10 Year Boat Financing

First tech federal credit union offers secured boat loans up to 500 000 for new or used boats up to 10 years old.

10 year boat financing.

We offer flexible financing terms and some of the best boat loan rates. Rates start at 4 50 apr but are slightly higher for older models. This boat loan calculator will help you determine the monthly payments on your boat loan. For example if you have a loan in the 25 000 range you may be able to finance it for 15 years.

A 25 000 boat loan at a 48 month term monthly payment would be 578 45 and apr of 5 24. On average boat loan lengths range from 10 15 years. For typical boat loans you can expect to pay between 10 and 25 of the purchase price as your down payment. Loan payment and apr will vary based on the loan amount the term and any fees.

Longer terms mean lower payments but also more total interest paid. A prepayment penalty of 1 of the original loan amount applies if the account is closed within 1 year with a 50 minimum and 100 maximum. Suntrust marine loan specialists can help you find the right loan today. Simply enter the loan amount term and interest rate in the fields below and click calculate.

Loans are available from 25 000 for boats model year 1991 and newer. Visit the boat loan calculator to determine a monthly payment that s right for you then fill out the online loan application for our lending partner to underwrite this process takes about 10 15 minutes. Most boat loans are for 15 or 20 years and often there is no penalty for pre payment. It s possible to get a three month reprieve from payments after the initial purchase with a 90 day deferred loan which may very slightly increase monthly payments for the loan duration.

Now that you ve decided to set sail on a new boat it s time to consider your financing options. In some instances you may even be able to get a boat loan as long as 30 years though this is less common. Keep in mind that a down payment is typically 15 20 and is required by many lenders. Higher loan amounts often equate to longer boat loan terms.

Use our boat loan calculator to calculate your monthly payment based on loan amount and boat loan term length. Once your application is completed our team of boating experts. Our bankers will work with you to help you purchase a new or used watercraft or even refinance a current boat loan. Get a fixed rate loan with a term up to 15 years 1 180 months with mountain america credit union.

This upfront savings however is usually compensated for with higher interest rates.