Boat Loan Calculator: Estimate Your Payments

Our boat payment calculator takes into account the interest rate, loan amount, and loan term you provide to calculate your estimated monthly cost.

However, the rate and term you are offered will ultimately be determined based on your credit score, debt-to-income ratio, and other financial factors. You should obtain a quote from several boat loan lenders to get an idea of the loan rates you’re eligible for.

Boat loans may be available to borrowers with credit scores as low as 500 to 550 but you will pay a higher interest rate. Boat loans with the most affordable terms usually go to borrowers with applicants who have good to excellent credit—generally, scores of around 690 or higher.

Boat loan terms vary by lender and are determined by the amount you borrow, your desired monthly payment, and your creditworthiness. It is possible to finance costly boats with loans that are repaid over terms as long as 20 years.

However, with interest rates being equal, the longer your loan term, the more interest you’ll pay and the higher your total costs will be.

If you are financing a very large boat that could double as a residence, such as a yacht, local laws may mandate your boat is registered with the Coast Guard or with other federal marine authorities. In these cases, a formal boat mortgage may be required.

However, most people using our boat loan calculator won’t need this type of loan. Instead, most borrowers will take out an installment loan. While mortgages are also a type of installment loan, boat loans require much less paperwork and are treated more like a standard personal loan or auto loan.

Our boat financing calculator is for informational purposes only, so entering your desired loan information won’t pre-approve you for a loan. However, you can either get pre-approved or submit a full application to the lenders shown above after entering a few additional pieces of info.

The length of time it takes to get approved for a boat loan will vary by lender. Some lenders provide decisions within minutes and funding within a few business days.

But it is common to wait for two to four days for a decision, and it can take an additional week or longer to get your funds after approval, depending on the lender.