![]() ![]() The government requires lenders to disclose the APR so consumers can more easily compare loans with varying interest rates, terms and loan fees. The annual percentage rate is another way to express the cost of a loan. Pick a loan term – 1, 2, 3, 4, 5, 7, 10, and 15 years – that works with your situation. (If you’re not required to make a down payment, leave the amount at zero.) Your financing options may require that you make a down payment to secure the loan.Įnter the down payment amount. Include the amount you’ll be putting in as a down payment.Check with several providers to see what the going rate is for applicants in your situation.Įnter your desired interest rate in the “Estimated Interest Rate” field. You can find boat loans from boat dealers, banks, credit unions and other finance companies. Depending on the size and type of boat, you may pay substantial amounts for boat storage, marina fees, launch fees, boat maintenance, boat insurance and repair expenses.Įnter your desired monthly payment in the “Maximum Monthly Payment” field. Understand that the cost of boat ownership includes more than just the monthly payments on your boat loan. Determine how much you want to spend each month on a boat payment.How to Use the Boat Affordability Calculator The boat affordability calculator takes your desired monthly payment, interest rate, down payment and loan term and translates that into how much boat you can afford. ![]() How much can you afford to spend for a boat? If you’re considering buying a boat, you have to account for it in your budget. Boat Loan Calculator: How Much Boat Can You Afford? ![]()
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