If you want to check what your boat loan rate and monthly payment could be, Trident Funding’s Boat Loan Payment Calculator can help you research that as well.
Below are some examples of monthly boat loan payments*:
Loan: $15,000
Down payment: 10%
APR: 6.79%
Example payment schedule: 144 monthly payments of $135
Loan: $30,000
Down payment: 15%
APR: 7.25%
Example payment schedule: 180 monthly payments of $273.86
Loan: $65,000
Down payment: 15%
APR: 5.50%
Example payment schedule: 180 monthly payments of $531.10
Loan: $200,000
Down payment: 15%
APR: 4.99%
Example payment schedule: 240 monthly payments of $1,318.81
*Estimated APR, or Annual Percentage Rate, is the annual cost of the loan, which includes other charges and fees. Actual rate and term can vary depending on credit history, collateral type, age of collateral, loan amount, loan term, loan to value, vessel registration type (LLC/Trust), state of residency and other criteria. Rates and terms may vary and are subject to change without notice. Credit score can vary depending on the credit reporting agency.
Payment example: A $76,000 loan for the purchase of a recreational use vessel for 20 years with a fixed rate of 4.12% would have an estimated APR of 4.12% and 240 monthly payments of $467.05.