Ready to buy a boat? Use our quick boat loan calculator to estimate your monthly payments and annual rate.
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*Estimated APR, or Annual Percentage Rate, is the annual cost of the loan, which includes other charges and fees. Actual rate and term can vary depending on credit history, collateral type, age of collateral, loan amount, loan term, loan to value, vessel registration type (LLC/Trust), state of residency and other criteria. Rates and terms may vary and are subject to change without notice. Credit score can vary depending on the credit reporting agency. Payment example: A $76,000 loan for the purchase of a recreational use vessel for 20 years with a fixed rate of 5.49% would have an estimated APR of 5.49% and 240 payments of $522.37.
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Frequently Asked Questions
How long is a typical boat loan for?
- 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.
Is it smart to finance a boat for 15 years?
- 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 similar assets.
Can you get a 20-year loan on a used boat?
- 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 term.
Can I get a boat loan with a 700 credit score?
- You can get a boat loan with a 700 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 interest rate. Apply for your boat loan today.
What is the minimum credit score for a boat loan?
- There is no definitive minimum credit score required, but there are some banks that will consider applicants with scores in the 640 or 670 range. 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.
What should I expect my boat loan APR to be?
- Boat loan APRs can vary depending on several factors. The APR is typically determined by your credit score, the size of your down payment, and the age of the boat, and the term of the loan. The higher the credit score, the larger the down payment, the new the boat, and the shorter term, the better the APR will be.
*Disclaimer: Subject to loan program requirements and credit approval. Certain fees, closing costs, and restrictions may apply.