Calculate your boat loan repayments instantly. Adjust the loan amount, interest rate, term, balloon payment, and repayment frequency to see what your repayments could look like.
| Frequency | Repayment | Total interest | Total cost |
|---|---|---|---|
| Weekly | $280.17 | $12,843 | $72,843 |
| Fortnightly | $560.68 | $12,889 | $72,889 |
| Monthly(selected) | $1,216.58 | $12,995 | $72,995 |
Switching from monthly to weekly repayments could save you $152 in interest over the life of this loan.
Boats range from $10,000 runabouts to $500,000 cruisers. See how borrowing more or less changes your repayments. A $10,000 difference in loan amount can shift your monthly repayment by $150-200 depending on the rate and term.
Even a 1% difference in interest rate has a meaningful impact on a boat loan. On a $60,000 loan over 5 years, the difference between 7% and 9% is about $3,200 in total interest.
A balloon payment reduces your regular repayments but means a lump sum is due at the end. This can work well for boats if you plan to sell or refinance at the end of the term. Use the balloon slider to see the trade-off.
Switching from monthly to fortnightly or weekly repayments can save you interest because the balance reduces faster. The comparison table shows all three side by side so you can see the difference.
Lenders assess your ability to service the loan based on your income, existing debts, and living expenses. They want to see that repayments are affordable for you.
Your credit score and repayment history influence the rate you are offered. A stronger credit history generally means access to more competitive rates.
For secured boat loans, the age, condition, type, and value of the vessel matter. Most lenders have maximum age limits and may require a marine survey for boats over $50,000 or older vessels.
Most secured lenders require comprehensive marine insurance for the duration of the loan. This covers damage, theft, and third-party liability. Factor insurance into your total cost of ownership.
See boat finance options from 50+ lenders and find a rate that works for you.
Subject to lender approval, terms and conditions apply.
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Results are estimates only and should not be relied upon for financial decisions. Actual boat loan repayments will depend on the lender, your credit profile, and the specific terms offered. Interest rates used are for illustration purposes only and may not reflect current market rates.
Subject to lender approval, terms and conditions apply.
This calculator is general information only and is not financial advice.