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Owning a boat is a lifelong dream for some, but the upfront cost of purchasing one can put this dream out of many people’s reach. If you’re looking at purchasing a boat but do not have the immediate funds, you might want to consider a boat loan.
A boat loan can help you buy a boat while you pay it back over time, but while this may seem like a viable option you need to consider whether you can afford it. To work out the true costs of a boat loan and whether these will be manageable within your budget, use a boat loan calculator.
Keep reading to see how to use the boat loan calculator and to how to adjust your loan to save money on interest or reduce your repayments.
A boat loan calculator can help you determine the cost of taking out and managing a boat loan. When you compare your loan options you can use this calculator to see if this loan will be affordable, or whether you might want to choose a different loan product. You can also use the calculator to adjust the terms of your loan and see if there is a way to save money.
Some people look into financing options for their boat without really understanding the actual costs that will be involved. All of these costs need to be considered when you use the calculator as they should be budgeted for along with the cost of your repayments. Here is a breakdown of some of the costs you can expect:
Boat purchase
The cost will vary depending on the type and size of boat you buy, but generally boats cost in excess of $30,000.
Startup costs
These costs involve the purchase of accessories such as ropes and anchors, safety training for yourself and boat lifts to be installed at the marina.
Recurring costs
These include costs that you will be required to pay regularly, including insurance, maintenance, cleaning, boat licences and any continued training.
Once you have found a loan that you want to use for your calculations, simply enter the details of that loan in the relevant fields on the calculator.
If you input all of your loan information and find that the loan is too expensive to manage, you can use the calculator to see if you can save money somehow. Here are a few ways to adjust the loan:
Use the values from your calculations above, to help you compare a range of loans available for boats.
From
fixed rate
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comparison rate
100% confidential application
Borrow funds of up to $250,000 to finance your boat purchase and choose from both secured and unsecured loan options.
If you’re considering financing a boat, or are looking at taking out a personal loan for any other purpose, you can use this personal loan calculator to determine the affordability of the loan.
Picture: Getty Images
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