Boat Loan Calculator: See Your Boat Payments

A boat loan calculator can help you estimate your monthly payments and interest costs on a boat loan.

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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.

» COMPARE: Best boat loans

How to calculate boat loan payments

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 APR on a boat loan include whether it’s a secured or unsecured loan, your creditworthiness, income and existing debts.

Boat loan calculator

Secured vs. unsecured boat loans

Boat loans are either secured or unsecured. With a secured loan, 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 and can be easier to qualify for if you have a low credit score.

Though unsecured loans may cost more in interest, they don’t require collateral or a down payment, and borrowers with good or excellent credit (690 FICO or higher) may qualify for a low rate.

Here are average estimated APRs on unsecured personal loans, based on FICO score ranges:

How's your credit?

Score range

Estimated APR

Excellent

720-850.

10.6%.

Good

690-719.

15.5%.

Fair

630-689.

19.6%.

Bad

300-629.

25.6%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Jan. 1, 2022, to July 31, 2022. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 FICO — are unlikely to qualify. Information in this table applies only to lenders with APRs below 36%.

To determine which type of boat loan is best for you, compare the pros and cons.

Pros

Cons

Secured boat loans

  • May carry lower interest rates and longer terms.

  • If you have a low credit score, you may have an easier time qualifying.

  • You may need to have cash on hand for a down payment.

  • If you fail to repay the loan, the lender can seize your boat.

Unsecured boat loans

  • No collateral is required, so you won’t risk losing your boat.

  • Interest rates may be higher and terms shorter.

  • You’ll need a strong credit score and solid finances to get the best offer.

  • If you fail to repay the loan, the lender can take you to court.

Common questions about boat loans

Where can I get a boat loan?

You can get a boat loan from an online lender, bank or credit union. Banks and credit unions will be more likely to offer secured loans.

You can also get a boat loan through a marine lending specialist, who acts as a broker for the loan. These loans must be secured and typically require a down payment.

How long are boat loans?

Boat loan repayment terms depend on the type of loan and lender you choose. For unsecured loans, borrowers can expect terms ranging from two to seven years. For secured loans, terms can stretch up to 20 years.

How do I apply for a boat loan?

You can apply for a boat loan directly with the lender. Most lenders offer online applications, but you may need to visit a branch to close the loan.

When you apply for the loan, expect to give personal information (including your Social Security number), details on the craft if the loan is secured, and verification documents such as proof of identity, employment and income.

Approval and funding time vary. Online lenders can usually fund a loan quicker 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.

See if you pre-qualify for a personal loan – without affecting your credit score
Just answer a few questions to get personalized rate estimates from multiple lenders.
Learn more about pre-qualifying

Other loan calculators

Personal loan calculator: Check estimated interest rates and payments for a personal loan, based on your credit score.

Credit score loan calculator: Find out what personal loan options may be available to you, 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.

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