Purchasing a boat in Colombia can be a significant investment, whether for recreational, commercial or tourism use. However, the high cost of these goods causes many people and companies to look for financing options. Below, we explain the main alternatives available, the requirements and tips to facilitate the purchasing process.
You may also be interested in: Most common mistakes when buying a boat and how to avoid them
Financing options
1. Bank Credits
Banks in Colombia offer credit lines for the purchase of boats. Some financial institutions have specific products for this type of acquisition, with terms that can vary between 5 and 15 years. Among the main banks that offer this type of credit are:
- Banco de Bogotá : Offers loans for productive assets, including vessels for tourism and fishing.
- Bancolombia : Offers credit lines with competitive rates for the purchase of mobile assets.
- Davivienda : Offers loans with movable collateral and flexible terms.
2. Financial Leasing 
You may also be interested in: 10 reasons to buy a boat
Leasing is a popular alternative for purchasing boats, especially for tourism or maritime transport companies. In this model, the financial institution acquires the boat and delivers it to the buyer for use by paying monthly installments. At the end of the contract, the user has the option to buy the boat for a residual value.
3. Credit Cooperatives
There are financial cooperatives and employee funds that offer loans with lower interest rates than traditional banks. Some maritime sector cooperatives have specific programs to finance the purchase of vessels for their members.
4. Private Financing and Crowdfunding 
You may also be interested in: New boats vs second-hand boats
Private financing is an alternative to traditional credit, allowing access to capital without strict banking requirements. There are different forms of private financing:
· Private investors or lenders: Some people with available capital may offer loans with collateral, usually through notarial agreements or private contracts.
· Cooperatives and investment funds: Organizations that offer loans to their members with more flexible conditions than banking entities.
· P2P (peer-to-peer lending): Digital platforms that connect lenders with borrowers directly.
Requirements to access financing
To qualify for any of these financing options, certain requirements must generally be met, which vary depending on the financial institution or lender. Some common requirements include:
1. Credit history
Financial institutions usually review the applicant's credit history to assess their solvency and ability to pay. A good credit score increases the chances of obtaining better conditions.
2. Payment capacity
You may also be interested in: Complete guide to buying your first boat
Banks and lenders assess the applicant's income to determine whether he or she can afford the monthly installments of the loan. To do so, they may request:
· Income tax returns.
· Income and withholding certificates.
· Bank statements for the last few months.
3. Warranties
In most cases, collateral is required to back up the loan. This collateral can be:
· The vessel itself, through a naval mortgage.
· Real estate or other assets of the applicant.
· Guarantors or co-debtors.
4. Down payment
You may also be interested in: Documentation and procedures for buying a boat
Some financing methods, such as bank loans and leasing, require an initial payment that usually ranges between 20% and 30% of the total value of the boat.
5. Legal documentation
To formalize the financing process, documentation is required that includes:
· Citizenship card or NIT (for companies).
· Certificate of registration of the vessel (in case of refinancing).
· Purchase-sale contract or quotation of the vessel.
Tips for obtaining successful financing 
- Compare options : Don't limit yourself to just one financial institution. Analyze different offers and choose the one that best suits your financial situation.
- Negotiate rates and terms : Some institutions allow you to renegotiate interest rates and terms based on your credit profile.
- Maintain a good credit history : This will improve your chances of approval and may help you get better terms.
- Having a clear financial plan : Demonstrating how the boat will be used and its potential profitability can be key to credit approval.
We invite you to take a look at other articles at: https://yate.co/en/blog