Boat loan calculator

A boat loan can help you buy a boat while you pay it back over time. Before you apply, you need to make sure you can afford it. To work out the true cost of a boat loan and whether it 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 1 and 7 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:

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.

Comparison of boat loans

1 - 7 of 7

Updated regularly

Name	Interest Rate (p.a.)	Comp. Rate (p.a.)	Application Fee	Monthly Fee	Monthly Repayment
OurMoneyMarket Secured Personal Loan Fixed1 - 7 Years $2,001 - $75,000	Interest Rate (p.a.) 6.57% to 18.99%	Comp. Rate (p.a.) 7.19% to 21.78%	Application Fee $250 min.	Monthly Fee $0	Monthly Repayment $622.82	Go to siteMore Info Compare
Stratton Finance Boat Loan Fixed1 - 5 Years $10,000 - $200,000	Interest Rate (p.a.) 6.73% to 18%	Comp. Rate (p.a.) 7.23% to 18.5%	Application Fee $700	Monthly Fee $8.90	Monthly Repayment $645.5	Go to siteMore Info Compare	You'll receive a fixed rate from 6.73% p.a. based on your risk profile Borrow between $10,000 and $200,000 with terms up to 5 years. Use to buy a boat, jet ski or a luxury yacht.
Credit Concierge Boat Loan Fixed1 - 7 Years $5,000 - $250,000	Interest Rate (p.a.) 6.34%	Comp. Rate (p.a.) 7.65%	Application Fee $545	Monthly Fee $7.70	Monthly Repayment $635.89	More Info Compare	You'll receive a fixed rate from 6.34% p.a. Borrow up to $250,000 with a secured boat loan. Get assigned a personal boat loans expert to guide you through the process.
NRMA Boat Loan Fixed1 - 7 Years $5,000 -	Interest Rate (p.a.) 9.74%	Comp. Rate (p.a.) 10.36%	Application Fee $499	Monthly Fee $0	Monthly Repayment $658.95	More Info Compare	You'll receive a fixed rate from 9.74% p.a. Finance a new or used boat with a loan from $5,000. No monthly fees and flexible repayments available.
Driva Boat Loan Fixed1 - 7 Years $2,000 - $250,000	Interest Rate (p.a.) 5.95% to 25.99%	Comp. Rate (p.a.) 7.98% to 30.9%	Application Fee $295	Monthly Fee	Monthly Repayment $616.95	Compare	You'll receive a fixed rate from 5.95% p.a. Borrow up to $250,000 with loan terms from 1 to 7 years. Get access to a range of Boat lenders.
Latitude Boat Loan Fixed2 - 7 Years $5,000 - $200,000	Interest Rate (p.a.) 9.49% to 29.99%	Comp. Rate (p.a.) 10.93% to 31.83%	Application Fee $395	Monthly Fee $13	Monthly Repayment $666.22	More Info Compare	Special Offer: For a limited time only – save $395. Apply by 30th Sept 2023 and if approved, Latitude will waive the establishment fee. Eligibility criteria, T&C’s apply.
RACV Boat Loan Fixed1 - 7 Years $5,000 - $100,000	Interest Rate (p.a.) 10.69% to 15.74%	Comp. Rate (p.a.) 11.42% to 16.51%	Application Fee $499	Monthly Fee $0	Monthly Repayment $668.11	More Info Compare

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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.

What to do after using the boat loan calculator

After you've used the boat loan calculator, if you have found a loan that you think works for you, and you have a boat in mind that you would like to purchase, it's time to apply for a loan. However, before doing so, you should check the:

Eligibility criteria

Ensure that you meet the lender's set eligibility criteria. You can check what this is by clicking "More info" on any of the loans shown on this page.

Restrictions

Is the loan that you wish to apply for able to cover the costs of the type of boat you want to buy? For example, some boat loans may only lend funds for new boat purchases. If you're looking to buy a used boat, you may have to find a different loan.

Finance amount

Does the loan you want offer the right amount of funding for your boat of choice?

If you're happy with all of the above, you can click "Go to site" to be taken to the lender's website directly to submit a loan application.

Eligibility

The eligibility criteria you will usually be required to meet includes:

• Be 18 or older
• Have a regular, verifiable income
• Be a citizen or permanent resident of Australia
• Have an acceptable credit history

Documentation

To fill out a loan application, you may need the following documentation:

• Driver's licence
• Details of your employer and employment history
• Bank statements or online banking information
• Details of assets that you own
• Information about any other loans or credit you have
• Information regarding your expenses and bills

For more information on boat loans and to help find to best loan for your circumstances, you can also visit our boat loans guide.

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