Fixed Monthly Payment Amount
This method helps determine the time required to pay off a loan and is often used to find how fast the debt on a credit card can be repaid. This calculator can also estimate how early a person who has some extra money at the end of each month can pay off their loan. Simply add the extra into the “Monthly Pay” section of the calculator.
It is possible that a calculation may result in a certain monthly payment that is not enough to repay the principal and interest on a loan. This means that interest will accrue at such a pace that repayment of the loan at the given “Monthly Pay” cannot keep up. If so, simply adjust one of the three inputs until a viable result is calculated. Either “Loan Amount” needs to be lower, “Monthly Pay” needs to be higher, or “Interest Rate” needs to be lower.
How Much Does A Boat Cost
The average cost of a new boat is between $60,000 and $75,000, but take that with a grain of sea salt. A tandem fishing kayak, for example, can cost less than $1,000, while yachts can cost millions of dollars. Everything in between includes powerboats, sailboats, pontoons and personal watercraft. Used boats are less expensive than new ones, but theyll come with wear and tear from use. For more on new or used and what to consider, see how to buy a boat.
Boat Loan Rates As Low As
Get ready to hit the high seas with boat loans that have no application fees, flexible repayment terms, and easy online account access. Use our Vessel Loan Checklist to help you during your boat purchasing process.
Thinking of Refinancing Your Boat Loan?
If you already have a boat loan, you can take advantage of great BECU rates when you refinance. Compare loan options with our Loan Comparison tool. For more information on boat loan refinancing, visit a BECU Neighborhood Financial Center.
Use our calculators to figure your boat payments and determine your best loan option.
Calculator How much will my boat payments be?
Calculator Should I use a home equity loan instead of a boat loan?
Earn a Better Rate
We periodically evaluate the credit rating of each member who has a credit card, personal line of credit, personal loan, auto loan, boat loan or RV loan with BECU. If you’ve improved your credit score sufficiently and your account is in good standing, you may earn a better rate . We’ll update your APR and let you know.
Loan Payment Protection Program
The Loan payment protection program provides financial assistance during times of hardship. LPP is an optional benefit offered through BECU.
- Provides minimum monthly payments in case of involuntary job loss, disability or loss of life
- Monthly program cost is based on loan balance and package options
To apply, call us at and ask about getting LPP added to your loan. View the Consumer Loan Payment Protection Contract.
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Why You Need To Register Your Boat
Owning a boat is like owning a car. You wouldnt go for a ride in your vehicle without having all your driving credentials, registration documents and license plate because that is against the law, and you could get into trouble with law enforcement without proper car registration. The same goes for owning and operating a boat. You need to register your boat so officials know who owns the vessel and if the owner has paid the required fees and taxes to use their boat on local waters.
After you register your boat, your vessel will be on record with the state. These records ensure the state knows who is on the water, making boating safer for everyone. Each registered boat has a unique registration number on the boats hull and a hull identification number on the back of the vessel.
The hull number shows the boat manufacturer, the month and year it was made and the serial number. This hull number must always be visible to other boats. You may not alter the number in any way, cover it with a sticker or paint or remove the number for any reason.
Calculate Payments With Our Boat Loans Calculator
Use our boat payment calculator to determine a monthly payment that you can afford when looking to finance a new or used boat.
Simply enter your desired amount, estimated interest rate, and the loan term over which you intend to pay back the loan. Once you’ve input the information, the calculator will generate your estimated monthly payment on your boat loan. Take this number and plug it into your current monthly budget.
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Down Payment May Be Required
Boat loan lenders often want to see a down payment, generally between 10% and 20%, depending on factors including the lender and the cost of the boat. Some lenders offer 0%-down loans but keep in mind that making a down payment can hedge against the boats depreciation, or loss of value over time, and help prevent a situation where you owe more on your boat loan than the boat is worth. A down payment may also lower your monthly payment and reduce the total amount of interest you pay on the boat loan.
How To Use Our Boat Loan Calculator
To use our boat loan calculator, enter how much you want to borrow for how long and the interest rate you expect to pay. With these inputs, the calculator will compute your estimated monthly payment on your boat loan.
The loan amount should include any taxes, registration fees or add-ons youd like to finance, but it shouldnt include any down payment you plan to make.
The interest rate is how much youre paying the lender for the loan, expressed as a percentage. You could use the annual percentage rate instead, which includes the interest rate and any fees or additional costs. An APR would provide a more accurate estimate.
The loan term is how long you want to borrow the money for the boat. Its expressed in years in our boat payment calculator, but you may find lenders that express it in months.
See if the estimated monthly payment fits into your budget. Its also important to keep in mind that having a boat will cost more than just payments. Boat storage in the off-season, boat insurance, fuel and maintenance can add up, so we recommend having a boat payment that is financially comfortable.
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Interest Rates Tend To Level Out
Unless youâre opting for a short loan term â five years or less â youâre going to get pretty much the same interest rate on your loan. When buyers find out an eight-year boat loan term is going to have the same interest rate as a 10- or 12-year loan term, they usually opt for the longer term.
Why? Because it gives buyers a lower monthly payment without adding to the total cost of their loan. This can make boat buying much more realistic for buyers with a tighter budget, and it provides buyers the opportunity to make additional payments toward their principle.
Consumer Boat Buying Guide
Homes and cars represent some of the most expensive single-item purchases individuals make during their lifetimes, but spending doesn’t always cease at the shoreline. Boats add to the cost of living for water sports enthusiasts, who eagerly take-on the cost of ownership. And though boat buying is born of passion for the open water, a prudent approach makes the most of recreational budgets and ensures affordability.
As you prepare to take the plunge, due diligence guarantees a smooth transition to boat ownership. From choosing the best boat for your needs to securing reasonable financing, weigh your options carefully before making commitments.
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How Much Will My Loan Payments Be
Use this calculator to compute the payment amount for a fixed rate loan3.
- 3The information provided by these calculators is intended for illustrative purposes only and is not intended to purport actual user-defined parameters. The default figures shown are hypothetical and may not be applicable to your individual situation. Be sure to consult a financial professional prior to relying on the results.
Boat Loan Interest Rates
Your boat loan interest rate depends on your credit report and credit score as well as the amount borrowed and the loan term.
Boat loans can be secured or unsecured. With a secured loan, the lender can repossess the boat if you don’t make your payments as agreed. With an unsecured loan, the lender cannot repossess the boat. The lender relies entirely on your promise to repay the loan.
- Secured boat loan interest rates range between 4.5% to over 20%.
- Unsecured personal loan rates are comparable with those for secured loans – if your credit is excellent.
Applicants with bad credit do better with secured boat loans because these are less risky for lenders.
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Boat Loan Calculator: See Your Boat Payments
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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.
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 youll 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.
Here’s what average estimated APRs are on unsecured personal loans, based on FICO score ranges:
Look Into The Boat Registration Requirements For Your State
The first step of the boat registration process is to look up all your states requirements regarding boat registration. The laws and rules vary between states, and you must follow the guidelines set out by your state government.
Following the process provided by your state ensures that youre abiding by the boating laws and being a responsible and safe boat owner. Here is some of the other important information regarding boat registration that varies from state to state:
- Size and type of boat: Whether certain boats must be registered and the amount of their registration fee depends on the state. Many states consider boats powered by gas, diesel or electricity as watercraft requiring registration. States also consider the size of the boat and separate boats into categories by their length. Typically, watercraft like kayaks, paddleboats, canoes and similar items do not meet the size or power requirements for boat registration.
- Exemptions: Some other exemptions that state governments generally follow include vessels without motors, lifeboats and boats owned by the U.S. government.
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Boat Loan Payment Calculator
What if you have a boat in mind and just want to know what your monthly payment will be? The boat loan payment calculator can help you estimate your monthly payment.
Simply input the amount you wish to borrow, enter an estimated interest rate, and select a loan term.
The calculator gives you the monthly payment for terms ranging from 1, 3, 5, 7, 10 and 15 years.
The longer your term, the lower your monthly payment will be. However, the longer you finance a purchase, the more you will pay in interest charges.
Fallen In Love With A Boat Compared With Auto Loans Financing A Boat Can Be A Much Heftier Investment
Boats can be more expensive than a car, which means loan amounts can be higher and terms can be much longer.
Just how much you pay to finance a boat depends on a number of factors, including the type of boat loan you choose, the loan terms, your down payment and your credit.
Lets take a look at the different types of boat loans, your financing options and how to apply for a boat loan.
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What To Consider For Rv Payments And Affordability
When you’re in the market for new or used RVs, it can get rather daunting when you have no idea where to start. One of the keys to a successful RV purchase is knowing what you can afford. This RV payment calculator takes all the hard work out of making a sound financial decision. Simply enter in your desired monthly payment or vehicle price and it will return your results.
How To Use The Boat Affordability Calculator
Understand that the cost of boat ownership includes more than just the monthly payments on your boat loan. Depending on the size and type of boat, you may pay substantial amounts for boat storage, marina fees, launch fees, boat maintenance, boat insurance and repair expenses.
Enter your desired monthly payment in the “Maximum Monthly Payment” field.
You can find boat loans from boat dealers, banks, credit unions and other finance companies. Check with several providers to see what the going rate is for applicants in your situation.
Enter your desired interest rate in the “Estimated Interest Rate” field.
Your financing options may require that you make a down payment to secure the loan.
Enter the down payment amount.
Pick a loan term – 1, 2, 3, 4, 5, 7, 10, and 15 years – that works with your situation.
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Boat Insurance Cost Factors
Many factors are used to set the cost of a policy, and they vary among insurers. Here are some items to consider:
- Cruising Area: Where you boat.
- Boating Safety Education: If you have been formally trained or certified.
- Good Driving Records: Both boating and driving.
- Liability Limits: The higher the limit the higher the cost.
- Deductible: The higher the deductible the lower the premium.
- Towing insurance requirements for offshore fishing .
Kinds Of Boat Insurance Policies
- Boat & PWC Rental – Although this is generally not required, rental insurance will help cover any damage the vessel, as well as the operator and passengers.
- Boat Clubs – covers all members of club while operating a boat.
- Professional – These policies are very customizable and can cover items like travel to a tournament, equipment and more.
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Navy Federal Credit Union
Navy Federal Credit Union offers loans for new and used boats and personal watercraft, with terms of up to 180 months. Military members with direct deposit may qualify for a rate discount. Service members in all branches of the armed forces, along with their families and household members, are eligible for credit union membership.
Guide To Boat Financing
Unless we are talking about a kayak, boat ownership is not exactly known for its affordability. If you dream of owning a superyacht, or even just a modest sailboat or pontoon boat, how much is it going to cost youand how expensive a boat can you afford?
You will probably need to get a boat loan unless you are planning on paying the full price of a boat out of pocket. Financing a boat is a process similar to getting any other type of loan, and can be broken down by answering a few simple questions.
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Financing Options For Boat Buyers
Like other major discretionary buys, funding a boat purchase often requires financial resources beyond cash on hand. Banks, credit unions and other traditional lenders furnish payment options for boat buyers, who rely on various forms of financing to get the job done. People with cash savings may choose to put the boat on a credit card to secure points. Buyers with a strong credit score might consider a personal loan. Homeowners with significant equity might consider a home equity loan. Boat buyers also turn to dedicated financing from maritime lenders, specializing in marine craft credit.
Buyers with good credit references tap collateral loans to pay for boats, in much the same way cars are funded. Once approved, funds are issued and the boat itself serves as collateral for the loan. Failure to make timely payments can result in repossession, allowing lenders to seize and sell boats to recoup their losses.
Another form of funding with versatile applications uses the equity in your home to guarantee repayment. Home equity loans and lines of credit can be used for various purchases, including recreational watercraft. In order to initiate equity credit, most lenders require a current appraisal. In addition, home equity lines carry closing costs similar to conventional mortgages. Because the loans are backed by real property, however, interest rates are lower than those associated with other forms of funding.