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Denison Yachting | Michael Johnson Licensed Yacht Broker Tampa Bay

Yacht / Boat Loan Calculator

Yacht and Boat Loan Calculator

This boat loan calculator will help you determine the monthly payments on your boat loan. Simply enter the loan amount, term and interest rate in the fields below and click calculate. This calculator will show you both the principal and interest payments you would make on a fixed-rate boat loan.

What Interest Rate to Use?
As of the displayed date, our marine financing interest rates are average estimates based on factors like credit score. Use these rates to estimate your payment conveniently.

July 2023: Est. 7.5% - 8%*

What Loan Term to Use?
A typical offer range of marine loan terms, commonly ranging from 15-25 years, allows you flexibility in choosing the term that best suits your needs.

How does the boat loan calculator work?


Are you considering taking out a fixed-rate boat loan, but wondering how much your monthly payments might be? Our boat loan calculator can help! With just a few simple inputs - like your loan amount, term length, and interest rate - our calculator estimates your monthly payment.

Boat loans are installment loans, which means you'll pay a fixed amount each month until the loan is paid back. And because boat loans have fixed interest rates, you can count on a consistent monthly payment for the life of the loan.

Use our boat loan calculator to get a better idea of what your monthly payments might look like. It's quick, easy, and free!

How much does a boat cost?

The cost of purchasing a boat can vary greatly depending on the type of boat you are interested in and whether you choose to buy it new or used. While the average cost of a new boat typically ranges from $60,000 to $75,000, the final cost will depend on your individual needs and preferences. For example, personal watercrafts can cost as little as $9,500 or as much as $70,000, depending on the year, make, and model.

It's important to keep in mind that buying the boat is just the first expense. Regular maintenance costs, insurance, and storage fees may also need to be factored in, especially if you plan to store your boat at a marina. Additionally, if you plan to finance the purchase with a boat loan, you'll need to consider the interest rate and fees associated with the loan.

What is the average boat loan term?

Boat loans are typically unsecured personal installment loans, which means that their terms are similar to those of other personal loans. The length of the loan term determines the amount of the principal balance you'll pay each month, as well as the total amount of time it will take to repay the loan. Although different lenders offer varying options, must provide at least two to three-term choices that range anywhere from 1 to 7 years. The term lengths you're eligible for will depend on the amount you're borrowing, and smaller loans may not be eligible for the longer repayment period.

What is the average boat loan interest rate?

Personal loan interest rates can vary widely, typically ranging from 3 percent to 36 percent, with the average rate currently standing at 10.61 percent.

Over the course of 2022, the average personal loan rate increased due to rising federal rates, and it is expected that these rates will continue to rise throughout 2023. However, keep in mind that the interest rate you qualify for will ultimately depend on a few factors such as the lender you choose, your credit score and financial history, as well as the size of the loan.

*Estimated Interest Rate: For your convenience, we provide an estimated interest rate based on the current market conditions. Please note that this rate serves as a guideline and may vary depending on factors such as credit score and individual circumstances. To obtain the most accurate and up-to-date interest rate, we recommend consulting with a financial advisor or contacting lenders directly.

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