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.
Understanding your boat loan calculator results
Monthly payment: This is what you can expect to pay each month toward your boat loan, based on the loan amount, loan term and your estimated APR.
Total interest paid: This is how much interest you’ll pay over the life of the loan. Borrowers with good to excellent credit (690 to 850 on the FICO scale) will likely qualify for lower rates and pay less interest on a loan than someone with bad credit (300 to 629). The longer your loan term, the more interest you’ll pay.
Total payments: This is the full amount you have to pay back on your boat loan, including all interest costs.
» MORE: Find an unsecured personal loan
How to pre-qualify for a personal loan
Most online lenders let you pre-qualify and see estimated interest rates and potential loan terms, without affecting your credit score. You typically need to provide basic personal information, including your employment status, annual income and Social Security number, as well as your reason for borrowing and requested loan amount.
NerdWallet recommends comparing loans to find the lowest rate and best features for you. Click the button below to fill out a pre-qualification form and receive personalized rates from multiple lenders that partner with us.
Other loan calculators
Credit score loan calculator: Find out what personal loan options may be available to you, based on your credit score.
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.