Boating is more affordable than you think. in some instances, you can buy a brand new boat financed for around $250.00 a month, like a car. Boats provide tax deductible and cost effective second homes. Interest on a boat loan can be deducted if the boat has a galley, berth and head.
If you know what your monthly budget amount is to buy a boat, put that in the monthly window and work backwards to determine how much in total price you can afford. Or, if you know the cost of the boat you want, put that amount in the total window to determine monthly payment. To determine typical interest rates and terms, call a
National Marine Bankers Association member, visit one of their websites, look at financing advertisements in boating magazines, or discuss it with a marine retailer.
To calculate a monthly payment:
- Enter the desired loan amount
- Enter an interest rate as an annual percentage *
(e.g. 10) without the % sign
- Enter the term in years (refer to chart)
- Click the Payment button
To calculate the loan amount:
- Enter the desired monthly
- Enter an interest rate as an annual percentage *
(e.g. 10) without the % sign
- Enter the term in years (refer to chart)
- Click the Loan Amount button
Many National Marine Bankers Association Lenders use the following guidelines when setting loan terms:
| Loan Amount |
Term in Years |
| $5,000 - $9,999 |
7 |
| $10,000 - $14,999 |
10 |
| $15,000 - $24,999 |
12 |
| $25,000 - $74,999 |
15 |
| $75,000+ |
20 |
(* Rates are based on loan amount, credit history and term of loan.)
