As with house mortgages, boat financing length varies from lender to lender but there are some constants within the market to consider. With any boat purchase, it is important to remember depreciation costs as well as your interest rate.
Typical boat loan length: 7-10 years
Wait! You might say…I know plenty of people with 15, 20, and even 30 year boat loans! Yes, these do exist but the smartest move you can make when purchasing a boat, especially new, is to go with a shorter loan so you stay above water on your vessel.
You can generally find VERY competitive loan rates when shopping for shorter loans which will keep monthly payments down and have you owning that dream boat without breaking the bank.
For a more in-depth guide to understanding boat loan length, depreciation, and how these play into re-sale value, check out our post on Boat Loan Length.
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