Boat Loan Calculator - Trident Funding

Boat Loan Calculator

Purchase amount
Down payment
Loan term in years
Loan term in months
Sales Tax %
Interest rate per year %

Adjust the loan term, down payment amount and interest rate to see results based on the numbers you provide - and how any changes to those numbers may affect your payment.

Your estimated monthly payment:
Total Principal Paid
Total Interest Paid
Down Payment
Sales Tax

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How Trident Funding Boat Loans Work

It’s as easy as 1-2-3!

1. Calculate Your Payment

Whether you’re an avid boater or new to the boating world, this loved pastime is available to everyone. If you’re buying a new or used boat, you can use Trident’s boat loan calculator to understand your financing options. Simply enter your desired monthly payment to get the loan amount you can afford or provide your total boat loan amount and loan terms to return your estimated monthly payments. 


2. Apply for a Loan

Now that you have an idea of your estimated boat loan monthly payment or total loan amount, you can submit your loan application. It only takes a few minutes! We’ll ask you to tell us about the type of boat you’re looking for and a few details about your financial situation so we can match you to the marine lender that’s right for you.

3. Get on the Water!

Once you submit your boat loan application, our dedicated team of loan officers gets to work! We usually have a response from a marine lender in 24-48 hours. If we need additional documentation, we’ll reach out. All you have to do is dream about getting on the water. We’ll help you find the interest rate and boat loan lender that fit your budget and lifestyle.

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Trident Funding - Boat Buyers Guide

What Is A Boat Loan Calculator?

A boat loan calculator is an online tool that helps potential boat buyers estimate the cost of financing a boat purchase. This tool takes into account several factors such as the boat’s price, down payment, interest rate, and loan term, which are used to calculate monthly payments and the total cost of the loan. You can adjust the loan term, down payment amount, sales tax, and  interest rate to see boat loan payments based on the numbers you provide – and how any changes to those numbers may affect your payment.

Using a boat loan calculator helps potential borrowers determine how much they can afford to borrow, how much their monthly payments will be, and how much interest they will pay over the life of the loan. This information can help borrowers make an informed decision about their boat purchase and ensure they stay within their budget.

Some boat loan calculators may also provide additional information such as the estimated sales tax and down payment for the boat, which can also impact the total cost of ownership. Ultimately, a boat loan payment calculator is a valuable tool for anyone considering a boat purchase, as it helps them understand the financial implications of their decision.
Trident Funding - Cost of Owning a Boat

How To Calculate A Boat Loan Payment

Calculating a boat loan payment typically involves the following information:
  1. Determine your loan amount: This is the total amount of money you will be borrowing for the boat purchase. It is typically the price of the boat minus any down payment or trade-in value.
  2. Determine your loan term: This is the length of time over which the loan will be repaid, usually in months. For example, a 20-year loan would be shown as 240 months. 
  3. Check your interest rate: This is the annual percentage rate (APR) you will be charged on the loan. Rates are impacted by your credit score, the size of the loan, and the length of the loan term. 
  4. Use a boat loan calculator: There are many boat payment calculators available online that can help you estimate your monthly loan payments. Simply enter your loan amount, loan term, and interest rate, and the calculator will provide an estimate of your monthly payments. Alternatively, you can enter your desired monthly payment, loan term, and interest rate and see a total loan amount so you can start boat shopping.

It’s important to note that the monthly payment estimate provided by the calculator is based on a fixed interest rate and assumes that you will make all payments on time. Actual monthly payments may vary depending on your credit score, the lender you choose, and other factors.

Also, keep in mind that the boat loan payment may not be the only expense associated with boat ownership. You’ll need to consider additional costs such as insurance, maintenance, docking fees, and fuel.

Frequently Asked Questions

Typically, the maximum term for a boat loan is 20 years, however the maximum or standard term for a boat loan can be affected by the age of the boat and the size of the loan request. The next most common terms are 15 and 10 years.

Check out a yacht loan calculator, to see how much yacht you can afford. Affordability will be based on things like your income, credit score, debt-to-income ratio, purchase price of the boat, loan term, and interest rate. When you see the estimated yacht loan monthly payment, remember that it doesn’t include insurance, marina fees, docking or storage fees, maintenance, repairs, fuel, license, or crew costs. So, make sure there is room in your budget to allow for these extra expenses.

Financing a boat over a 15 or 20 year term is very common. Banks tend to offer longer terms on boat loans because the depreciation schedule of a boat is typically longer than other assets like automobiles.

Yes, you can get a 20-year term on a used boat. However, the boat usually needs to be less than 15 years old, and most lenders will also have a minimum loan requirement in order to qualify for a 20-year boat loan term.

You can get a boat loan with a 600 credit score, but most lenders prefer credit scores of 700 or higher. With a lower credit score, you should expect a larger down payment or a higher boat loan interest rate. Use our boat loan calculator to estimate your monthly interest rate and then apply for your boat loan today.

You can purchase a boat with bad credit, but you probably won’t qualify for boat loans if you have bad credit. If your credit score is below 600, you may need to pay cash for the boat, work out an owner financing arrangement with the seller, or put down a large down payment. Other options may include taking out a personal loan, getting a loan from your credit union, or using boat dealer financing. Some boat loans may allow a qualified cosigner but the cosigner would have to meet the lender’s criteria and agree to be responsible for the loan.

Keep in mind that some lenders won’t work with you at all if your credit score is below 600, so it may be advantageous to raise your credit score first and then apply for a boat loan. The best interest rates and terms are reserved for the most credit-worthy borrowers. So, having a higher credit score will save you money over the term of the loan.

Having a high credit score to finance a boat will save you money in a few different ways. Firstly, you will get access to the best rates, terms, discounts, and the lowest-fee boat loans. You may also be able to choose your loan term, and your down payment requirements may be lower. 

For example, if you can afford the higher monthly payment of a 10-year loan term, instead of a 20-year loan term, you can potentially save thousands of dollars in interest because you will be paying off the loan over a shorter period of time. 

However, the main way that you save money on a boat loan is with a lower interest rate. Assuming that you have a high credit score, and get a 6.25% rate on a $200,000 boat loan, with a term of 20 years, you will have paid a total of $350,845.54 for the boat over the 20-year term. This only includes principal and interest and is only applicable if you have a fixed rate loan. 

Now, let’s assume your credit score isn’t great, and you get a 9.0% interest rate on the same $200,000 loan. You will have paid a total of $431,868.46. That means that a borrower with a higher credit score will have spent $81,022.92 less than the borrower with the lower credit score. That’s a huge amount of money that could be invested or even used to buy another boat!  

Boat loan terms vary in length, anywhere from seven to 20 years, and occasionally 25 years. There isn’t really a ‘best’ when it comes to boat loan terms. It’s all relative to your financial situation, the year of the boat, and the loan amount. If you have the extra money budgeted for larger monthly payments, and don’t want to pay additional interest, then a shorter-term boat loan may be better for you. 

Conversely, if you’re buying an expensive boat, and want the cheapest monthly payments available, then a 20-year boat loan term may be more suitable for you. When you apply with Trident Funding, they will go over different boat loan terms, interest rates, and monthly payment options with you.

There is no definitive minimum credit score required, but there are some banks that will consider applicants with scores in the 600 or 640 range. You will typically need a credit score of at least 600 to get approved for a boat loan. The higher your credit score, the lower your interest rate will be, which will save you money over the term of the loan. Additional credit limitations and requirements will typically be required for scores under 700. Use our boat loan calculator above to determine your estimated monthly payment based on your FICO credit score.

Some tips to raise your credit score include

  • Make on-time payments to your creditors
  • Ask for credit limit increases on your credit cards but don’t use the additional credit
  • Pay down your credit card balances so they’re 25% or lower
  • Regularly check your credit report and dispute any errors

The amount of boat that you can afford depends on a number of factors. It will depend on your income, your credit score, and your liabilities. You may qualify for a million dollar boat solely based on your income, but when you factor in your monthly expenses, that number may change drastically.

The lender will take a look at your overall financial profile including your debt-to-income ratio to ensure that you can afford to purchase the boat and keep up with the monthly payments. You can check out a boat loan calculator to get an idea of how much boat you can afford. The calculator is a great place to start when you’re boat shopping, but don’t forget about additional expenses such as boat insurance, marina fees, and ongoing maintenance costs.

Yacht loan terms typically go up to 20 years, but you may find one for 25 years if you and the boat meet certain qualifications. A yacht loan is different from a mortgage, it’s more comparable to an auto loan, just with a longer loan term.

The yacht serves as the collateral and you typically use your own funds for a downpayment and finance the remainder of the purchase price. You will pay monthly payments throughout the life of the loan. Like auto loans, yacht loans require insurance and each lender will have their own qualifications that need to be met in order to be approved for the loan.

A good credit score to finance a boat is typically 700 or higher. Most marine lenders only work with creditworthy borrowers who have what is considered great or excellent credit. Sure, you may qualify for a loan with a lower credit score, but the maximum loan amount may be lower, the monthly payment may be higher, your loan application may take longer for credit approval, and you may be required to put down a larger down payment than a borrower who has a higher credit score. 

If you’re not sure what your credit score is, or you want to know if you will get approved for a boat loan or not, apply with Trident Funding online in just a few minutes. The initial application only requires a soft-pull on your credit score, and you will quickly find out if a boat loan is in your near future, or if you need to raise your credit score first.

The length of the loan is referred to as a loan term. Loan terms vary depending on the loan product, the type of boat, the age of the boat, the loan amount, and your financial standing. However, most boat loans range from 10- to 20-year terms. A 20-year term is usually the maximum term for a boat loan, however, sometimes a lender will consider a 25-year loan term. The next most common boat loan terms are 15 and 10 years. Typically loan amounts over $50,000 can go to 15 to 20 years and loan amounts under $50,000 can go to 12 to 15 years.

The amount of the down payment on a boat loan varies. It’s usually anywhere from 10% to more than 30%. It depends on the borrower’s credit score, income, and overall financial profile. It also depends on the loan amount and the loan term. Generally, borrowers with lower credit scores will be required to put down a larger down payment. This is to mitigate some of the lender’s risk and it shows ‘more skin in the game’ because the borrower has more to lose if they default on the loan. 

If you like to know the numbers and want specifics, here goes. The average cost of a new boat is around $70,000. If you have excellent credit, expect to put down at least $7,000. If your credit is less than excellent, you may need to put down anywhere from $14,000 to more than $21,000. This is just the amount needed for the downpayment and doesn’t include closing costs or insurance etc.

Every borrower is different and their credit score and income will affect the boat payment. The interest rate, the boat term, and the purchase price of the boat will also affect the amount of the monthly payment. If you want to roughly estimate what your boat payment will be, calculate 1 to 1.5% of the value of the boat. For example, if you buy a boat worth $100,000, expect to pay between $1,000 and $1,500 per month. Keep in mind, this is just a rough estimate, and you can get a better idea of your monthly payment, by using a boat loan calculator.

3Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, down payment, debit and payment to income ratios, collateral type, age of collateral, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Loan is for recreational pleasure use only. Rates and terms are subject to change without notice based on market conditions and borrower eligibility. Other rates and loan terms are available. † Max loan term may vary. Rates may not apply to customers residing in states or Puerto Rico.