Boat Loan Calculator

Estimate how much you’ll pay for your boat

Updated on: September 03, 2025

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How to use this boat payment calculator

Enter values. Type in your loan amount, estimated interest rate and loan term. Here’s how to find these numbers.
See what you’ll pay. Our calculator shows your estimated monthly boat loan payment, but take a close look at the other numbers, too. Your total repayment and total interest paid reflect the full cost of borrowing money for your boat.
Adjust the numbers. Play around with the numbers until you land on an affordable boat loan.

How to estimate your boat loan terms

Loan amount

How much you borrow

Average boat cost: $42,000 new, $10,000 used
Boat down payment: 10%-20% of boat’s purchase price

Learn more about how much boats cost.

Interest rate

The cost of your loan

Current boat loan rates start at 6.24%

Learn more about boat loan interest rates.

Loan term

How long you have to pay back your loan

Typical boat loan terms: 10-20 years

Learn more about boat loan terms.

Boat interest rates

Your credit score is one of the most important factors lenders use to determine your boat loan rates. The better your credit, the lower the rates you’ll qualify for — and the cheaper your boat loan.

Credit score range	Average boat loan APR
740-850 (very good to excellent)	8.30%
670-739 (good)	9.39%
580-669 (fair)	16.04%
300-579 (poor)	19.95%

Source: LendingTree internal data on closed boat loans in Q2 2025

Don’t know your score?
Check your credit score for free with LendingTree Spring. Get expert, personalized recommendations on how to boost your score so you can get the best boat loan rates.

Use our boat finance calculator to find an affordable loan

Simulate the different scenarios below in our boat financing payment calculator to see how much you can save on your loan.

Meet boat buyer Sarah

She’s in the market for an $80,000 cabin cruiser. She has fair credit, is prequalified for a boat loan rate of 16.04% and has a down payment of $16,000. She plans to pay off her boat over 15 years. She wants to save money on her boat loan.

Sarah’s estimated monthly payment: $941.75
Sarah’s estimated total interest: $105,515.71

Save with smaller loans

The less you borrow, the cheaper your boat loan will be. Here are two common strategies for cutting down on the upfront cost of your boat loan.

Saving for a bigger down payment

Strategy: Sarah saves up an extra $10,000 for her down payment.
New cost: $794.60 monthly payment and $89,028.88 in total interest.
Savings: $147.15 per month and $16,486.83 in total interest.
Time invested: Months to years.

Buying a used boat or a cheaper model

Strategy: Sarah buys a used model for $60,000.
New cost: $647.46 monthly payment and $72,542.05 in total interest.
Savings: $294.29 per month and $32,973.66 in total interest.
Time invested: A few days of research and due diligence.

Save with the right loan term

Shorter loan terms are a smart financial move if you can handle higher monthly payments. On the other hand, stretching out your boat loan means lower monthly payments — but they come at the cost of a more expensive loan in the long run.

Save on the loan with a shorter loan term

Strategy: Sarah shortens her loan term to 10 years to pay less interest overall.
New cost: $1,073.68 monthly payment and $64,841.59 in total interest.
Savings: $40,674.12 in total interest, but Sarah will pay $131.93 more per month. This is a smart financial move, but only if Sarah can handle the higher monthly payments.
Time invested: None.

Get lower monthly payments with a longer loan term

Strategy: Sarah stretches out the loan term to 20 years to get lower monthly payments.
New cost: $892.32 monthly payment and $150,158.00 in total interest.
Savings: $49.43 per month, but it will add $44,642.29 in total interest. This is a bad financial move for Sarah.
Time invested: None.

Save with lower rates

Your rates can make or break the bank when it comes to your boat loan. Here’s how to get lower rates so you can set sail without being anchored down by hefty monthly payments.

Improving credit score

Strategy: Sarah improves her credit score from “fair” to “very good” and prequalifies for a boat loan with an interest rate of 8.30%.
New cost: $622.75 monthly payment and $48,095.52 in total interest.
Savings: $319 per month and $57,420.19 in total interest.
Time invested: Months to years.

Shopping around

Strategy: Sarah uses a marketplace like LendingTree to shop for the best rates. She compares offers from different boat loan companies until she finds the cheapest one, and she snags a lower rate of 14.04%.
New cost: $854.04 monthly payment and $89,726.32 in total interest.
Savings: $87.71 per month and $15,789.39 in total interest.
Time invested: A few minutes.

Next steps to buy and fund your boat

Add up cost of owning boat

Boat ownership costs more than you might think. Read our expert take on boat costs before you hit the water.

Get preapproved

Ready to set sail? Take the time to get preapproved for a boat loan before you head to the dealership to make sure you’re getting the lowest rates.

Learn from finance experts

Chief consumer finance analyst Matt Schulz weighs in on what to know before buying a boat, including which options are best for you.