Boat Loan Calculator

Don't jump straight in the deep end with a boat loan – use a calculator to see how much it will cost before you apply.

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Owning a boat is a lifelong dream for some, but the upfront cost of purchasing one can put this dream out of many people’s reach. If you’re looking at purchasing a boat but do not have the immediate funds, you might want to consider a boat loan.

A boat loan can help you buy a boat while you 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 a 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.

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 you’re after is within the limits set by the lender.
  • Purchase rate (p.a.). This is the rate of interest you are charged per year for the loan. This rate may be fixed or variable, but if it is a variable rate keep in mind that if the rate fluctuates your repayments will be affected.
  • 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 will usually allow you to select your own repayment frequency so you can match it with the frequency at which you get paid. This will normally be 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.

How can the calculator help me?

If you input all of your loan information and find that the loan is too expensive to manage, you can use the calculator to see if you can save money somehow. Here are a few ways to adjust the loan:

  • Make your repayments more frequently. By making weekly rather than monthly repayments you may be able to reduce the amount of interest you pay over the course of the loan.
  • Choose a loan with a lower interest rate. When you’re calculating your repayments you may find that choosing a loan with a lower rate or even opting for a variable rate loan might save you money. Keep in mind that variable rates will fluctuate.
  • Use the comparison rate to compare. Instead of using the advertised rate to compare your options, look at the comparison rate – this will give you an idea of what you’ll actually end up paying, with other fees and costs of the loan included.

What is a boat loan calculator?

A boat loan calculator can help you determine the cost of taking out and managing a boat loan. When you compare your loan options you can use this calculator to see if this loan will be affordable, or whether you might want to choose a different loan product. You can also use the calculator to adjust the terms of your loan and see if there is a way to save money.

Use the values from your calculations above, to help you compare a range of loans available for boats.

Harmoney Unsecured Personal Loan

Harmoney Unsecured Personal Loan

From

6.99 % p.a.

rate

  • Borrow from $2,000
  • 100% online
Security Logo

100% confidential application

Harmoney Unsecured Personal Loan

Apply today to get approved within minutes for up to $70,000.

  • Max. loan amount: $70,000
  • Loan term: Up to 60 months
  • Turnaround time: 99% of approved online applications funded in 24 hours
  • Fees: Establishment fee of $200 for loans from $2,000-$5,000 and $450 for loans from $5,000-$70,000
  • No early repayment fees
  • Personalised interest rates based on your circumstances
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Comparison of loans you can use to purchase boat

Updated August 20th, 2019
Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Application Fee
6.99% - 29.99%
$2,000
$70,000
Up to 60 months
$0
$200-$450 depending on loan size
Apply for an unsecured personal loan up to $70,000 with no early repayment fees. Eligibility: Be a NZ resident/citizen and have a good credit score.
6.89%-18.65%
$2,000
$200,000
3 or 5 years
$0
$250-$1,450 depending on the amount borrowed
A secured personal loan from $2,000 to $200,000 with repayment instalment options. Eligibility: Be an 18+ NZ permanent resident, earn $30,000 or more, have a good credit history and collateral/security.
10.20% - 22.95%
$1,000
$25,000
Up to 5 years
$0
$245
An unsecured personal loan up to $25,000 with personalised repayment options. Eligibility: Be an 18+ permanent NZ resident or non-resident on a working visa, earn $500+ weekly.
9.95% - 22.95%
$1,000
$50,000
Up to 5 years
$0
$245
A secured personal loan up to $50,000 with personalised repayment options. Eligibility: Be an 18+ permanent NZ resident or non-resident on a working visa, earn $500+ weekly.
13.95% - 23.95%
$1,000
$50,000
Up to 60 months
$12
$125-$595 depending on loan size
A secured loan from $1,000 to $50,000 with a quick online application process. Eligibility: Be an 18+ permanent NZ resident, have collateral/security, earn at least $450 per week.
9.95% - 18.95%
$2,500
$100,000
6 months - 5 years
$0
$240
Borrow up to $100,000 with a quick turnaround time upon approval. Eligibility: Be over 21, no minimum work history required, working visa applicants accepted (conditions apply).
13.95% - 23.95%
$1,000
$20,000
Up to 60 months
$12
$125-$595 depending on loan size
Borrow up to $20,000 and apply online within 5 minutes. Eligibility: Be over 21, hold permanent NZ residency, have collateral/security, earn at least $450 per week.

Compare up to 4 providers

Costs of owning a boat

Some people look into financing options for their boat without really understanding the actual costs that will be involved. All of these costs need to be considered when you use the calculator as they should be budgeted for along with the cost of your repayments. Here is 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 mooring and storage.
  • Recurring costs. These include costs that you will be required to pay regularly, including insurance, maintenance, cleaning, boat licences and any continued training.
If you’re considering financing a boat, or are looking at taking out a personal loan for any other purpose, you can use the loan calculator above to determine the affordability of the loan.
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