Boat Financing Calculator

In the market for a new boat and wondering if you can fit it into your budget? Use the below boat financing calculator to help you estimate what you can afford and even view an estimated payment schedule!

Why No Down Payment?

Well, if you’ve read our other articles on the subject – we believe that taking out a home equity loan or a personal loan is the best way to finance a boat.

Neither of these options requires a down payment, and offer significantly less hoops to jump through than a marine loan. If you plan to go the traditional route, expect to be asked for a 10-20% down payment.

Loan Calculator

What’s the average interest rate for boats?

If you’re hoping to get a marine loan, then you can expect to pay at least 5 -7% on your loan, and you may also need a down payment of 10-20% of the boat’s value. Though some dealers do offer “no money down” options if you shop around enough. You will also pay a higher interest rate on smaller loans going this route!

However, a home equity loan will likely offer you the best interest rate if you can swing it, you won’t need a down payment, and you will have more generous repayment terms than with other kinds of loans that do not have collateral. Depending on current market rates and your personal credit score, this could be 3-5%.

What is the average term on a boat loan?

This depends heavily on who you get the loan from and the type of loan. Some boat loans are similar to auto-loans where you will only pay on them for 5-7 years. This can obviously make it pretty pricey month to month, especially if you’ve already got a vehicle loan or two and a mortgage. Some loans though can be taken out for longer, it’s not uncommon to get a loan with 20 years repayment now.