Financing a boat is a popular way to make ownership more affordable. Like car loans and RV loans, boat financing allows buyers to spread out payments over time with fixed interest rates and predictable monthly payments.
Use the calculator below to estimate your boat payment and evaluate loan scenarios before visiting a dealership or applying with lenders.
1. How Boat Loans Work
Most boat loans are installment loans with fixed rates ranging from 5 to 20 years depending on the amount financed and vessel type.
Typical Loan Characteristics:
- Loan terms: 60 – 240 months
- Rates vary by credit score, boat type, lender, and down payment
- Collateral is the boat itself
2. Boat Loan Calculator
Adjust loan details below to calculate your estimated monthly payment:
3. Average Boat Loan Interest Rates
Current estimated ranges by credit tier:
- Excellent (750+): 6% – 9%
- Good (700–749): 9% – 12%
- Fair (650–699): 12% – 18%
4. Loan Approval Factors
- Credit score & history
- Down payment amount
- Boat year, type, & value
- Debt-to-income levels
5. How to Lower Monthly Payments
- Increase your down payment
- Choose a longer loan term
- Shop multiple lenders
- Consider certified pre-owned boats