Calculator For Boat Loan Repayments
Making Money By Saving With the Boat Loan Calculator
Calculator for Boat Loan Repayments
If you are truly serious about making money by saving on finance, then the boat loan calculator must me in your toolbox.
The calculator is convenient, free to use, easy to use and easily accessible from any online device.
The calculator is an online tool which is accessed direct from a website, refer to the links below.
It is designed to calculate an estimate of the monthly repayments on loans, based on the data set by the user.
For boat loans and other loans, this online tool has advanced functionality to vary data to receive an estimate of monthly repayments on a range of loans.
You don’t have to have a purchase lined up to use the calculator. You can use it on a hypothetical purchase to get an idea if you can afford to proceed with buying that boat.
A great tip for setting your budget expectations!
First work out what the repayments will be so you know how high you can afford to go with the purchase price.
Log on in a new browser so you can how it works while we take you through the features and workings:
Boat Loans Calculator Website
The calculator is set out in standard online form format.
The data to be input is total amount to be borrowed, interest rate, loan term and residual.
TOTAL LOAN: input how much you envisage borrowing. This could be the total purchase price, or minus a deposit, or plus some initial costs such as insurance.
INTEREST RATE: the range is 5% to 17.95% and if you know what you rate your loan will attract you can set it. If not, contact us and ask or calculate your repayments on a number of different rates to give you a good range for your estimate.
LOAN TERM: this is the number of years or months you want to repay the loan. The longer the loan term, the lower the monthly repayments. You can vary this to change the monthly estimate.
RESIDUAL: Often referred to as the balloon payment. Some loans have this included and it is a lump sum that you pay at the end of the loan period. Particularly cost effective for those wanting to manage cash flow and possibly save money by deferring a large amount of the cost to a later date.
With this data entered, the result will be an estimate of the monthly repayments.
Note that the calculator does not allow for fees and charges and must be taken as an estimate only.
If you have an existing boat loan, you can use the calculator to review your existing deal. This definitely has the potential to save you money. If you see you can do a better deal, you can approach your current lender to negotiate a re-finance deal.