How long can I finance a boat?

Boat loans typically range from 10 to 20 years depending on the boat's value and age. Boats over $100,000 may qualify for longer terms up to 20 years.

Do I need a down payment for a boat loan?

Most lenders require 10-20% down for boat loans. A larger down payment typically results in better rates and lower monthly payments.

Are boat loans tax deductible?

If your boat has sleeping, cooking, and bathroom facilities, it may qualify as a second home, making the interest potentially tax-deductible. Consult a tax advisor.

Boat Loan Calculator - Free Boat Loan Calculator

Boat Loan Calculator

Calculate monthly payments and total cost for your boat financing

Vehicle Details

Boat Loan Price

Down Payment

Trade-In Value

Sales Tax Rate

Fees (Doc, Title, etc.)

Interest Rate (APR)

Typical: 6% - 12%

Loan Term

Extra Payments

Extra Monthly Payment

Additional amount each month

Loan Amount

$43,500.00

Price + tax + fees - down payment - trade-in

Monthly Payment

$516.35

Total Interest

$18,462.32

Loan Summary

Monthly Payment

$516.35

Total Payments

$61,962.32

Total Interest

$18,462.32

Payoff Date

January 16, 2036

Loan Details

Principal

$43,500.00

Interest Rate

7.5%

Loan Term

10 years (120 payments)

Financial Disclaimer

This calculator provides estimates for informational purposes only. Actual loan terms, rates, and payments may vary. This is not financial advice. Consult with a qualified financial advisor or lender for specific guidance. PayoffCalculator.io is not a lender and does not provide loans.

How to Use This Boat Loan Calculator

Enter the boat's price, your down payment, any trade-in value, the interest rate, and loan term. Include sales tax and fees for an accurate total. The calculator shows your monthly payment and total cost of ownership.

Understanding Boat Loan Loans

Boat loans work similarly to auto loans but often have longer terms due to higher purchase prices. Rates are typically higher than auto loans because boats depreciate faster. Secured boat loans use the boat as collateral.

Tips for Getting the Best Boat Loan Rate

Get pre-approved before shopping to know your budget. Consider total cost of ownership including insurance, storage, maintenance, and fuel. A shorter loan term means more interest savings even with higher monthly payments.

Frequently Asked Questions

Boat loan rates typically range from 6% to 10% for new boats with good credit. Used boats and lower credit scores may see rates from 8% to 15% or higher.