For many people, the decision around which particular boat to buy comes down to price. But there’s price and then there’s affordability. By affordability we mean, if you’re planning to take out a boat loan for your purchase, how much will the repayments be?
In some scenarios, you would have to proceed a long way through the boat purchase process just to find out what those repayments would be. You’d have to negotiate with the seller, shake on a deal, possibly pay a holding deposit, then approach your bank or engage a broker to source you a loan quote. If that quote is way beyond your expectations – you have to cancel the deal and start looking at boats again.
But there is a better way and that involves using a Boat Finance Calculator.
Calculate Repayment Estimates InstantIy
Boat finance calculators are online resources which allow you to calculate a rough estimate on repayments for a particular boat purchase price quickly and easily. Calculators are available on finance broker and lender websites so you can access a calculator from any device and at any time that you have internet access.
The work quite simply as they are set out in a standard online format. You simply enter the amount you want to borrow, ie the loan amount, which can be the purchase price of the boat. You then enter the length of time you would like to repay the loan, ie the loan term. Some lenders will have set terms for some loans. But as this process is merely to receive an estimate, enter the loan term that suits you.
You then enter the interest rate on boat loans being advertised by that lender – it’s usually clearly displayed. And then click on the calculate button, and you will see the estimated repayment amount for that particular boat. The estimate is based on the values you entered. So if it is too high or too low, you simply vary the loan term or the amount and see how that changes the repayments.
Great Resource and Great Buying Tool
A boat loan calculator is a great resource to have with you while browsing boat sale websites or when you are inspecting boats at a dealer or boatyard. Just grab your mobile phone, go online and calculate a rough ballpark as you check out the different boat options.
You need to be mindful that this is a ballpark only, is not an offer of a loan, it is not any indication of your application being accepted and you should read the disclaimer and all t&cs associated with that calculator.
A boat loan calculator is a must-have when you’re serious about buying a boat. We can direct you to a great online boat loan calculator – touch base with us for the link.