See your exact monthly payment and total interest for any watercraft. Toggle New vs. Used and compare terms side by side.
Watch your balance drop year by year — and see exactly how much goes to interest.
For informational purposes only. Actual rates and terms vary by lender, credit profile, boat age, and loan amount. Compare at least 3 lenders before signing.
Most lenders look for 680+, with the best rates reserved for borrowers above 720–740. Scores below 640 will significantly increase your rate or may result in denial. Improving your score before applying can save thousands over the life of the loan.
10–20% is the norm. Lenders typically require at least 10–15% down on new boats and 15–20% on used boats. A larger down payment reduces your monthly payment, cuts total interest, and helps if the boat depreciates quickly.
Boat loans typically range from 3 to 20 years depending on the loan amount and lender. Smaller loans (under $25k) usually max out at 10–12 years; larger loans for high-end vessels can go up to 20 years. Longer terms lower monthly payments but dramatically increase interest paid.
Yes — boat loans typically run 1–4% higher than auto loans. Boats are considered luxury items and depreciate faster, making them riskier collateral. Used boat rates are usually 1–2% higher than new boat rates from the same lender.
Potentially — if the boat has sleeping, cooking, and toilet facilities it may qualify as a second home, making the interest deductible as mortgage interest. Consult a tax professional to confirm eligibility; the IRS allows this for only one qualifying vessel.
Credit unions are typically the best starting point for lowest rates. National banks, marine lenders (BOAT US, LightStream, Southeast Financial), and dealer financing are all worth comparing. Always compare the full APR across at least 3 lenders — not just the advertised rate.