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You can get a Boat Loan that is as long as 20 years if the loan is secured, while unsecured boat loans (Personal Loan) usually get no longer than 5 to 7 years.
Like any loan, the longer your term the more you are going to pay. Considering how much a boat will set you back in 2020 you may want to reconsider having a shorter term and paying off faster!
Most people will finance a boat for about 10 years (On Average). the reason boat loans are longer is because banks and lenders recognize that boats hold their value far longer than cars.
As of late 2022 and early 2023, Boat Loan Rates are currently between 4% and 6% based on the usual factors such as credit history, loan term, and loan amount.
Are you looking to finance a boat? Sportfishtrader’s free boat loan calculator can help you determine what the length of your loan could be based on the scenarios you choose. This can help you decide which loan is best for you based on your:
You can also use our calculator to compare different loans and analyze the impact of their respective terms and conditions.
© All rights reserved 2019