Disclaimer & Terms

Please note that all pricing and interest rate information provided by the calculator are estimates only. Actual loan terms and monthly payments may vary based on lender criteria and individual circumstances. The Boat Loan Calculator is a planning tool and does not constitute a binding offer.

Our Boat Loan Calculator is designed to help you quickly estimate your monthly boat loan payments. By entering your purchase price, down payment (or selecting a percentage), interest rate, and loan term, you can see an accurate calculation of your estimated monthly payment. This tool uses a standard amortization formula for fixed-rate loans.

What Interest Rate Should You Use?

As of the displayed date, our marine financing interest rates are based on average market estimates influenced by factors such as credit score. For example, in July 2023, estimated rates ranged from 7.5% to 8%. Use these rates to get a convenient estimate of your payment.

Choosing Your Loan Term

Marine loan terms typically range from 15 to 25 years, allowing you to select a term that best fits your financial goals. A longer term can lower your monthly payment, though it may increase the total interest paid over the life of the loan.

How Does the Calculator Work?

The calculator subtracts your down payment from the purchase price to determine the principal. It then applies the selected annual interest rate (converted to a monthly rate) and your chosen loan term (in months) using the standard loan amortization formula. This provides you with a consistent, predictable monthly payment.

Why Use Our Calculator?

Whether you’re shopping for a new or used boat, our calculator offers a fast and free way to determine your potential monthly costs. It helps you compare financing options, plan your budget, and understand how different loan terms and down payment options affect your overall payment.