Boat Loan Calculator

If you’re considering buying a boat, you can use LendingTree’s boat loan calculator to estimate your monthly payments.

How to use our boat loan calculator

To use our boat loan calculator, enter how much you want to borrow for how long and the interest rate you expect to pay. With these inputs, the calculator will compute your estimated monthly payment on your boat loan.

The loan amount should include any taxes, registration fees or add-ons you’d like to finance, but it shouldn’t include any down payment you plan to make.

The interest rate is how much you’re paying the lender for the loan, expressed as a percentage. You could use the annual percentage rate (APR) instead, which includes the interest rate and any fees or additional costs. An APR would provide a more accurate estimate.

The loan term is how long you want to borrow the money for the boat. It’s expressed in years in our boat payment calculator, but you may find lenders that express it in months.

See if the estimated monthly payment fits into your budget. It’s also important to keep in mind that having a boat will cost more than just payments. Boat storage in the off-season, boat insurance, fuel and maintenance can add up, so we recommend having a boat payment that is financially comfortable.

How much does a boat cost?

The average cost of a new boat is between $60,000 and $75,000, but take that with a grain of sea salt. A tandem fishing kayak, for example, can cost less than $1,000, while yachts can cost millions of dollars. Everything in between includes powerboats, sailboats, pontoons and personal watercraft. Used boats are less expensive than new ones, but they’ll come with wear and tear from use. For more on new or used and what to consider, see how to buy a boat.

Where can I find a boat loan?

Potential lenders for boat loans could include big banks such as Wells Fargo Bank and Truist
(merger between SunTrust and BB&T), national credit unions such as Navy Federal Credit Union and PenFed Credit Union and online lenders such as Essex Credit. Your local bank or credit may offer boat loans as well, so check with them if you enjoy doing business with them. When you’re looking for a boat loan — which can stretch up to 20-year terms — apply to a few lenders so you can compare offers and choose your best offer.

What should I expect my boat loan APR to be?

We saw advertised boat loan APRs ranging from 4.29% to 17.95%. The better your credit score, the lower the rate will likely be. Beyond credit score, factors that may influence your APR are the boat’s price, its value and its capitalization (what you’re borrowing to pay for it), as well as your income and debt.

Can borrowers find bad-credit boat loans?

It’s possible to get a boat loan even if you have a credit score around 550, but you’ll likely owe a higher APR and need a significant down payment of 10% or more. Given that you may face higher lender charges, it’s even more important to shop around for your best loan. You can still use our boat loan calculator, but check out more on bad-credit boat loans.

View Boat Loan Offers

What if my estimated boat payment is too high?

If you find that the estimated boat loan payment could make your monthly finances a bit tight, consider adjusting the loan amount and/or boat loan term. It’s important to keep in mind that if you decide on a longer loan term, your monthly payments might be lower, but the total amount of interest you pay over the life of the boat loan will likely increase.

Can I deduct interest on my boat loan?

If you itemize deductions when you file taxes, interest paid on a secured boat loan may be deductible if the boat is your main or secondary home, and has sleeping (berth), cooking (galley) and toilet (head) facilities. You should discuss your options with a tax professional.

Is boat leasing an option?

If boat ownership would cost too much for you, boat leasing and boat renting are possible. You can find short-term boat lease options that extend from Memorial Day to Labor Day, for example.

Next steps as you consider a boat loan

After nailing down a good budget, it’s time to shop around for a boat loan lender. As with any big purchase, it’s always wise to comparison shop. Whether you want a $5,000 boat loan, a $20,000 boat loan or an $80,000 boat loan, LendingTree could help you compare rates from multiple lenders. You could fill out an online form at LendingTree and get up to five loan offers from lenders depending on your creditworthiness.

View Boat Loan Offers

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