Q:

How long can I finance a boat for?

A:

Quick Answer

Typical boat loans extend as long as 15 years, according to First Boat. The average loan is 10 years as of 2014, reports Men's Fitness. Boat financing has a longer repayment than auto loans because boats tend to hold their value longer than automobiles.

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Full Answer

Actual loan terms vary based on the down payment, amount of financing and borrower's credit. Seven and 10 years are common terms, reports First Boat. Someone making a more sizable down payment is able to get 15 years, though. The interest rates on a boat are modest too since the boat secures the loan. A low rate and a longer term improves affordability for a prospective boat buyer.

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