How much do I need to put down on a boat?
Figures on this page are illustrative examples based on typical market conditions and an assumed 6.5 percent rate. They are not offers. Your terms are set by your lender.
A boat down payment is the cash you pay upfront, and it ranges from 0 to 30% of the purchase price. In one sentence: strong credit on a newer production boat, and smaller loans under $100,000, can go as low as 0–10%, while older, larger, or custom vessels push toward 20–30%. Where you land depends on your credit score and whether you are buying new or used.
Down payments range from 0 to 30 percent of the purchase price. New production boats bought by strong credit profiles sit at the low end, and smaller loans under $100,000 can go as low as 0 to 10 percent depending on your credit score.
Pre-owned vessels typically land at 15 to 20 percent. Custom builds and hard-to-value vessels can run 20 to 30 percent, while a boat's age tends to shorten the loan term more than it raises the down payment. Model your down payment with the affordability calculator below.
- It depends on the purchase price, the lender, and your credit score.
- New production boats with strong credit: often 10–15% down.
- With some lenders, loans under $100K can be 0–10% down depending on your credit score.
- Pre-owned vessels: typically 15–20% down.
- Custom builds and hard-to-value vessels: often 20–30%; age mainly shortens the term.
- A larger down payment can offset a lower credit score or an older-vessel term.
Estimates use a 6.5 percent annual rate for illustration. Your actual rate is set by your lender.
Rates start from 6.35% APR as of July 2026. The average rate for boat buyers through YachtWay EasyFund today is 7.2 to 8.5 percent.
Why the down payment exists
The down payment is the lender’s cushion against depreciation. It keeps the loan balance below the vessel’s value from day one, so the collateral always covers the debt. That is why harder-to-value collateral, meaning custom or hard-to-resell vessels, requires more equity up front, while an older but standard hull is usually handled by shortening the term rather than asking for more down.
What more money down buys you: $300,000 boat, 15 years, 6.5 percent
| Down payment | Cash at closing | Loan amount | Monthly payment |
|---|---|---|---|
| 10 percent | $30,000 | $270,000 | $2,351.99 |
| 15 percent | $45,000 | $255,000 | $2,221.32 |
| 20 percent | $60,000 | $240,000 | $2,090.66 |
Each additional 5 percent down costs $15,000 at closing and saves about $131 per month. Larger down payments can also improve the rate offered, since they lower the lender’s risk.
What lenders ask about your funds
Boat loans are lighter here than mortgages. Some lenders ask for one month of bank statements, others three. Unless something looks unusual, they typically will not ask you to explain large deposits. The statements are generally used to confirm you have the reserves, not to source the down payment itself, unless there are concerns about fraud or other red flags.
Taxes, registration, and reserves
Sales tax and registration usually do not come out of pocket at closing. Lenders typically roll them into the amount financed, often lending up to 110 percent of the vessel value to cover them. The marine survey is the main cost you pay directly to the surveyor.
Reserves matter more as the boat gets larger. On bigger vessels, lenders often want to see cash reserves on hand, sometimes up to 24 months of loan payments plus your other debts. Keep that liquidity in mind alongside the down payment.
Model your down payment
Use the calculator above to see how your down payment changes your reachable boat price.
Takeaways
- Budget 10–20% down for most buyers; more for older or unusual boats.
- A bigger down payment lowers your rate exposure and monthly payment.
- Down payment interacts with credit, term, and vessel age, not a fixed number.
- Model the payment at your down-payment level before you commit.