Boat Loan Calculator

Most lenders require a minimum credit score of 680 for boat loans, with the best rates available at 720+. Some lenders specialize in marine financing and may approve scores as low as 620, but with higher rates. Secured boat loans (using the boat as collateral) typically have more flexible requirements.

Boat loan rates typically range from 5-12% depending on credit score, loan amount, boat age, and term length. New boats often qualify for lower rates than used. Rates are usually higher than auto loans but lower than personal loans. Shop multiple marine lenders for best rates.

Boat loan terms range from 2-20 years depending on loan amount and boat value. Boats over $25,000 often qualify for 10-15 year terms. Boats over $100,000 (yachts) may qualify for 20 years. Longer terms mean lower payments but more total interest.

Budget 10% of the boat's value annually for operating costs: insurance (1-2% of value), storage/slip fees ($200-2,000/month), maintenance (3-10% of value), fuel, winterization, registration, and safety equipment. The rule of thumb: the purchase price is just 10% of owning a boat.

New boats have warranties and latest features but depreciate 15-20% the first year. Used boats (3-5 years old) offer best value - major depreciation has occurred but boat has life left. Have any used boat surveyed by a marine professional before purchase.