The length of time you can finance a boat typically ranges from about 5 to 20 years. This depends on several factors including the boat's cost, whether it is new or used, the borrower's credit score, and the lender's policies. Smaller or less expensive boats are usually financed for shorter terms (5 to 10 years), mid-range boats for 10 to 15 years, and large or high-end boats can be financed for up to 20 years. Longer terms help to lower monthly payments but may result in paying more interest over the life of the loan. Conversely, shorter terms mean higher monthly payments but less interest paid overall.
In summary:
- Small or inexpensive boats: typically 5 to 10 years
- Mid-range boats: usually 10 to 15 years
- Large/high-end boats: can go up to 20 years
- Loan terms impact monthly payments and total interest paid
- Lenders may have minimum loan amounts or caps based on boat age and type
- Creditworthiness also influences term length available
Most lenders currently offer loan terms up to 20 years, especially for newer, higher-value boats.
