Budget for your dream rig using our boat loan calculator! This tool will calculate the monthly payment and interest charges for a traditional boat loan so you can decide how much you want to spend on your boat or what loan terms will work for you.
To get started, enter the total price for the Boat you’d like to purchase into the Motor&Keel Boat Loan Calculator. Then choose the length of your payment term, or how many years you’d like to take to pay off the boat. Finally, enter the amount of your planned down payment and your interest rate and hit “calculate.” The results will not always be the exact amount you pay, but it will help you get an idea of how much you should plan for in your monthly budget or whether you need to choose a different boat that will better fit your finances.
The Motor & Keel Boat Loan Calculator is to be used a an estimation tool only. Actual interest rates will vary daily and will differ based on loan term length and amount financed. The rate used above may not be current - please consult your bank for the appropriate rate.
*W.A.C = With Approved Credit
This calculator obviously works best if you know how much you plan on using as a down payment as well as the interest rate at which the finance company, bank or credit union is willing to finance the boat. The boat loan calculator will auto-populate with a common industry standard interest rate, but keep in mind your individual interest rate may vary based on your personal financial situation and the company financing your boat. A down payment of at least 25% is ideal - financing more than 85% of the purchase price is not recommended.
Whatever your budget, this tool can help you find the boat and loan terms that work for you!
Unit Price: The unit price is the total cost of the boat you are looking to purchase. If your interest rate and loan term are set in stone and your monthly payment is too high for your budget, you may want to look for a boat with a different size, type, floor plan or set of features at a lower cost. Likewise, if you have more room in your budget after determining your monthly payment using the boat loan calculator, you may find you can purchase a boat with slightly more bells and whistles than the one you currently have in mind.
Payment Term: The payment term is the length of time you have to repay your purchase in monthly payments. Boat payment terms can range from as little as 1 year to as long as 20 years depending on the lender. A longer payment term will spread out your payments so your monthly payment is lower, but keep in mind you will end up paying more money in interest since you’re borrowing the money for a longer period of time. If you can afford a shorter payment term with a higher monthly payment, you will save money on interest in the long run.
Interest Rate: The rate is the price paid by the borrower to borrow the money. The interest rate paid depends on the borrower’s credit rating and is expressed as a percentage. Most creditors use around a 6% interest rate for traditional boat loans up to 75% of the total boat purchase price. The Motor & Keel boat loan calculator will allow you to see what your monthly payment would be using different interest rates.
Down Payment: The down payment amount is entirely up to you and the cash you have on hand to pay up front for your new or used boat. The more you pay up front, the less you borrow, and in turn, the less you’ll be responsible for in interest. Some lenders require a minimum down payment, so be sure you know what your lenders requirements are in this area before moving forward with a boat purchase.
There are boats for sale on Motor&Keel.com that might be perfect for you! Use the search box below to find a boat that you might like.
