Boat Loan Calculator
Calculate your boat loan payments, total interest, and compare financing options for new or used boat purchases.
New Boat: Higher loan amounts, better rates
Used Boat: Lower loan amounts, slightly higher rates
Additional Costs
Payment Summary
Monthly Payment:
$0.00
Total Loan Payments:
$0.00
Total Interest:
$0.00
Payoff Date:
N/A
Annual Ownership Costs
Insurance:
$0.00
Maintenance:
$0.00
Mooring/Storage:
$0.00
Total Annual Cost:
$0.00
Affordability Analysis
Loan-to-Value Ratio:
0.00%
Payment-to-Income Ratio:
0.00%
Affordability:
N/A
Understanding Boat Loans
Boat loans are specialized financing options for purchasing recreational watercraft. Understanding the different types of boat loans and their requirements can help you make informed decisions about marine financing.
Types of Boat Loans
New Boat Loans
- Financing for brand new boats
- Lower interest rates
- Up to 100% financing available
- Longer repayment terms
Used Boat Loans
- Financing for pre-owned boats
- Slightly higher interest rates
- Typically 80-90% financing
- Shorter loan terms
Personal Watercraft Loans
- Jet skis and small watercraft
- Shorter loan terms (3-7 years)
- Higher interest rates
- Easier qualification
Boat Refinancing
- Refinance existing boat loans
- Lower interest rates
- Cash out available
- Extend loan terms
Boat Loan Interest Rates (2024)
| Boat Type | Interest Rate Range | Typical Term | Down Payment |
|---|---|---|---|
| New Boats | 5.5% - 9.5% | 10-20 years | 10-20% |
| Used Boats | 6.5% - 11.5% | 5-15 years | 15-25% |
| Personal Watercraft | 7.5% - 15.5% | 3-7 years | 10-30% |
| Boat Refinancing | 5.0% - 10.0% | 5-15 years | 0% |
Boat Loan Requirements
Qualification Factors
Credit Requirements
- Credit score: 650+ preferred
- Good payment history
- Debt-to-income ratio under 36%
- Stable employment/income
Boat Requirements
- Title in good standing
- Recent survey for used boats
- Proper registration
- Insurable condition
Documentation Needed
- Proof of income
- Boat purchase agreement
- Boat survey (used boats)
- Insurance quote
Loan Terms
- Loan amounts: $5K - $500K+
- Terms: 3-20 years
- Fixed interest rates
- Boat as collateral
Boat Ownership Costs
One-Time Costs
- Registration and documentation fees
- Sales tax (varies by state)
- Title transfer fees
- Survey and appraisal fees
Recurring Costs
- Boat insurance (1-2% of value)
- Maintenance and repairs
- Mooring/storage fees
- Fuel and operating costs
Seasonal Costs
- Winterization/storage
- Spring commissioning
- Trailer maintenance
- Safety equipment updates
Licensing Requirements
- Boater safety course
- Marine radio license (optional)
- Local waterway permits
- Environmental regulations
Key Takeaways for Boat Loans
- Consider total ownership costs, not just loan payments
- Get a professional boat survey for used purchases
- Shop around with multiple marine lenders
- Factor in insurance, maintenance, and storage costs
- Check local sales tax rates before purchasing
- Consider boat depreciation when financing
- Ensure proper insurance coverage before financing
- Understand all fees and closing costs