What is a good down payment on a boat?

When considering a down payment for a boat, there are a few key factors to keep in mind. A typical down payment for a boat ranges between 10% to 20% of the total purchase price, but the ideal amount can depend on the type of boat and your financial situation.

For example, if you’re purchasing a new boat, lenders may require a higher down payment, closer to 20%. On the other hand, for a used boat, a 10% down payment might be sufficient.

A larger down payment can reduce your monthly payments and potentially get you better financing terms. If you’re able to put down more than 20%, this can also reduce the overall cost of the loan by minimizing interest charges over time.

Ultimately, the best down payment is one that balances your budget with your financing goals. Make sure to also consider other costs associated with boat ownership, such as maintenance, insurance, and storage, when calculating your budget.