Boat Loan Calculator
Calculate monthly payments, total interest, and financing options for your dream boat
Calculate Your Boat Loan
Total price of the boat you want to purchase
Amount paid upfront
Amount you want to borrow
Typical boat loans: 1-5 years for used, up to 20 years for new
Typical boat loan rates: 4-8% (varies by credit score and boat age)
Loan Payment Results
Loan Details
Payment Breakdown
Affordability Analysis
Example Calculation
$40,000 Boat Purchase
Boat Price: $40,000
Down Payment: $8,000 (20%)
Loan Amount: $32,000
Interest Rate: 5% annual
Loan Term: 5 years
Monthly Payment Calculation
Monthly Rate = 5% ÷ 12 = 0.417%
Number of Payments = 5 × 12 = 60
Monthly Payment = $32,000 × [0.00417 × (1.00417)⁶⁰] ÷ [(1.00417)⁶⁰ - 1]
Monthly Payment = $603.79
Total Interest = $4,227.40
Types of Boat Loans
Secured Boat Loan
Lower rates, boat as collateral
Most common type
Personal Loan
Unsecured, higher rates
Faster approval process
Marine Mortgage
For expensive boats (>$100K)
Longer terms available
Boat Financing Tips
Shop around for the best interest rates
Consider a larger down payment to reduce monthly costs
Factor in insurance, maintenance, and storage costs
Get pre-approved to know your budget
Consider seasonal financing options
Understanding Boat Loans
What is a Boat Loan?
A boat loan is a type of secured personal loan specifically designed for boat financing. The boat itself serves as collateral, which typically results in lower interest rates compared to unsecured personal loans.
Loan Terms
- •Used boats: Typically 1-5 years
- •New boats: Up to 20 years for expensive vessels
- •Interest rates: Generally 4-8% (varies by credit)
- •Down payment: Usually 10-20% of boat value
Monthly Payment Formula
M = P × [r(1+r)ⁿ] / [(1+r)ⁿ - 1]
- M: Monthly payment
- P: Principal loan amount
- r: Monthly interest rate (annual rate ÷ 12)
- n: Total number of monthly payments
Remember: Don't forget to budget for insurance, maintenance, fuel, docking fees, and seasonal storage costs.