Boat Loan Calculator
Calculate monthly payments and total costs for your boat financing
Boat Loan Details
Quick Scenarios:
Enter your boat details to calculate your monthly payment
How Boat Loans Work
Boat loans are similar to auto loans and typically range from 5-20 years depending on the loan amount and boat value. The loan amount is based on the purchase price plus taxes and fees, minus your down payment and trade-in value.
Interest rates for boat loans vary based on your credit score, the boat's age and type, and the loan term. Newer boats and higher credit scores generally qualify for better rates. Most lenders require at least 10-20% down payment.
Like other amortized loans, each payment includes both principal and interest. Early in the loan, most of your payment goes toward interest, while later payments are primarily principal.
Tips for Boat Financing
- Put down 10-20%: A larger down payment reduces your monthly payment and helps you get better rates
- Choose shorter terms: While 15-20 year loans have lower payments, 7-10 year terms save significantly on interest
- Compare lender rates: Banks, credit unions, and marine lenders all offer different rates - shop around
- Budget for all costs: Remember insurance, dockage/storage, maintenance, fuel, and winterization
- Get a marine survey: For used boats, a professional inspection can save you from costly surprises
Frequently Asked Questions
What credit score do I need for a boat loan?
Most marine lenders require a minimum credit score of 650-680 for boat loan approval. Credit scores above 720 typically qualify for the best interest rates. If your credit score is lower, you may still get approved but with a higher interest rate, or you may need to provide a larger down payment or find a co-signer.
How long can boat loan terms be?
Boat loan terms typically range from 2 to 20 years, depending on the loan amount. Loans under $25,000 usually have maximum terms of 5-8 years, while loans over $100,000 can extend to 15-20 years. Larger yachts and sailboats may qualify for even longer terms. Keep in mind that longer terms mean lower monthly payments but significantly more interest paid over the life of the loan.
Should I get pre-approved before shopping for a boat?
Yes, getting pre-approved is highly recommended. Pre-approval shows sellers you're a serious buyer, helps you negotiate better prices, sets a clear budget, and speeds up the purchase process. You can get pre-approved from banks, credit unions, or marine-specific lenders. Compare rates from at least 2-3 lenders to ensure you're getting the best deal.
Are boat loan interest rates higher than car loans?
Yes, boat loan rates are typically 1-2 percentage points higher than new car loan rates. As of 2025, expect rates between 5-10% for new boats and 6-12% for used boats, depending on your credit score, loan term, and the boat's age and value. Rates are higher because boats are recreational purchases (not transportation necessities) and depreciate faster than homes.
Do I need a marine survey for a used boat loan?
Most lenders require a professional marine survey for used boats, especially those valued over $20,000 or older than 10 years. The survey (typically $300-$1,500) ensures the boat is seaworthy, properly valued, and free of major defects. This protects both you and the lender from financing a boat with hidden problems. Even if not required, a survey is highly recommended for any used boat purchase.
What are the typical ownership costs besides the loan payment?
Beyond your monthly loan payment, budget for boat insurance ($300-$3,000/year depending on value), dockage or storage fees ($1,000-$10,000/year), maintenance and repairs (10-15% of boat value annually), fuel costs, winterization/de-winterization ($500-$1,500), registration and licensing, and equipment/safety gear. A common rule of thumb: annual operating costs are 10-20% of the boat's purchase price.