Boat Loan Calculator
Our boat loan repayment calculator makes it easy to figure out how much the loan will cost plus how long it will take to pay off.
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A boat loan can help you buy a boat while you pay it back over time. Before you apply though you need to make sure you can afford it. To work out the true cost of a boat loan and whether these will be manageable within your budget, use a boat loan calculator.
Boat Loan Repayment Calculator
How to use the boat loan calculator
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.
- Loan amount. If you have a boat already in mind, then you can enter that boat's value as your loan amount. You need to make sure the loan amount you're after is within the limits set by the lender.
- Purchase rate (p.a.). This is the rate of interest you are charged per year for the loan. If you know the interest rate you will be charged, input this information. If you aren't sure of the interest rate you'll be charged, you can input a few different rates to see varying results. Interest rates may be fixed or variable, but if it is a variable rate keep in mind that if the rate fluctuates your repayments will be affected.
- Loan term. The length of time you are able to borrow the money for will differ between lenders, but it will generally be for a period of between one and seven years. Be aware that the longer your loan term, the lower your repayments, but the more you will be charged over the life of the loan.
- Repayment frequency. Lenders will usually allow you to select your own repayment frequency so you can match it with the frequency at which you get paid. This will normally be a choice between weekly, fortnightly or monthly repayments.
- Repayment type. You may be able to choose whether to make principal and interest or interest-only repayments for your boat loan.
Costs of owning a boat
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:
The cost will vary depending on the type and size of boat you buy, but generally boats cost in excess of $30,000.
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.
These include costs that you will be required to pay regularly, including insurance, maintenance, cleaning, boat licences and any continued training.
How can the calculator help me?
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:
- Make your repayments more frequently. By making weekly rather than monthly repayments you may be able to reduce the amount of interest you pay over the course of the loan.
- Choose a loan with a lower interest rate. When you’re calculating your repayments you may find that choosing a loan with a lower rate or even opting for a variable rate loan might save you money. Keep in mind that variable rates will fluctuate.
- Use the comparison rate to compare. Instead of using the advertised rate to compare your options, look at the comparison rate - this will give you an idea of what you’ll actually end up paying, with other fees and costs of the loan included.
Use the values from your calculations above, to help you compare a range of loans available for boats.
- Large loan amounts
- Range of lenders
- Flexible loan terms
100% confidential application
Credit Concierge Boat Loan
Borrow funds of up to $250,000 to finance your boat purchase and choose from both secured and unsecured loan options.
- Interest rate from: 3.99% p.a.
- Comparison rate: 5.25% p.a.
- Interest rate type: Fixed
- Application fee: $395
- Minimum loan amount: $5,000
Comparison of boat loans
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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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Personal Loan OffersImportant Information*
You'll receive a fixed rate between 5.35% p.a. and based on your risk profile.
Apply for a loan up to $50,000 and repay your loan over 3 or 5 years terms.
You'll receive a fixed rate of 8.99% p.a.
Apply for up to $50,000 to use for a variety of purposes without needing to add security. Available to self-employed applicants.
You'll receive a fixed rate between 6.99% p.a. and 18.99% p.a. ( 7.91% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.
You'll receive a fixed rate between 6.99% p.a. and 20.49% p.a. based on your risk profile
A loan from $5,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.
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