If you need a boat loan to cover the purchase of a new or used boat, a loan calculator can help you determine what size or type of vessel you can afford.
Use this boat loan calculator to estimate the cost of a personal loan used to finance a boat. Enter your expected loan amount, desired repayment term and annual percentage rate to see estimated monthly payments, interest costs and total payments.
» MORE: Find a boat loan
How to use this calculator
You can change your desired loan amount, term or APR to see different results and decide how boat loan payments fit into your budget.
Loan amount: This is the amount you expect to borrow. Amounts for unsecured loans can be as high as $100,000, while secured boat loans can be over $1 million.
Repayment term: This is how long you think you’ll need to repay the loan. Unsecured loans often have repayment terms of two to seven years; secured boat loan terms can be as long as 20 years. Longer repayment terms typically mean lower monthly payments, but you'll pay more in total interest.
Annual percentage rate: This is the interest rate you expect to get on the loan. Factors that determine your rate on a boat loan include whether it’s a secured or unsecured loan, your creditworthiness, income and existing debts.
Here's what average estimated APRs are on unsecured personal loans, based on FICO score ranges:
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28.7% (Lowest scores unlikely to qualify.)
Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Jan. 1, 2020, to Dec. 31, 2020. Rates are estimates only and not specific to any lender.
Secured vs. unsecured boat loans
You’re more likely to find secured boat loans at banks and credit unions. With these loans, the boat you’re purchasing is collateral for the loan, meaning the lender can take the boat if you stop making payments.
Secured boat loans may require or give you the option to make a down payment, so you’ll borrow less overall. They also tend to have lower APRs than unsecured boat loans.
If you get a boat loan from an online lender, it will likely be an unsecured loan. These loans tend to have higher APRs than secured loans, but they also don’t require collateral or a down payment.
Online lenders can usually fund a loan more quickly than banks and credit unions. They also let you pre-qualify and see estimated interest rates and potential loan terms without affecting your credit score.
NerdWallet recommends comparing loans to find the lowest rate and best features for you.
Other loan calculators
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Personal loan calculator: Check estimated interest rates and payments for a personal loan, based on your credit score.
Home equity loan calculator: See if you’re eligible for a home equity loan and how much you may be able to borrow.
Debt-to-income ratio calculator: Determine your debt-to-income ratio, which is your total monthly debt payments divided by your income.