Boat Loans: How Long Can You Finance a Boat?

If youre thinking about buying a boat, it is highly likely that you need to do some research into the finances behind your purchase. There are a lot of questions that you should be asking yourself including how long you can actually finance a boat?

There are a lot of different variables and factors that can change what your ideal decision will be. However, with some careful research and deliberation, you should be able to put yourself into a great decision that will allow you to buy the boat of your dreams.

Keep reading to get all of the best information about boat loans, how long you can finance a boat for, and some other factors that you may not have considered when thinking about your boat purchasing decision.

How Long Can You Finance a Boat?

Boat loans are different than car loans and they can actually last up to 20 years which is more similar to a home mortgage than anything. However, it ount of time.

That decision would depend on the cost of the boat and what kind of interest rate you are willing to pay. You will usually find lower interest rates for shorter loans, but that would make your monthly payment higher.

Keep reading to learn everything about boat loan terms and how to get yourself into the best situation so that you can purchase the boat of your dreams.

How to Find a Boat Loan

If you are trying to find a boat loan, you should be aware that different sources can mean different things for how you structure your boat loan.

There are some different places that you can find a loan and they all have different pros and cons. Just because someone has reached out to you with an offer does not mean that they are the best place for you to get a boat loan through that source.

Here are some of the main ways that you can find a boat loan, but keep in mind these may not be your only options either.

Dealer Financing

This is probably the most common form of boat loans for purchases. It is usually easiest to go through a dealership because banks have relationships and the dealerships are going to find a bulk of the customers.

Basically, the dealer is working with you and working with the bank to come up with terms that work for everyone. Its a referral system that is pretty convenient because it brings everyone to the table in the same place.


After dealer financing, some customers may go directly to a bank or a credit union to find their boat loan. This would obviously be a similar situation to dealer financing, however, the customer is going directly through the bank to get the loan that they need.

Marine Brokers

This is a fairly uncommon situation, but it does still affect boat loans. Marine brokers are most commonly used when you are purchasing a boat that is pre-owned.

A broker would connect you with the seller and assist you through the process of buying a boat. That means helping you find the right boat that will work for your situation, then helping negotiate with the sale of the boat, and then completing the actual purchase itself.

You should watch out because some brokers have conflicting interests meaning that they work for the seller, but they also offer buyer services.

That isnt to say that these people are dangerous, but you should always make sure that anyone helping you negotiate has your best interests at heart.