Monthly payment and total interest by term
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 5 years | $1,026 | $11,579 | $61,579 |
| 7 years | $792 | $16,555 | $66,555 |
| 10 years | $620 | $24,456 | $74,456 |
| 12 years | $556 | $30,004 | $80,004 |
| 15 years | $493 | $38,732 | $88,732 |
| 20 years | $435 | $54,291 | $104,291 |
Fixed rate with the same APR for every term, and no fees or taxes; lenders often charge a higher rate for a longer term. The starting APR is LendingTree’s average boat loan rate for the third quarter of 2026. To add a down payment, trade-in and sales tax, use the Boat Loan Calculator.
Many lenders will finance a boat for 15 or even 20 years, but the longest terms usually go to larger loans on newer boats. As of October 2026, Navy Federal Credit Union offers terms up to 180 months (15 years), but only when you finance at least $30,000; SCU Credit Union lists terms up to 240 months (20 years) for new boats; and F&A Federal Credit Union allows 180 months on a new boat but 144 months on a used one. Smaller loans and older boats get shorter terms.
Rates, terms and requirements change often, and every lender sets its own. Each figure on this page names its source and date; check current offers with lenders before you decide. This is general information, not financial advice, and BoatCalculators is not a lender.
Boat Loan Terms Lenders Publish
| Lender (source date) | Longest term | Conditions |
|---|---|---|
| Navy Federal Credit Union (rates as of Oct 18, 2026) | 180 months (15 years) | Terms from 12 months; at least $25,000 financed for 61 to 84 months and $30,000 for longer terms |
| SCU Credit Union (rates effective Jan 1, 2026) | 240 months (20 years) | New boats up to 24 feet; used boats (model years 2020 to 2025) listed at 60 months |
| F&A Federal Credit Union (terms read Oct 19, 2026) | 180 months new, 144 months used | Boats up to 12 years old |
Some marine lenders and loan marketplaces go longer. LendingTree’s October 2026 boat loan reviews list maximum terms of 240 months for Good Sam and My Financing USA and 252 months (21 years) for Boatloan.com, each with loans starting at $10,000. Discover Boating, the consumer site of the National Marine Manufacturers Association, notes in an undated guide (read Oct 19, 2026) that a 10-year boat loan was once a stretch and that today many lenders will finance a boat for 20 years.
What Decides How Long You Can Finance a Boat?
- The amount you borrow. As a rule, the larger the loan, the longer it can be financed, and many lenders set a minimum amount for each term (Discover Boating). Navy Federal, for example, requires at least $25,000 financed for 61 to 84 months and $30,000 for longer terms (as of Oct 18, 2026).
- The boat’s age. The newer the boat, the longer the loan you can usually get, and many lenders cap how old a boat they will finance (Discover Boating). F&A Federal Credit Union lists a maximum boat age of 12 years and terms up to 144 months for a used boat and 180 months for a new one (read Oct 19, 2026). On a boat built since August 1984, the last two characters of the builder’s hull identification number are its model year (a HIN assigned by a state ends with the year it was issued instead); the Boat HIN Decoder reads them.
- The type of boat and how you use it. Lenders may treat wood hulls, high-performance boats, sailboats, multihulls or pontoons differently, and some won’t finance a liveaboard at all (Discover Boating).
- The rate that comes with the term. A lender may want a higher rate or a larger down payment for a longer term (Discover Boating). SCU Credit Union’s new-boat rates rise from 8.49% APR for 60 months to 12.49% for 240 months (effective Jan 1, 2026).
What Credit Score Do You Need for a Boat Loan?
There is no single minimum. Among the lenders LendingTree reviewed in October 2026, the stated minimum credit scores were 600 for Southeast Financial Credit Union and Good Sam, 620 for Boatloan.com and 670 for My Financing USA. LendingTree adds that a score below 580 doesn’t automatically rule out a boat loan, but approval is harder and rates are higher. Higher scores usually get lower rates:
| Credit score | Average APR offered |
|---|---|
| Excellent (800 and above) | 7.79% |
| Very good (740 to 799) | 7.81% |
| Good (670 to 739) | 9.14% |
| Fair (580 to 669) | 11.08% |
| All scores | 8.52% |
Source: LendingTree user data on boat loan offers in the third quarter of 2026 (page updated Sep 30, 2026). F&A Federal Credit Union’s boat loan rates follow the same pattern by FICO score: 6.90% APR at 720 and above, 8.90% at 680 to 719, 11.90% at 620 to 679 and 14.90% at 619 or below (rates effective Jan 1, 2026; include a 0.50% discount for automatic payments). Navy Federal’s lowest advertised rates assume excellent credit (as of Oct 18, 2026).
How Much Down Payment Do You Need?
It depends on the lender and the boat. Navy Federal offers boat loan options with no down payment (as of Oct 18, 2026). SCU Credit Union says “up to 95% financing may be available” (rates effective Jan 1, 2026). F&A Federal Credit Union lists maximum financing of “80% of MSRP, including trailer” for a new boat and “80% of average trade-in from NADA, including trailer” for a used one (read Oct 19, 2026). A longer term can also mean a larger down payment (Discover Boating), and skipping the down payment raises the risk of owing more than the boat is worth (LendingTree).
To see how a down payment, trade-in and sales tax change your monthly payment, use the Boat Loan Calculator.
How the Term Changes Your Payment and Total Interest
The table shows a $50,000 loan at 8.52% APR, LendingTree’s average boat loan rate for the third quarter of 2026, with the same rate for every term:
| Term | Monthly payment | Total interest | Total paid |
|---|---|---|---|
| 5 years | $1,026 | $11,579 | $61,579 |
| 10 years | $620 | $24,456 | $74,456 |
| 15 years | $493 | $38,732 | $88,732 |
| 20 years | $435 | $54,291 | $104,291 |
Stretching the loan from 10 to 20 years lowers the payment by $185 a month but adds $29,835 in interest. In practice the gap is often wider, because longer terms tend to carry higher rates. At SCU Credit Union’s January 2026 new-boat rates, the same $50,000 costs $1,026 a month and $11,535 in interest over 5 years at 8.49%, but $568 a month and $86,252 in interest over 20 years at 12.49%.
Monthly payment = P × r ÷ (1 − (1 + r)−n), where P is the amount financed, r is the APR ÷ 12 and n is the number of monthly payments. Our Boat Loan Calculator uses the same formula; a lender’s figures can differ slightly because of fees, payment dates and rounding.
Shorter or Longer Term: What Changes
- A shorter term means a higher payment but less total interest, and lenders usually offer lower rates on shorter terms (LendingTree).
- A longer term lowers the payment but adds interest, and the balance goes down more slowly.
- Check whether a loan has a prepayment penalty. Without one, you can pay extra toward the balance and finish early (LendingTree); F&A Federal Credit Union, for example, lists none (read Oct 19, 2026).
- The payment is only part of the cost. LendingTree lists titling, registration, boating classes, equipment, insurance, trailers and slip fees on top of the loan, and fuel adds up too.
Estimate Your Own Boat Loan
The comparison at the top of this page keeps things simple. For a full estimate, the Boat Loan Calculator takes the boat price, down payment, trade-in, sales tax, APR and term, and shows the monthly payment, total interest and an amortization schedule. To budget running costs, the Boat Fuel Calculator estimates the fuel and fuel cost of a trip, and if you are still choosing a boat, the Boat Speed Calculator estimates top speed from horsepower and weight.
Frequently Asked Questions
How long can you finance a boat?
Often 15 to 20 years for larger loans on newer boats. As of October 2026, Navy Federal Credit Union offers up to 180 months when you finance at least $30,000, and SCU Credit Union lists up to 240 months for new boats. Smaller loans and older boats get shorter terms.
Can you get a 20-year boat loan?
Yes, from some lenders, usually for larger loans on new boats. As of October 2026, SCU Credit Union lists 240-month terms for new boats, and LendingTree’s lender reviews include maximum terms of 240 and 252 months.
What credit score do you need for a boat loan?
There is no single minimum. Lenders reviewed by LendingTree in October 2026 state minimums from 600 to 670, and higher scores get lower rates: the average APR offered in the third quarter of 2026 was 7.79% for scores of 800 and above and 11.08% for 580 to 669.
How much down payment do you need for a boat?
It depends on the lender. As of October 2026, Navy Federal offers boat loan options with no down payment, SCU Credit Union says “up to 95% financing may be available” and F&A Federal Credit Union lists maximum financing of “80% of MSRP, including trailer” for a new boat.
How long can you finance a used boat?
Usually for less time than a new one. As of October 2026, F&A Federal Credit Union allows up to 144 months on a used boat versus 180 months on a new one, with a maximum boat age of 12 years, and many lenders cap the age of boats they will finance.
How much more does a longer boat loan cost?
At 8.52% APR, LendingTree’s average for the third quarter of 2026, $50,000 costs $11,579 in interest over 5 years, $24,456 over 10 years and $54,291 over 20 years, before any rate increase for the longer term.
Sources
- LendingTree, Compare Low Boat Loan Rates in October 2026 (updated Sep 30, 2026): average APR by credit score for the third quarter of 2026, lender reviews.
- Navy Federal Credit Union, Boat Loans (rates as of Oct 18, 2026): terms, minimum amounts, down payment options.
- SCU Credit Union, Boat Loans (rates effective Jan 1, 2026): terms and rates by term, financing up to 95%.
- F&A Federal Credit Union, Boat Loans (rates effective Jan 1, 2026; include a 0.50% discount for automatic payments; terms, boat age and financing limits read Oct 19, 2026): terms for new and used boats, boat age, financing limit, rates by FICO score.
- Discover Boating (National Marine Manufacturers Association), How Long Can You Finance a Boat? (undated; read Oct 19, 2026): what sets the length of a boat loan.
All sources were read on Oct 19, 2026.