Work out a boat loan payment with tax, fees and trade-in. Compare 5 to 20 year terms, see the total interest, and check payments by boat price.
Estimates only. Rate bands are typical advertised ranges, not an offer of credit. Your actual APR, term and fees depend on the lender, the boat and your credit.
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A boat's sticker price is not what you finance. Sales tax, registration and documentation fees get added, a trade-in gets subtracted — and if that trade-in still has a loan on it, the shortfall gets added back. This calculator works from the out-the-door price, so the monthly payment it shows is the one a marine lender would actually write.
A boat loan is a secured instalment loan: the boat is the collateral, which is why the rate is usually lower than an unsecured personal loan and why the lender cares whether the boat is new or used. Marine terms run far longer than car terms — up to 20 years on larger vessels — and lenders generally scale the maximum term to the size of the loan. The payment itself is the standard amortising formula, and the APR it uses is defined by Regulation Z.
Monthly payment formula
Dealers quote a monthly payment, not a price. Knowing the out-the-door number and what term it assumes is what keeps that conversation honest.
Work out the amount financed before you apply, so you ask your bank, credit union or marine lender for the right figure.
Compare a new boat at a lower rate against a cheaper used one at a higher rate. The total-of-payments figure settles it.
See exactly what the extra years add in interest before you accept the longer note that makes the payment fit.
Tax, registration and doc fees are financed along with the boat. A calculator that only takes the sticker price understates the loan, and the gap is thousands on a mid-size boat.
Used boats carry a higher rate at every credit tier because the collateral depreciates faster and is harder to recover. Switching the condition moves the suggested rate band immediately.
A 20-year note is far cheaper per month than a 10-year one and far more expensive overall. The term table prices both off the same amount financed so the trade is visible.
If the trade-in is worth less than its payoff, the shortfall rolls into the new loan. The calculator adds it rather than quietly treating the trade-in as worth zero.
With 10% down ($5,000) and no trade-in, you finance $45,000. At 7.99% APR that is about $545.74 a month over 10 years, or $429.78 a month over 15 years. The 15-year note costs roughly $11,900 more in interest. Adding sales tax and registration fees raises both figures, because those are financed too.
With 15% down ($12,000) you finance $68,000. At 7.49% APR that is about $629.98 a month over 15 years, or $806.82 over 10 years. That is the loan only — insurance, storage or a slip, winterisation and maintenance are on top, and owners often budget several thousand a year for them.
For a new boat with excellent credit, advertised marine rates typically run in the 6% to 8.5% range; used boats sit roughly a point higher at every tier, and fair or poor credit can reach the mid to high teens. Rate is only half the cost — a low rate over 20 years can still cost more in total than a higher rate over 10.
It buys a smaller payment at a large total cost. On a $60,000 loan at 7.49%, 10 years costs $711.90 a month and $25,428 in interest; 20 years drops the payment to $482.99 but takes $55,917 in interest — $30,489 more for the same boat. A long term also keeps you under water longer, because boats depreciate faster than the note amortises.
Marine lenders scale the maximum term to the size of the loan rather than offering 20 years on everything. Around $30,000 the usual ceiling is 12 to 15 years; under $25,000 it is often 10. Terms of 20 years generally need a loan above $50,000.
Most marine lenders look for about 650 to 680 as a minimum. The best advertised rates generally need 750 or higher. Below roughly 650 you can still be approved, but expect a much higher rate, a larger down payment or a shorter term.
In most US states, yes — and many buyers finance it rather than paying it up front, which is why it belongs in the amount financed. Rates and rules vary by state, and some cap the tax on a boat purchase, so check your own state's figure rather than assuming.
Marine lenders commonly want 10% to 20%. Below 10% you should expect a higher rate or a shorter term. The bigger reason to put more down is depreciation: with tax and fees rolled in and nothing down, the loan exceeds the boat's value from the day you take delivery.