Boat Loan Calculator

Down payment requirements can vary depending on a few factors… the purchase price, the age of the boat, the borrower’s credit score, to name a few.  But generally speaking, down payment requirements are as follows;

$15k to $50k… 10%

$50k to $150k… 15%

$150k to $2m… 20%

$2m+… 25% to 30%

Minimum credit score requirements will vary by several factors.  But generally speaking, loans over $100k will require a credit score over 700, while credit scores of 650+ could be considered for loan requests under $100k.

20 years is the maximum term for a boat loan.  However, older boats and smaller loan amounts may have term restrictions.

Loans over $50k and boats less than 10 years old will usually qualify for a 20-year term.

Loans less than $50k and/or boats older than 10 years will typically have terms of 15 years or less.

Other common boat loan term lengths are 12, 10, and 7 years.