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.
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.