How much are boat payments?
Boat payments are similar to car payments — they depend on the amount you finance, the length of your term and your credit score. A $30,000 speedboat financed for five years with a 4% APR will give you a $553 boat payment each month. For more information, here’s a guide on boat financing.
How much does a boat cost?
The average cost of a new boat is between $60,000 and $75,000, but take that with a grain of sea salt. A tandem fishing kayak, for example, can cost less than $1,000, while yachts can cost as much as a few million dollars. Everything in between includes powerboats, sailboats, pontoons and personal watercraft. Used boats are generally less expensive than new ones, but they’ll come with wear and tear from use.
What if my estimated boat payment is too high?
If you find that the estimated boat loan payment could make your monthly finances a bit tight, consider adjusting the loan amount and/or boat loan term. It’s important to keep in mind with a longer loan term, although your monthly payments might be lower, the total amount of interest you pay over the life of the boat loan will increase.