Boat Loan Calculator

Boat loan rates typically range from 6-15% depending on credit score, loan amount, boat age, and loan term. New boats qualify for lower rates than used. Credit unions often offer the best boat loan rates.

Boat loan terms range from 2-20 years depending on the loan amount. Small loans under $25,000 typically max out at 10 years. Large loans over $100,000 may qualify for 15-20 year terms, similar to home equity loans.

Most lenders require 10-20% down for a boat loan. A larger down payment reduces your monthly payment and total interest. Some lenders offer 0% down for qualified buyers with excellent credit.

Interest may be deductible if the boat qualifies as a second home — it must have sleeping, cooking, and toilet facilities. This is the same rule as a second home mortgage deduction. Consult a tax professional.

Budget for marina slip fees ($200-$1,000+/month), winterization and storage, insurance (1-5% of boat value/year), fuel, maintenance (5-10% of value/year), registration, and safety equipment. Boats have notoriously high ongoing costs.

New boats qualify for lower interest rates and longer terms. Used boats may have higher rates and require more inspection. The adage 'the happiest day is when you buy a boat and when you sell it' reflects high ownership costs — buy what you can afford.