GITNUX MARKETDATA REPORT 2024

Statistics About The Average Boat Loan Interest Rate

With sources from: boatfinancing.co, mybanktracker.com, fool.com, lendingtree.com and many more

Statistic 1

In 2018 the average boat loan interest rate was 4.5-6%.

Statistic 2

The interest rates for new boats can start as low as 4.74%.

Statistic 3

For used boats, loan rates start as low as 5.24%.

Statistic 4

Rates for boat loans can go as high as 8% depending on loan amount, boat age and loan duration.

Statistic 5

Average boat loan lengths are generally around 10-15 years.

Statistic 6

Minimum credit score requirements for boat loans are usually around 680.

Statistic 7

Rates for boat loans vary by lender, but generally range from 4.99 - 35.99%.

Statistic 8

Some lenders offer marine mortgage loans which have lower rates but require longer terms.

Statistic 9

The average loan term for boat loans is usually between 2-20 years.

Statistic 10

The average boat loan amount in 2019 was $49,868.

Statistic 11

The average down payment for a boat is often between 10-20% of the boat's price.

Statistic 12

Boat loan rates in Florida generally start from 4.50%.

Statistic 13

For boats over $25,000, the interest rates can start as low as 4.5%.

Statistic 14

People with lower credit scores could face boat loan interest rates as high as 20%.

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In this post, we present a comprehensive look at boat loan interest rates based on recent statistics. From the average rates in 2018 to specific figures for new and used boats, as well as factors affecting rate variation such as loan amount, boat age, and duration, we explore the diverse landscape of boat financing. Additionally, we delve into credit score requirements, lender variability, average loan lengths and amounts, down payment norms, and specific regional rate trends. Let’s navigate the waters of boat loan statistics together.

Statistic 1

"In 2018 the average boat loan interest rate was 4.5-6%."

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Statistic 2

"The interest rates for new boats can start as low as 4.74%."

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Statistic 3

"For used boats, loan rates start as low as 5.24%."

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Statistic 4

"Rates for boat loans can go as high as 8% depending on loan amount, boat age and loan duration."

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Statistic 5

"Average boat loan lengths are generally around 10-15 years."

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Statistic 6

"Minimum credit score requirements for boat loans are usually around 680."

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Statistic 7

"Rates for boat loans vary by lender, but generally range from 4.99 - 35.99%."

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Statistic 8

"Some lenders offer marine mortgage loans which have lower rates but require longer terms."

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Statistic 9

"The average loan term for boat loans is usually between 2-20 years."

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Statistic 10

"The average boat loan amount in 2019 was $49,868."

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Statistic 11

"The average down payment for a boat is often between 10-20% of the boat's price."

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Statistic 12

"Boat loan rates in Florida generally start from 4.50%."

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Statistic 13

"For boats over $25,000, the interest rates can start as low as 4.5%."

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Statistic 14

"People with lower credit scores could face boat loan interest rates as high as 20%."

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Interpretation

Based on the statistics presented, it is clear that boat loan interest rates vary significantly depending on factors such as boat age, loan amount, credit score, and loan duration. While average rates range from 4.5% to 6%, borrowers may encounter higher rates reaching up to 8%, particularly for used boats or lower credit scores. Lenders offer a wide range of rates, from as low as 4.74% for new boats to as high as 35.99%, emphasizing the importance of shopping around for the best deal. Additionally, average boat loan amounts and down payments suggest a considerable financial commitment when purchasing a boat, with loan terms typically spanning 10-15 years.

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