Find the monthly payment on a boat loan, or the most boat a monthly payment will buy, with a down payment, trade-in, sales tax and fees.
The amount you borrow is the boat price minus your down payment and any trade-in. If you choose to roll the sales tax and fees into the loan, they are added to that amount, which raises the payment. Otherwise you pay them up front along with the down payment. The monthly payment is the level amount that repays the loan with interest over the term, and the total cost adds the price, the interest, the tax and the fees.
Start from a boat price to see the payment you would owe. Or start from the monthly payment you can afford, and the calculator works out the loan that payment supports and then the boat price that goes with it, after allowing for the down payment, trade-in, tax and fees. The second approach is a good way to set a budget before you go shopping.
Boat loans often run longer than car loans, commonly ten to twenty years for larger boats, and rates are usually higher for older or used boats. A longer term lowers the payment but increases total interest. A larger down payment reduces the amount borrowed and the interest. Insurance, storage, fuel and maintenance are extra costs of owning a boat that this calculator does not include.
It depends on the state. This calculator works out the tax on the full boat price, which is the safer assumption. In states that tax only the price after the trade-in, the tax will be a little lower.
It adds the sales tax and fees to the amount you borrow, so you pay less up front but have a larger loan, a higher monthly payment and more interest over the term.
Lenders often ask for 10% to 20% down. A bigger down payment lowers the loan, the monthly payment and the total interest, and can help you qualify for a better rate.
It first finds the loan amount your payment can repay over the term at your rate. It then adds the down payment and trade-in, and allows for tax and fees, to give the boat price that matches the loan.
No. Boat insurance, storage, fuel, docking and maintenance are separate costs. Add them to your budget alongside the loan payment.
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