Boat Loan Calculator

Written by Patricia Tunstall
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An online boat loan calculator is an invaluable tool that will assist you in determining monthly payments. In the larger picture, a calculator will help you figure just how much boat you can afford. You may think you must have that new runabout, but if the math tells you you can't afford the payments, you may need to regroup and think about getting a used boat or some other model.

If you go online and find companies that provide marine financing, you will probably also find a boat loan calculator. Automatic calculators look simple, and are, but they do the mighty work of intricate mathematical computations. All you need to enter are the loan amount, the interest rate, and the length of the loan. Click "Calculate" and you receive an instant total for a monthly payment.

Interest Rate Makes a Big Difference

If you only need a loan of $20,000, and you can get it at five percent over 10 years, your monthly payments will be $212.13. To find out how much difference the interest rate and loan terms make, calculate a $30,000 loan at five percent over 10 years. Monthly payments are $318.20. The same amount at six percent over five years gives you a monthly payment of $579.98.

The interest rate alone has an appreciable impact on monthly payments. A $100,000 loan at five percent interest over 20 years gives payments of $659.96. At the same terms except for interest at six percent, monthly payments rise to $716.43. Use these handy boat loan calculators to provide you with immediate feedback about boat financing.

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