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Boat Loan Calculator

This boat loan calculator will help you determine the monthly payments on your boat loan. Simply enter the loan amount, term and interest rate in the fields below and click calculate. This calculator will show you both the principal and interest payments you would make on a fixed-rate boat loan.

 

How does our boat loan calculator work?

The Bankrate boat loan calculator helps borrowers calculate monthly payments for fixed-rate boat loans. Boat loans are installment loans, meaning that you make monthly payments on the principal balance plus interest and fees until the loan is paid back. Since boat loans have fixed rates, the interest rate you pay will never change over the life of the loan. Our calculator shows you the estimated monthly payment for your boat loan, based on the loan amount, term length and interest rate you enter.

How much does a boat cost?

The cost of buying a boat varies widely depending on the type of boat you buy and whether you buy it new or used. The average cost of a new boat is typically $60,000 to $75,000, but you could end up paying far less or far more than that depending on what you’re looking for. If you’re looking for a personal watercraft, for example, you could pay as little as $9,500 or as much as $70,000 depending on the year, make and model of the boat. 

Buying the boat is just the first expense. You also need to consider regular maintenance costs, insurance costs and potentially storage fees if you plan to store your boat at a marina. If you plan to take out a boat loan to finance the purchase, you also need to factor in the interest rate and fees of the loan.

What is the average boat loan term?

Boat loans are unsecured personal installment loans, so the terms for these loans tend to be similar to personal loans overall. The term length of your loan determines how much of the principal balance you will pay per month as well as how long it will take you to pay off the loan. Different lenders have varying options, but most offer at least two to three term options anywhere between 1 year to 7 years. The term lengths you qualify for also depend on how much you’re borrowing. Smaller loans are less likely to be eligible for longer repayment periods.

What is the average boat loan interest rate?

The best personal loan interest rates range from 3 percent to 36 percent, with the average personal loan rate currently at 10.6 percent.

The average personal loan rate has steadily increased throughout 2022 due to rising federal rates. It is likely that these rates will continue to rise throughout the year. However, the actual rate you qualify for depends on the lender, your credit score and financial history, as well as the size of the loan.

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