[16 September 2011], Southampton – Leading UK asset finance provider Lombard believes that now is the ideal time to buy if you are considering a boat purchase.
Ian Braham, Lombard’s Head of Marine Finance, comments: “With analysts predicting that interest rates will remain low for some time to come and finance companies, like our own, ready and willing to offer marine finance, now is a good time to fulfil your boating aspirations!”
As the leading provider of marine finance in the UK, Lombard has seen a steady level of enquires in the first half of this year, and expects this trend to be reflected in finance and boat sales in the next 12 months.
In terms of the used vessel market, Lombard has seen a rise in final selling prices compared to 2009/10 and during 2011 prices have increased to approximately 91 per cent of the final advertised price. Lombard believes that this indicates that either sellers are being more realistic about final asking prices, or that the market is stabilising, resulting in less negotiation on prices. Values of non-production yachts and larger high performance vessels have been more affected by the recession, and these now represent better value for money.
Despite the challenges of the recent economic climate, Lombard has remained committed and active in the funding of boat purchases.
“We have found that purchasers have expressed pleasant surprise that finance is still readily available to those who meet Lombard’s normal lending criteria.
“Over the last three years, the industry has seen some lenders withdrawing from the market but Lombard remains fully committed to providing finance to boat purchasers.”
He concludes, “The leisure marine sector has proved to be extremely resilient in past economic downturns, and we see no reason why this will not be the case as we move towards a period of recovery in 2012 and beyond. With Lombard celebrating its 150th anniversary this year, 55 years of which have been in marine finance, our experience indicates that we can be very positive about the future of the marine sector and the continued important role of marine financiers in securing this future.”
ENDS
About Lombard
As one of the largest asset financiers in the UK and voted best by Business Moneyfacts in 2009 and 2010, Lombard provides various forms of asset finance to businesses of varying sizes – from SMEs to large corporates. Products include Hire Purchase, Finance Lease, Operating Lease, Sale and Leaseback, Contract Hire, to Contract Purchase, as well as multi-specialist asset finance products such as marine, aviation and specific wholesale and stocking funding for distributors and dealerships.
Celebrating its 150th anniversary in 2011, Lombard is headquartered in Redhill, Surrey, with an extensive network of business centres situated throughout the UK, and is an appointed representative of The Royal Bank of Scotland plc, which is authorised and regulated by the Financial Services Authority.
For more information contact:
Karyn Theron
PR & Communications Manager, Lombard
+44 771 780 7092
karyn.theron@lombard.co.uk
