Boat Loan Calculator
Calculate monthly payments, total interest and true cost of financing a boat purchase.
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Frequently Asked Questions
What credit score do I need for a boat loan?
Most lenders require 680+ for competitive boat loan rates. Below 680 you may still qualify but at higher rates (10-15%+). Marine lenders like Essex Credit, Southeast Financial, and credit unions often have more flexible requirements than banks. A larger down payment (20-30%) can compensate for a lower credit score.
How much should I put down on a boat?
Most lenders require 10-20% down on boat loans. Putting down 20%+ gets you the best rates, avoids being underwater on a depreciating asset, and lowers monthly payments significantly. Boats depreciate 10-20% in year one and 5-10% annually after that — similar to cars. Never finance 100% of a boat purchase.
What are hidden costs of boat ownership?
Annual ownership costs beyond the loan: marina slip or storage ($1,500-$10,000/year), insurance ($500-$2,000/year), fuel ($500-$5,000/year depending on use), maintenance ($500-$3,000/year), winterization, registration fees, and repairs. Budget 1.5-2% of boat value annually for maintenance and operating costs on top of loan payments.