Thinking of buying a boat? Use our calculator to find out how much you might owe based on your loan amount, term and interest rate. This can help you compare offers to find the best deal for you.
Enter how much you want to borrow under Loan amount.
Type in your loan term in years (not months) under the Loan terms field.
Enter the loan’s interest rate if it doesn’t come with any fees under Interest rate. If your loan does come with fees, enter the annual percentage rate (APR), which includes interest and fees combined.
Click Calculate.
Review your results.
Not only will our calculator show your monthly repayments, but also how much you’ll pay in interest over the life of your loan.
When you’re choosing a loan to finance your new boat, knowing how much you’ll pay in the short and long run is crucial to figuring out which is the best deal. You can learn more about the different offers out there by reading our guide to boat loans.
Interest rates depend on both your lender and credit history, but they usually start somewhere between 4% and 6%. The lowest rates are typically reserved for those with high incomes and excellent credit.
Since boats can be pricey, the average term for a boat loan is typically longer than that of your average personal loan, clocking in anywhere from seven to 15 years. Though some lenders might offer terms as long as 20 years.
Because boat loan amounts can be rather high, lenders typically require good credit for you to qualify. It’s best to have a credit score of at least 700 if you want to get approved for the most competitive rates.
Ezra Wolfgang is a video producer at Finder, helping people compare providers to choose the best for their needs. Prior to joining Finder, Ezra interned on the assignment desk at ABC News in New York, where he helped find, develop and write breaking news stories. Ezra earned a BA in media studies from Hunter College, taking a healthy dose of courses in film and documentary production, print and digital reporting and studio television. In his spare time, Ezra goes on the occasional run, takes photos, writes scripts and shoots his own tiny, short films.
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finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
