Buying a Boat>Financing a Boat>Loan Calculator

Loan Calculator

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:

  1. Enter the desired loan amount
  2. Enter an interest rate as an annual percentage *
    (e.g. 10) without the % sign
  3. Enter the term in years (refer to chart)
  4. Click the Payment button

To calculate the loan amount:

  1. Enter the desired monthly payment:
  2. Enter an interest rate as an annual percentage *
    (e.g. 10) without the % sign
  3. Enter the term in years (refer to chart)
  4. Click the Loan Amount button
%
$
$

Many boat financing lenders use the following guidelines when setting loan terms:

Loan Amount Term in Years
$5,000 - $9,999 7
$10,000 - $14,999 10
$15,000 - $24,999 12
$25,000 - $74,999 15
$75,000+ 20

 

(* Rates are based on loan amount, credit history and term of loan.)

 
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