If you know what your monthly budget amount is to buy a boat, put that in the monthly window and work backwards to determine how much in total price you can afford. Or, if you know the cost of the boat you want, put that amount in the total window to determine monthly payment. To determine typical interest rates and terms, call a boat financing lender, visit one of their websites, look at financing advertisements in boating magazines, or discuss it with a marine retailer.
To calculate a monthly payment:
To calculate the loan amount:
Many boat financing lenders use the following guidelines when setting loan terms:
(* Rates are based on loan amount, credit history and term of loan.)
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