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Boat loan calculator

Boat loan calculator

Monthly payment on a boat with long terms, tax and your down payment. Free, no signup.

$
$
$

Credit

Scores 660 to 719. The rate fills in; change it if you have a quote.

Term

%
%

The state rate. Add your county and city tax.

$
$

Estimated payment

$620/mo

120 months at 6.9% APR

Car price
$60,000
Sales tax
$3,600
Down and trade-in
−$10,000
Amount financed
$53,600
Total interest
$20,750
Total cost
$84,350

An estimate, not an offer of credit. Your rate depends on your credit and the lender.

On this page

How boat loans work

Boat loans work like car loans with longer terms, often 10 to 20 years on bigger boats. The payment uses the same formula. Remember the costs that come after: insurance, storage, fuel and upkeep.

A worked example

A $60,000 boat with 6% tax, $10,000 down, at 8.5% for 120 months:

  • Tax: $3,600
  • Amount financed: $53,600
  • Payment: $664.56 a month

What rate to use for a boat loan

Lenders price boat loans their own way, by the loan size, the boat's age and your credit. The credit chips start from car loan averages as a rough guide: type the rate your lender quotes for the real number.

Common questions

How long can you finance a boat?

Up to 15 or 20 years on larger, newer boats with some lenders; less on smaller loans and older boats.

How much do I need down for a boat?

Lenders often ask for 10% to 20% down.

Do you pay sales tax on a boat?

In most states, yes, though rates and caps for boats can differ from cars. Check your state's revenue department.

Sources

  1. CFPB: Auto loans, key termsconsumerfinance.gov
  2. CFPB: Auto loan guide (PDF)files.consumerfinance.gov
  3. FTC: Financing or leasing a carconsumer.ftc.gov

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