Advanced Application Options
The boat loan calculator has many advanced features which you can utilise for your boat loan enquiries.
The interest rate can be varied from 5% to 17.95% which will adjust the monthly repayment figure. You can use this as a guide to know what interest rates to look out for in a loan that suits your budget.
The length of the loan term can be varied from as little as 12 months upwards. The longer the term the lower the monthly repayments. Keep in mind the age and life of the boat if purchasing a used boat when considering long term loans. Will you recoup the balance of the loan if you sell the boat before all repayments are made?
The residual or balloon figure can also be varied to suit your budget. If you feel you would prefer to pay a large amount at the end of the loan and have lower monthly repayments, then you can opt for a larger percentage. This is an attractive option for high priced luxury boats and commercial vessels where the residual can be re-financed or paid out when trading up.