How Long Can You Finance a Used or New Boat?

How Long Can You Finance a Used or New Boat?
Boat loans typically have longer repayment terms than car loans.

Boat Loans

Many lenders that finance boat loans belong to the National Marine Lenders Association. According to the NMLA, the average term for a boat loan is 10 to 15 years. The actual length depends on the amount financed and the interest rate. They also recommend preparing to spend 15 to 20 percent of the total cost for a down payment, though not all dealers or lenders require this.