Estimate your monthly boat payment, total interest, and amortization schedule for a new or used boat, pontoon, or yacht purchase.
Boat loan terms commonly range from 10 to 20 years depending on the loan amount and the boat's age. Larger loans on newer boats tend to qualify for longer terms, while loans on older used boats are often capped at shorter terms by the lender.
Generally yes. Boats are considered a higher-risk collateral category than cars because they depreciate quickly and have a smaller resale market, so boat loan APRs typically run higher than comparable auto loan rates. Exact rates vary significantly by lender, credit score, and loan-to-value ratio.
Most lenders require a down payment of 10-20% of the purchase price, though this varies by loan amount and lender. A larger down payment typically improves your approval odds and can qualify you for a better rate.