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Boat Loan Calculator

This boat loan calculator will help you determine the monthly payments and total interest you'll pay for a boat loan.
Modify the values and click the calculate button to use.
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years
months
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Monthly payment
$0.00
Total interest paid
$0.00
Total principal paid
$25,000.00
Total repaid over 120 months
$0.00

Boat loans are financing options that allow individuals to purchase a boat by borrowing money from a lender and paying it back over time. Boat loans are similar to car loans and are typically offered by banks, credit unions, and online lenders.

This boat loan calculator will help you determine the monthly payments and total interest you'll pay for a solar loan.

Understanding your boat loan calculator results

Boat loans are installment loans, meaning that you make monthly payments on the principal balance plus interest and fees until the loan is paid back. Since boat loans have fixed rates, with our calculator you can estimate the monthly payment for your boat loan, based on the loan amount, term length and interest rate.

Monthly payment: This is how much you will pay toward your loan each month. It includes principal and interest repayment.

Total interest paid: The interest amount you’ll pay over the lifetime of the loan depends on the interest rate. Interest rates for solar loans usually range from 6% to 36%. Your credit score, income, existing debt, and other factors determine what interest rate you get. People with high credit scores and little debt often get the lowest interest rates.

Total principal paid: This is the original loan amount.

Total repaid: This is the amount you’ll pay by the end of the loan, which includes the loan principal and interest.

How much does a boat cost?

The cost of buying a boat varies depending on the type of boat, whether it is new or used, and other factors such as maintenance, insurance, and storage. On average, a new boat costs $60,000 to $75,000. However, personal watercrafts can cost as little as $9,500 or as much as $70,000. If financing is needed, the interest rate and fees of the loan must be considered.

There are several expenses to consider when buying a boat, including the cost of the boat itself, regular maintenance, insurance, storage (if you don't keep it at your house), and interest/fees on a loan (if you finance the purchase).

What is the average boat loan term?

Boat loans are unsecured personal installment loans with terms that are similar to other personal loans. The length of the loan term determines the monthly payment amount and the total number of payments. Most boat loan lenders offer 2-3 term options ranging from 1 year to 7 years. The loan term length you qualify for is based on the loan amount. Smaller loans typically have shorter repayment periods.

What to consider when buying a boat

When considering a boat loan, it is important to consider the following factors:

  • Interest rate: The interest rate on a boat loan will determine the overall cost of the loan. It is important to shop around and compare rates from different lenders to find the best deal.
  • Loan term: The loan term is the length of time over which the loan will be paid off. Boat loan terms can range from a few years to several decades, depending on the lender and the borrower's creditworthiness.
  • Down payment: A down payment is a percentage of the boat's purchase price that is paid upfront. A larger down payment will typically result in a lower interest rate and a shorter loan term.
  • Credit score: A borrower's credit score is an important factor in determining the terms of a boat loan. Borrowers with higher credit scores are typically offered more favorable terms, including lower interest rates and longer loan terms.
  • Boat type: Different types of boats may have different loan requirements. For example, some lenders may require a higher down payment for a luxury yacht than for a smaller fishing boat.
  • Additional costs: In addition to the cost of the boat itself, there are other costs to consider when taking out a boat loan, such as insurance, maintenance, and docking fees. It is important to factor these costs into the overall budget when deciding how much to borrow.

Applying for a boat loan

To apply for a boat loan, borrowers will typically need to provide the following information:

  • Proof of income: This may include pay stubs, tax returns, or other documentation showing the borrower's income and employment status.
  • Credit history: Lenders will typically review a borrower's credit history to determine their creditworthiness.
  • Collateral: Some lenders may require collateral, such as a car or home, to secure the loan.

Once the loan has been approved, the borrower will typically need to sign a loan agreement outlining the terms of the loan, including the interest rate, loan term, and repayment schedule.

Conclusion

Boat loans are financing options that allow individuals to purchase a boat by borrowing money from a lender and paying it back over time. When considering a boat loan, it is important to consider the interest rate, loan term, down payment, credit score, boat type, and additional costs. To apply for a boat loan, borrowers will typically need to provide proof of income, credit history, and collateral, and will need to sign a loan agreement outlining the terms of the loan.