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Boat loan calculator

Don’t jump straight in the deep end with a boat loan, use our boat loan repayment calculator.

Owning a boat is a lifelong dream for many Kiwis, but the upfront cost of purchasing a boat can make it difficult to turn the dream into a reality. If you’re looking at buying a boat but don’t have the immediate funds, a boat loan is an option.

A boat loan can help you buy a boat and allow you to pay it back over time. But while this may seem like a viable option you need to consider whether you can afford it. To work out the true costs of a boat loan and whether these will be manageable within your budget, use our boat loan calculator.

Keep reading to see how to use the boat loan calculator, and to how to adjust your loan to save money on interest or reduce your repayments.

Boat on the sea

How to use the boat loan calculator

Once you have found a loan that you want to use for your calculations, simply enter the details of that loan in the relevant fields on the calculator.

  • Loan amount. If you have a boat already in mind, then you can enter that boat’s value as your loan amount. You need to make sure the loan amount is within the limits set by the lender.
  • Interest rate (p.a.). This is the rate of interest you are charged per year for the loan.
  • Loan term. The length of time you are able to borrow the money for will differ between lenders, but it will generally be for a period of between one and seven years.
  • Repayment frequency. Lenders usually allow you to select your own repayment frequency so you can match it with the frequency at which you get paid. This is normally a choice between weekly, fortnightly or monthly repayments.
  • Repayment type. You may be able to choose whether to make principal and interest or interest-only repayments for your boat loan.

Costs of owning a boat

Some people look into financing options for a boat without really understanding the actual costs involved in owning one. All of these costs need to be considered. When you use the calculator they should be budgeted for along with the cost of your repayments. Here’s a breakdown of some of the costs you can expect:

Boat purchase
The cost will vary depending on the type and size of boat you buy, but generally boats cost in excess of $30,000.

Startup costs
These costs involve the purchase of accessories, such as ropes and anchors, safety training for yourself and boat lifts to be installed at the marina.

Recurring costs
These include costs that you will be required to pay regularly, including insurance, maintenance, cleaning, boat licences and any continued training.

Compare loans you can use to buy a boat

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Establishment Fee
MTF Finance Secured Car Loan
8.20% - 20.20%
$2,000
$100,000
3 to 60 months
$376
Eligibility: Must be 18+, be an NZ citizen, resident or have a work visa, and have a regular source of income.
Secured car loans from $2,000.
Credit One Secured Boat Loans
6.85% - 23.95%
$5,000
$1,000,000
1 to 5 years
$195 - $995 depending on lender
Eligibility: Be 18+, an NZ citizen, permanent resident or have a work visa, and have an income of least $500 per week.
100% online secured boat loans from $5,000.
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