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Frequently Asked Questions

How long can you finance a boat?

How Long Can You Finance a Boat? Boat loans are different than car loans and they can actually last up to 20 years which is more similar to a home mortgage than anything. However, it may not be in your best interest to borrow for that amount of time.

What is the interest rate on a boat loan?

Typically, the most expensive cost will be the interest you pay over the life of the loan. Boat loan interest rates usually start around 3.99% and go up to 20%. Some lenders charge processing fees while others don't charge any additional fees.

How do you calculate payment on a loan?

Mortgage payments are calculated with an algebraic formula that takes into account the term of the loan, the interest rate and the amount of the loan. The formula ensures that the same payment is made each month of the term, even though the amount of principal and interest are varying.

What is a boat loan?

The term of the boat loan is really designed to allow the customer to have a payment which is more affordable while keeping the bank comfortable with collateral value given that most boats if properly maintained can remain operable for 30 years.

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