Boat Loan Calculator
Plan your boat purchase with confidence. Enter the boat price, down payment, interest rate, and loan term to see your monthly payment, total interest, and overall cost of marine financing.
Boat loans work like auto loans but typically have longer terms and slightly higher interest rates. While car loans max out around 7 years, boat loans can stretch to 15 or even 20 years for vessels over $25,000. The longer terms help keep monthly payments manageable on higher-priced boats.
For example, financing a $50,000 boat with $10,000 down at 7.5% APR for 15 years gives a monthly payment of about $371. Over the full term, you will pay roughly $26,800 in interest, bringing the total cost to $76,800. Shortening that to 10 years raises the payment to $475 but cuts total interest to $17,000.
Most marine lenders require a down payment of 10-20%. Boats over $100,000 sometimes qualify for rates similar to home equity loans, especially if the boat has a galley, sleeping berth, and head (toilet), which makes it eligible for the mortgage interest deduction. New boat rates are generally 1-2% lower than used boat rates, similar to the auto loan market.