That means that a borrower with a higher credit score will have spent $81,022.92 less than the borrower with the lower credit score. You will have paid a total of $431,868.46. Now, let’s assume your credit score isn’t great, and you get a 9.0% interest rate on the same $200,000 loan. This only includes principal and interest and is only applicable if you have a fixed rate loan. Assuming that you have a high credit score, and get a 6.25% rate on a $200,000 boat loan, with a term of 20 years, you will have paid a total of $350,845.54 for the boat over the 20-year term. However, the main way that you save money on a boat loan is with a lower interest rate. You may also be able to choose your loan term, and your down payment requirements may be lower.įor example, if you can afford the higher monthly payment of a 10-year loan term, instead of a 20-year loan term, you can potentially save thousands of dollars in interest because you will be paying off the loan over a shorter period of time. Firstly, you will get access to the best rates, terms, discounts, and the lowest-fee boat loans. Having a high credit score to finance a boat will save you money in a few different ways. Alternatively, you can enter your desired monthly payment, loan term, and interest rate and see a total loan amount so you can start boat shopping. Simply enter your loan amount, loan term, and interest rate, and the calculator will provide an estimate of your monthly payments. Use a boat loan calculator: There are many boat payment calculators available online that can help you estimate your monthly loan payments.Rates are impacted by your credit score, the size of the loan, and the length of the loan term. Check your interest rate: This is the annual percentage rate (APR) you will be charged on the loan.

For example, a 20-year loan would be shown as 240 months. Determine your loan term: This is the length of time over which the loan will be repaid, usually in months.It is typically the price of the boat minus any down payment or trade-in value. Determine your loan amount: This is the total amount of money you will be borrowing for the boat purchase.Calculating a boat loan payment typically involves the following information:

Boat loan calculator