Find out how much you’ll pay each month for setting sail

Find out how much you’ll pay each month for setting sail

Bottom line

When you’re choosing a loan to finance your new boat, knowing how much you’ll pay in the short and long run is crucial to figuring out which is the best deal.

What is the average interest rate for a boat loan?

Interest rates depend on both your lender and credit history, but they usually start somewhere between 10% and 20%. The lowest rates are typically reserved for those with high incomes and excellent credit.

How long can I get a boat loan for?

Since boats can be pricey, the average term for a boat loan is typically longer than that of your average personal loan, clocking in anywhere from 7 to 15 years.