Boat Loan Calculator

Our free boat loan calculator will help you estimate interest rates and monthly payments for your boat loan easily.

Buying a new boat is always exciting.  When it comes to boat purchases, financing it is the preferred way to do it. An above average credit score is important but not imperative. Getting financing allows you to stretch your payment for an expensive boat over time. However, finding the right boat financing company with good rates and an easy approval isn’t always so simple. When financing a boat you need to understand the total cost of the loan and repayment structure, so that you comfortably pay back the loan you are taking.

Our boat loan calculator was created to help you do that quickly and effortlessly. You should always carefully review the terms and conditions of any loan offer you are considering, you can use our boat loan calculator as a starting point, and explore different scenarios. Alternately you can try our personal loan calculator if you prefer to go that direction.

Smarter Loans Guides

 Go ahead and use our boat loan calculator below to calculate how much a boat loan can cost you.

Boat Loan Calculator

1 year2 year term5 years

Your Payment Details

Your Payment Details

"Below you will find a detailed breakdown of your payments in each month and each year. Find out how much interest, principal and total you'll be paying with the information you entered. Change your term length, interest rate and loan amount to see how it impacts your payment breakdown."

Understanding your boat loan payment calculations

Most lenders will take your credit score into account when calculating the interest rate on your boat. Higher scores typically translate into lower rates and less stringent terms. Your overall financial health over the last few years will be looked at to determine your eligibility. Your debt-to-income ratio will often be considered when applying for a boat loan, as well as the type of boat you are buying.

Monthly Payments

This is the expected total amount you would have to pay each month.  This value will be based on the terms of the boat loan. Your monthly payments will typically be lower if you choose a loan with a longer term.

Total Cost of Loan

This is the expected total cost of your loan. It includes all the other associated costs of taking out the loan, including interest and any applicable fees.

Payment Details

The Payment Details table breaks down all your payments over the term of your loan, and illustrates the total principal and interest amounts that will be paid back each year over the course of your loan term. Please speak to your lender if you are unclear about any of the loan terms. 


This is your Annual Percentage Rate. (also knows as ‘interest rate’)  Think of the APR as the total annual cost of your boat loan. For example. if you take out a $100,000 loan for 1 year, at 10% interest, you will have to pay back $110,000 after the one year passes. 

Frequently Asked Questions

What is a boat loan?

A boat loan means that you are using financing to buy a boat, and pay for it over time. The financing comes with a lender fee (interest rate) that must be repaid on top of the total cost of the boat.

How does a boat loan work?

Boat financing is a secured type of loan, which means that the boat that you are buying is the collateral. You will risk losing the boat if you are not able to repay the loan on time. Typically boat financing loans come with a term of 3 to 8 years, but this can vary on case by case basis.

When should you consider a boat loan?

Boat financing is used when buying a new or used boat. Whether for fishing, cruising, or just the rush of boating with your friends and family. This type of boat can be expensive to pay for right away and therefore a person or business will take out a to loan to pay for it.

How are boat payments calculated?

The boat payments will be determined based on the total cost of the boat, the downpayment that you contribute, the interest rate, and term length of the loan. Make sure that you carefully review and understand the terms of your boat loan agreement and how the payments are calculated.

What are the current average boat loan rates?

Boat loan rates can vary greatly depending on your personal financial history, the lender you are getting the financing from, the type of boat you are buying and more. In general, boat loan annual interest rates can be anywhere from 2% and go up to 15%+.

What are the best places to get a boat loan?

The best boat loans are hard to find all by yourself. Especially because different loan types and different lending companies are better suited for different people. Check out the list of top boat loan providers at Smarter Loans as a start.

How do I qualify for a boat loan?

To qualify for a boat loan, you will typically need: Proof of residency in Canada, credit history, steady income from employment, and government issued ID.

Can I get a boat loan online?

There are many companies that offer boat loans in Canada entirely online. At Smarter Loans you can find such companies, apply for a boat loan from the comfort of your home, and receive a pre-approval in 24 hours.