Boat Loan Terms
Boat loan term: we are frequently asked whether there is a correlation between the term of the boat loan (typically 15 or 20 years) and the actual expected life of the boat loan. There has been much research done on this subject by the National Marine Bankers Association and the actual life of the average marine loan is between 36 months and 72 months. Therefore, there is no direct correlation between the term of the loan and the expected life of the loan. The term of the boat loan is really designed to allow the customer to have a payment which is more affordable while keeping the bank comfortable with collateral value given that most boats if properly maintained can remain operable for 30 years.