Boat Loans

If you are looking up information on boat loans, you are probably
interested in purchasing a new or used boat.  There are some
things you need to know about getting approved for a boat loan.  
Getting a new boat is much more affordable than most people think.
You can get a long-term loan for 7 to 20 years.  

For example, a $20,000 loan at an 8% interest rate and 10 year
term (length of loan), your monthly payment would only be $242.66.  
Over the course of that loan, you would pay over $9,000 in interest,
but you could be in a boat in no time for a very reasonable monthly
payment.  (Check out our boat loan calculator.)  Rates will very
depending on your credit history, loan amount and the term of the
loan.  Getting approved will also factor in your current debt to
income ratio.   
The following guidelines are used by many National Marine Bankers Association Lenders when setting loan terms:

    Loan Amount                 Term in Years
    $5,000 - $9,999                       7
    $10,000 - $14,999                 10
    $15,000 - $24,999                 12
    $25,000 - $74,999                 15
    $75,000+                                20
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