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A boat loan gives you the ability to finance the cost of a boat over several years instead of paying for it all at once. A secured boat loan may come with lower rates and longer repayment terms.
The APRs on unsecured personal loans for boats may range from 7.5 percent to almost 36 percent, while secured boat loans may stay in the 9 to 12 percent range. New boat rates are usually lower ...
Starting APR. 4.24%. Loan amounts. $10,000 to $5 million. Loan terms. 4 to 20 years. Credit scores. 700+ Fees. Processing fees. More Information About Bank of the West
You could incur steeper borrowing costs if you finance an older boat. Some lenders also require higher down payments on used boat loans. A higher credit score can help you get a better deal on ...
This is even more apparent when the lifetime cost of the loan is considered (though most people will want to refinance their loans periodically). The total cost of the above loan at 5.5% is approximately $1,018,891.24 , while the higher rate of 9.5% would incur a lifetime cost of approximately $1,366,390.93 .
Costs for a new boat average $15,000 to $75,000, and luxury vessels may cost millions. Financial institutions, from banks to online lenders and even marine-specific dealerships, offer loans to ...
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