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 *
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 *
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
Please note: Calculations are for example purposes only, do not include destination charges, title, or other fees and incentives, assume an excellent credit rating and have no bearing on any loan approval. Estimated payments are based on standard industry data; the values that apply to your purchase are likely to vary. Results received from this calculator are designed for comparative purposes only, and accuracy is not guaranteed. By using this program you acknowledge that the National Marine Bankers Association (NMBA) shall not be responsible for any damages resulting from the use of the Loan Calculator by you or any other person, however caused.
Calculator provide by the National Marine Bankers association. Visit www.marinebankers.org for more information.
