK's most experienced specialist marine lending divisions. Unlike generalist HP providers, Close Brothers employs underwriters with direct marine industry knowledge - they understand survey requirements, flag-state implications, charter use, and the structural differences between a boat that lives on a canal and one that crosses to the Channel Islands. For electric boat applicants, this expertise matters.
The electric boat market in the UK is in its early commercial phase. Brands such as X Shore (Sweden), Candela (Sweden), Rand Boats (Denmark), and Hinckley (USA) are establishing track records, but the secondary market remains thin. Close Brothers applies its standard marine HP framework to electric craft but requires more diligence on the battery: warranty period, chemistry (LFP/NMC), depth-of-discharge cycles quoted by the OEM, and the manufacturer's own RV projections where published.
Close Brothers is also one of the few mainstream lenders actively exploring finance lease structures for electric boats. Under a finance lease, the lender nominally retains ownership throughout the term and bears residual value risk - a feature that could benefit buyers of premium electric vessels where residual value projections are genuinely uncertain. Monthly payments under a lease structure may be lower than HP on the same asset, though there are tax and VAT implications to consider.
From a green credentials perspective, Close Brothers does not currently offer a formal 'green discount' rate, but their appetite for well-specified electric vessels is genuine. The UK government's Clean Maritime Plan, the Harbour Authorities' progressive electrification mandates, and rising diesel surcharges at many marinas are all strengthening the commercial case for electric propulsion - and lenders like Close Brothers are tracking that shift.
With rates from 5.4% APR, Close Brothers is currently among the most competitively priced specialist marine lenders for electric boats. An independent broker can present your application simultaneously to Close Brothers and other panel lenders, returning with the best available package - often more cost-effective than any single lender can offer directly.
Strengths & Limitations
Strengths
- Dedicated specialist marine underwriting team
- HP and finance lease options available
- 5.4% starting rate competitive for electric segment
- 80% LTV accessible for strong borrower profiles
- Experienced with flag state, survey, charter documentation
Limitations
- No formal green rate incentive at present
- 10-year maximum term
- Electric boat RV assumptions remain conservative
- Min £10k - not suitable for small outboard-conversion craft
- Direct lending; no comparison across the wider market