Buying a boat is exciting and there are times that buyers are so wrapped up in finding their dream boat, they don’t consider what actually goes into the process of purchasing it. Financing is probably the best way to get you into the driver’s seat of your dream boat and for considerably less than you might think.

How Much Boat Can I Afford?

The National Marine Manufacturers Association (NMMA), an organization that represents more than 80 percent of today’s boat and marine engine makers, recommends that new boat owners consider more than the asking price of the water craft they are purchasing. Consider costs for insurance, care and storage as well.

A good way to begin assessing the affordability of the boat you are considering is to use the free NMMA Boat Loan Calculator. Enter the loan amount (minus the down payment), the interest rate and the length of the loan. The calculator will crunch the numbers and estimate the monthly payment.