Boat Loan Repayments Calculator

Use Savvy's handy boat loan calculator to work out what your repayments may be before you apply.

No obligation. It won't affect your credit score.
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, updated on August 24th, 2023       

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When you’re applying for financing for your next boat purchase, it’s important to enter this process with an idea of what it’s likely to cost you. That’s why Savvy has put together an advanced calculator that crunches the numbers for you to help you determine what the cost of your proposed loan will be.

We’re partnered with a range of lenders to give you more access to the best deals when it comes to rates, fees and repayment options. You can calculate different loan deals based on their loan amounts and terms, interest rates, repayment schedule and whether you make a deposit. It’s a great tool to make use of before getting a quote with Savvy.

Boat Finance Banner

Your estimated repayments

$98.62

Total interest paid: $1233.43
Total amount to pay: $5,143.99

The features of financing your boat with Savvy

Competitive interest rates

With competitive rates available through our wide panel of lenders, you can lock in your interest at a low rate from the beginning of your loan and save throughout.

Borrow over one to seven years

You’ll receive the option to choose whether to reduce your repayments over up to seven years or cut down on overall cost by taking just one year.

Get approved for 100% finance

There are no mandatory deposits as part of boat financing; you’re able to be approved for any amount up to your maximum borrowing power. 

Choose your own repayment schedule

In addition, you have a say in how frequently you want to pay for your boat loan, whether that’s each week, each fortnight or each month.

Buy new or used

You’re not just limited to brand-new boats under finance, either. You can buy new or used models through a dealer, private seller or auctioneer.

Diverse income types accepted

Our flexible lenders work with applicants who are employed on a full-time, part-time, casual and sole trader basis to provide them finance solutions.

Why you should come to Savvy for your boat finance needs

Frequently asked boat loan questions

What are some of the most common types of boats in Australia?

Some of the most common makes of boat that you’ll encounter are:

  • Bowriders: smaller boats for recreational water sports and swimming.
  • Cuddy Cabins: a family-style boat that’s an all-rounder for fishing, swimming or cruising.
  • Centre consoles: The fisher’s boat. A shaded helm and storage in the middle of the deck allows for quick access to fridges for bait and fish.
  • Sailboats – the classic cruiser. Rig up a sail and cruise around the bay or beach!
What is boat loan pre-approval?

Getting pre-approved for a boat loan essentially means that you’re given a conditional, non-binding approval for a certain amount by your lender. This is useful when it comes to negotiating on the price of your boat, as your seller will be made aware that they can’t really go too far beyond the amount you’ve been pre-approved for. Pre-approval can be valid for up to three months and is no guarantee of approval for that amount down the track.

How do I calculate the fees on my boat loan?

One efficient way to give yourself an indication of the true cost of your boat loan is by inputting your comparison rate into the calculator, which incorporates your interest and establishment and ongoing fees.

However, if you don’t have your rate yet, you can use an average rate by adding 2% to the lowest rate referenced above. From there, you can add the average establishment fee of $350 to your loan amount and simply add $3 to $4 to your monthly repayment.

It’s important to note that neither of these include other fees like early and late repayments, as these are more conditional.

How long will it take for my boat loan to be processed and approved?

Boat loans can take longer to finance than other leisure finance such as motorbikes and caravans. This is because there are essentially three elements which form the loan’s security: the hull, the engine and the trailer. Because these loans have three pieces instead of one, they take longer to process.

Additionally, because of a lack of boat assessors compared to the wealth of car and motorbike assessors, used private-sale boats can delay the process further. However, if you’re not in a hurry, private sales can be effective in cutting down the purchase price of your boat.

Can I purchase a boat for commercial purposes?

You can – we have chattel mortgage and leasing options available to you when it comes to obtaining a boat for your business. You can speak to one of Savvy’s consultant about the finance products available to you.

Do I need to insure my boat while under finance?

Yes – all boats under finance require a comprehensive boat insurance policy as part of the loan agreement. Fortunately, you’re able to choose which insurer to go with to help you save money in the process. You can also arrange to have insurance costs covered under your loan amount, so you’ll be able to repay them at your own pace with the rest of the boat.

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