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Many people do not realize how affordable boat loans can be. By using a boat payment calculator, you can quickly determine how much boat you can afford. In 2019, money is still relatively inexpensive to borrow, so even if you have the available cash, financing a boat loan might be a wiser financial decision. Interest on a boat loan may be tax deductible if it has a galley, berth, and head.
I’m a boat owner, so is my father, thus helping other people get their family and friends on the water is very important to me. As a yacht broker and boat owner, I see the memories created on the water, whether fishing or relaxing, each day. Many of the opportunities that I’ve had in work and hobby have come because of people I’ve met during boat ownership. I created this boat loan calculator so that you can quickly calculate your payment and spend more time finding your dream boat.
Boat loan rates are currently in the low to mid 5%. If you are thinking of financing a boat, there are a few requirements to keep in mind. Practically all lenders are going to require that the boat is no more than 20 years old (1999+). Lenders will also require specific insurance policies. Some lenders will not give a boat loan if you plan to be a “live aboard” so research lenders beforehand. It’s wise to get a pre-approval letter if you’re seriously in the market.
As a yacht broker based in Southern California, I work with clients that need lending often. My first lender of choice is Trident Funding (949)475-0760. Another company I have worked closely with is Essex Credit. I highly recommend calling either company if you are serious about obtaining a boat loan.
I specialize in the sale of new and used sportfishing vessels and cruising yachts. 90% of what I broker is sportfishing related, and everything is saltwater based. Since I service Cabo San Lucas to Oxnard, many clients are purchasing boats that can accommodate their family while offering excellent fishing accommodations. It’s not uncommon for us to move boats from Southern California to Cabo San Lucas each year for the fishing season. Some sportfishing brands that I recommend are Hatteras, Cabo, Viking, Riviera along with many others. I have the pleasure to represent Hatteras, Cabo, Albemarle, and Regulator, so if you’re in the market for a new sportfisher or cruiser send me an email.
If you have any questions about the boat buying process, or just need a second opinion, feel free to email me at email@example.com. I’ll get back to you right away.
I hope you found this boat loan calculator page helpful! See you on the water soon.
Note: The calculations that you receive are just for comparison, accuracy is not guaranteed. Money Nomad and its owners shall not be responsible for any damages caused to you or any person by using this calculator. Contact a boat loan specialist/professional to determine current calculations and interest rates.