Boat Loan Calculator

Plan your boat purchase with this user-friendly Boat Loan Calculator, designed mainly for buyers in the United States. While U.S. users will get the most accurate results, international visitors can still use the tool with some local adjustments. To figure out how much boat you can afford based on your preferred monthly budget, try the “Monthly Payments” tab—perfect for reverse loan calculations.

Ready to Buy a Boat?

Purchasing a boat is a big step—whether you’re aiming for leisure, starting a business, or pursuing outdoor adventures. Many people use a boat loan to finance this investment. But the total cost goes far beyond the boat’s price tag. To make a wise decision, you’ll need to consider taxes, fees, insurance, and long-term ownership costs.

Understanding Boat Loans

A boat loan is a specialized form of financing to help you buy a boat. It works similarly to auto loans or mortgages. You borrow funds from a lender—such as a bank, credit union, or marine finance company—and repay the loan in monthly installments, which include interest.

Most boat loans are secured by the boat itself, which means the lender can repossess it if you don’t make payments. While unsecured loans are sometimes used, secured loans often come with better interest rates.

You can finance both new and used boats, from small fishing vessels to luxury yachts. Loan terms typically range from 2 to 20 years, and approval depends on your credit history, income, and other financial details. Comparing rates from multiple lenders can help you get the best deal.

Common Boat Purchase Fees

The boat’s sticker price is just one part of the total cost. When financing a boat, you’ll likely encounter several additional fees, such as:

• Sales tax: Most U.S. states charge 4% to 8% sales tax on boat purchases. Some offer exemptions or tax caps for trade-ins.

• Loan origination fee: Lenders usually charge 1% to 3% of the loan amount as a processing fee. For a $50,000 loan, that’s $500 to $1,500 upfront.

• Marine survey fee: A survey may be required—especially for used or large boats—to assess the vessel’s condition.

• Title and registration: Boats must be registered with state authorities. Fees vary by state and boat size. Dealers usually assist, but private sales may require self-registration.

• Documentation fees: These cover administrative costs for handling paperwork during the transaction.

• Trailer purchase: Small boats often need a trailer, which is usually sold separately.

Ask your lender or dealer for a complete list of these fees before moving forward to avoid surprises.

Ongoing Costs of Owning a Boat

Boat ownership includes long-term expenses that go beyond your monthly loan payments. Be prepared for the following:

• Loan payments: Determined by your loan size, interest rate, and repayment period.

• Boat insurance: Required by most lenders, this covers damage, liability, and theft. Costs vary depending on the boat’s size and use.

• Maintenance and repairs: Regular care—such as engine maintenance, cleaning, and winterizing—is necessary to keep your boat in good shape.

• Fuel: Smaller boats might cost $20 per trip in fuel, while larger boats may consume hundreds of dollars per outing.

• Storage: If you don’t have private storage, expect to pay for marina slips or dry dock storage.

• Accessories and gear: Life jackets, navigation electronics, fishing gear, and safety equipment can add to your overall costs.

For example, the annual ownership costs for a $30,000 mid-sized boat may range from $3,000 to $7,000—excluding loan payments. Planning ahead can prevent unexpected financial stress.