Winter: The Smartest Time to Pawn Your Boat or Yacht in South Africa
Your boat doesn’t need to sit idle this winter – it can help improve your financial flexibility until summer returns.
The off-season for recreational boating is the most strategic time for owners to unlock cash from their boats or yachts through asset-based lending.
This can save on storage costs, allow you to retain ownership of the vessel and improve your liquidity.
Boats are often idle in winter but still cost money
Cold, wet and stormy conditions are not ideal for sailing. Vessels spend most of the winter months tied up at the marina or stored in dry-dock facilities.
Storage fees are substantial all-year round. In the winter months, when the demand is high, storage rates can soar.
The annual cost of maintaining a yacht or boat is estimated to be around 10% of the original purchase price. This financial outlay exists whether the boat is used or not. As do monthly insurance premiums.
That’s a lot of money to spend on an asset you’re not using for five or six months.
Pawning: a seasonal financial strategy
Pawning a yacht or boat over the winter months is a smart financial strategy. You get the benefit of a cash lump sum without having to relinquish ownership of a valuable asset.
Plus, you avoid the winter storage, maintenance and insurance costs. The vessel is insured and securely stored at the pawnbrokers’ expense for the duration of the loan agreement.
Smart uses for winter cash
Winter is a good time to spruce up home décor or settle outstanding debts before the holiday season kicks in.
With available funds, you can pay for your annual summer vacation in advance, have the dental work you’ve been avoiding for ages and exploit off-season deals on clothing and consumables.
Pawning a boat or yacht unlocks the finances you need to achieve your goals.
A pawn loan can be used for any purpose. It can be used to fund a new business venture or acquire an additional asset, or even pay for more advanced and sophisticated maritime equipment.
How pawning a boat or yacht works with Pawn A Car
Pawning a vessel with Pawn A Car is quick, easy and confidential.
All it entails is entering your information and basic details of the boat or yacht in question on our online application form.
A consultant will contact you with an initial loan proposal. If you wish to proceed, we’ll set up a time to have your boat or yacht physically appraised, and to formalise the agreement.
The vessel and supporting documents are handed over, and the funds transferred to your bank account. The entire transaction is concluded within 24 hours.
Our fee structure is transparent, the loan agreement is easy to understand, and we do not share any information with credit agencies.
The amount you can borrow against your vessel is solely based on the appraised re-sale value, and not your credit history, employment status or income.
At the end of the contractual term, and on full repayment of the loan plus the accrued interest, the boat or yacht is available for collection.
Apply online now to get a loan against your boat or yacht in South Africa. You can also contact us via WhatsApp to find out more about pawning luxury assets.
