If you’re considering buying a boat, you can use LendingTree’s boat loan calculator to estimate your monthly payments. This tool can crunch numbers for any type of boat, from speedboats to yachts.
Boat payments are similar to car payments — they depend on the amount you finance, the length of your term and your credit score. A $30,000 speedboat financed for five years with a 4% APR will give you a $553 boat payment each month. For more information, here’s a guide on boat financing.
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 as much as a few million dollars. Everything in between includes powerboats, sailboats, pontoons and personal watercraft. Used boats are generally less expensive than new ones, but they’ll come with wear and tear from use.
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 with a longer loan term, although your monthly payments might be lower, the total amount of interest you pay over the life of the boat loan will increase.
After estimating your monthly payment, 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 to borrow $5,000 for a year or $80,000 for 20 years, LendingTree could help you compare rates from multiple lenders. You could receive up to five boat loan offers from lenders, depending on your creditworthiness.
| Lender | Best for... | Starting APR | Loan terms | Loan amounts | |
|---|---|---|---|---|---|
 | Large loan amounts | 6.99% | 84 to 252 months | $10,000-$30,000,000 | See Offers |
 | Quick funding | 8.49% (w/ autopay and excellent credit) | 24 to 144 months | $5,000-$100,000 | See Offers |
 | Bad-credit borrowers | 7.49% | Up to 240 months | $10,000-$4,000,000 | See Offers |
 | Short-term loans | 8.49% | 12 to 240 months | $10,000-$150,000 | See Offers |
We examined closed LendingTree boat loans from Q2 2023 as well as non-lender partners that offer competitive rates. We considered the following criteria:
Not all lenders we reviewed can be found on LendingTree’s loan marketplace.
Potential lenders for boat loans could include big banks like Bank of America, national credit unions like Navy Federal Credit Union and online lenders like LightStream. Your local bank or credit union may offer boat loans, as well, so if you enjoy doing business with them, ask about the types of loans they offer. When you’re looking for a boat loan — with terms that can stretch up to 40 years — apply to a few lenders so you can compare offers and choose the best one for your needs.
We saw advertised boat loan APRs as low as 6.74%, but they may be as high as 36%. The better your credit score, the lower the rate is likely to be. Beyond credit score, factors that may influence your APR are the boat’s price, its value and capitalization (what you’re borrowing to pay for it), as well as your income and debt.
It’s possible to get a bad credit boat loan, but you’ll likely pay 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.
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.
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.