Boat Loan Calculator: Estimate Your Payments

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Lisa Rennie
Senior Contributor at Loans Canada
Lisa has worked as a personal finance writer for over a decade, creating unique content to help educate Canadian consumers. Expertise:
  • Personal finance
  • Real estate
  • Mortgage financing
  • Investing
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Priyanka Correia, BComm
Senior Editor at Loans Canada
As a senior member of the Loans Canada team, Priyanka Correia is committed to empowering Canadians with the knowledge they need to make smart financial choices.
Expertise:
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Updated On: January 27, 2025
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If you’re planning to buy a boat, calculating monthly payments before applying for a boat loan is essential to ensure you make a financially sound decision. Boat loan calculators are valuable tools available at your fingertips to help you estimate your monthly loan payments based on various factors. This insight can help you plan your budget effectively and avoid unnecessary financial stress.


What Is A Boat Loan Calculator? 

A boat loan calculator is an online tool that helps you estimate your monthly loan payments and the total financing amount to finance a boat. These tools are readily available online and can quickly calculate these figures for you based on specific inputting details.

By using a boat loan calculator, you can get a clear idea of your potential payments, which can help you determine how much you can afford and plan your budget accordingly.

Learn more: Financing For Boats In Canada


How To Use A Boat Loan Calculator 

Using a boat loan calculator is easy. Simply plug in the following details:

  1. Choose Your Credit Score: With this calculator, it’ll estimate your interest rate based on your credit score.
  2. Loan Term: Next choose your loan term. You can enter it as a total number of months or years.
  3. Down Payment: If you plan on putting a down payment, enter the amount here.
  4. Amount: Here, you can enter the purchase price of the boat.

Then, click ‘calculate’, and the calculator will immediately provide you with the following:

  • Number of payments: Total number of monthly payments you’ll make over the term of the loan.
  • Monthly payment: You’ll get an estimate on how much you can expect to pay monthly.
  • Total interest: This number represents the total interest you’ll pay only. The principal amount is excluded from this number.
  • Total payment: This is the total cost of your loan. It includes both principal and interest.
Calculate Your Boat Loan Payments

CALCULATOR

Credit Score 1
Your Interest Rate: 35 %
Loan Options 2
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Result 3

How Your Boat Loan Terms Can Affect Your Total Costs

Every detail of your loan can change how much your monthly payments will be and how much interest you’ll pay over the life of the loan.

Boat Loan Term Length: Boat loans with longer terms will generally have lower payments, but cost more over the life of the loan. Longer loan terms also generally lead to higher interest rates as there’s more time for you to default on the loan.

Boat Loan Down Payment: The more you put down, the less money you’ll need to borrow. This means you may not need as long of a term to pay off the loan and your payments may be lower. Both of which can make the loan more affordable and less costly.

Boat Loan Interest Rate: While this may be obvious, it can’t be said enough. Boat loans with high interest rates can significantly add to your overall cost. Beside your finances, you credit score can have a big impact on the interest rate you get. Consider taking a few months to improve your credit score before applying for a boat loan.

Example

To help you get an idea of how boat loan details can impact your costs, we’ll use the following example:

  • Purchase price: $10,000
  • Down payment amount: $1,500
  • Loan term: 12 months

While each factor can impact the cost of your loan, we’ll change just the interest rate in the following comparison:

10% Interest15% Interest30% Interest
Monthly Payments$747.29$767.20$828.64
Total Interest$467.42$706.35$1,443.69
Total Loan Amount$8,967.42$9.206.35$9,943.69

Based on this example, just changing the interest rate from 10% to 30% can mean the difference of nearly $1,000 more paid over the life of the loan, and over $80 more on your monthly payments.


Benefits Of Using A Boat Loan Calculator

Using a boat financing calculator in Canada comes with a few key benefits, such as the following:

  • Accurate Budgeting. Using a loan calculator can help you plan your budget by showing you how different loan terms and rates affect your payment.
  • Understand How Much You Can Afford. By calculating your monthly payments and total loan costs, you’ll have a clear financial picture of what your boat loan will look like.
  • Comparison Shopping. Armed with the information that the boat loan calculator provides, you can compare different loan offers and lenders and choose the one that suits your financial situation best.

Bottom Line

Using a boat loan calculator is a handy tool if you’re in the market to buy a boat. They offer clear insights into your potential monthly payments and overall costs, allowing you to make better financial decisions. Try Loans Canada’s online boat loan calculator to help you determine whether a boat purchase fits your budget.


Boat Loan FAQs

How much do boats cost?

The price of a boat can vary widely depending on factors such as the type of boat, its condition, and whether you’re buying new versus used. You could be spending as little as $2,500 for a simple used boat to tens of thousands of dollars or more for a much larger, brand-new model.

How to lower your boat loan payments?

To keep your boat loan payments, make a bigger down payment, extend the loan term, and improve your credit score to secure a lower interest rate.

How much should you put as a down payment?

A down payment of anywhere from 10% to 20% of the boat’s purchase price is typically required.
Lisa Rennie avatar on Loans Canada
Lisa Rennie

Lisa has been working as a personal finance writer for more than a decade, creating unique content that helps to educate Canadian consumers in the realms of real estate, mortgages, investing and financial health. For years, she held her real estate license in Toronto, Ontario before giving it up to pursue writing within this realm and related niches. Lisa is very serious about smart money management and helping others do the same.

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