Boat Loan Calculator
If you are looking to get a boat loan but not exactly sure how much you will need to pay each month, Vessel Vendor’s boat loan calculator is the tool for you. With just a little bit of research, you will be able to plug in your potential loan information and get an estimate for your monthly payment. Getting the boat of your dreams just got a little bit easier with our boat brokers in Fort Lauderdale.
How to Use the Boat Loan Estimator
After researching boat loan rates and getting an idea for what your boat loan situation is, you can plug information into our calculator and figure out exactly what you are getting yourself into.
The first step to retrieving information for our boat loan calculator is to either contact your lender or find the required information from their website. You will need specific information such as the amount of the loan, the loan term in months, your down payment amount, and interest rate. Most lenders who offer boat loans will list the loan amount, loan term, and interest rate on their websites, so you might need to calculate the down payment estimate yourself. An average down payment is usually between 10% and 20% of the total loan amount, so get those calculators ready!
Once you have all the required information to receive an estimate on monthly payments, the Vessel Vendor boat loan calculator will give you the amount that you would need to pay per month in order to meet the loan requirements you entered.
Keep in mind that our boat loan calculator only lasts up to five years, and many lenders have loan terms of up to 20 years, sometimes even 30 years. If your loan term is more than five years, you can still use our boat loan calculator to get the general idea about how much you are going to pay, since active loans over the past five years would have lower payments than what the calculator predicted. While it cannot give you an exact amount, it can give you a general ballpark estimate.
If the estimated monthly payment does not fit your budget, you can always play around with the numbers to calculate what you need to do to lower the payments. One of the best ways to reduce your monthly boat loan payment is to make a larger down payment. This gives lenders the confidence to lower payments after you’ve already paid a greater percentage of the loan.
Taking out a loan to get the boat of your dreams might be easier than you think. Depending on what loan you get and what the repayment requirements are, you could be making monthly payments as low as $150 a month! Feel free to use Vessel Vendor’s boat loan calculator to take your first step towards sailing on the yacht you’ve always dreamed of! If you’d like to learn more about our boat loan calculator or refinancing rates, contact a member of our crew at our yacht brokerage in South Florida today!