Most boat finance pages give you a headline rate and a form to fill in. This page does the sums instead. We took four boats for sale on Boattrader today, from a $10,000 sloop to a $165,000 sport fisher, and worked out the repayments at the bottom and the top of one lender's published rate range.
The rates come from Plenti, which publishes its range on its boat loans page. As at 9 September 2026 its boat loans run from 5.95% p.a. (comparison rate 5.95% p.a.) to 24.09% p.a. (maximum comparison rate 25.16% p.a.). They are unsecured personal loans, and the bottom rate assumes a borrower with an exceptional credit history. For context, the Reserve Bank's cash rate target has been 4.35% since it rose on 6 May 2026, and the board left it there on 17 June and 12 August.
Repayments on four boats listed today
Every row borrows the full asking price with no deposit, over five years (60 monthly repayments), at a fixed rate with no fees added. Plenti's two published interest rates are used as plain annual rates. This is arithmetic, not a quote. Your own rate depends on your credit history, and any fees a lender charges will change the total.
| Boat | Asking price | Monthly at 5.95% | Total repaid at 5.95% | Monthly at 24.09% | Total repaid at 24.09% |
|---|---|---|---|---|---|
| 1999 Double Ended Sloop | $10,000 | $193.10 | $11,585.74 | $288.20 | $17,292.14 |
| 1996 Crownline 260 BR Cruiser | $64,900 | $1,253.19 | $75,191.43 | $1,870.43 | $112,225.97 |
| 2023 Quintrex 540 Ocean Spirit Cruiser | $82,495 | $1,592.94 | $95,576.53 | $2,377.52 | $142,651.49 |
| 2007 Leisurecat 8000 Sport Fisher | $165,000 | $3,186.08 | $191,164.65 | $4,755.34 | $285,320.27 |
Asking prices are as listed on 15 September 2026, and a listing can sell or change price at any time.
Two of these boats are above what Plenti will lend. Its page says it offers a personal loan "ranging from $5,000 to $75,000", so the Quintrex and the Leisurecat are in the table to show how the same rates scale on a bigger number, not to suggest anyone would lend $165,000 unsecured. The same page also says "Borrow up to $50,000" in a different answer, so confirm the limit with Plenti before you plan around it.
Why the same boat can cost $94,000 more
Take the Leisurecat. At 5.95% the repayment is $3,186.08 a month and the interest over five years comes to $26,164.65. At 24.09% it is $4,755.34 a month and $120,320.27 in interest. Same boat, same lender, same term, and a difference of $94,155.62 in what you repay.
The boat's price sets the size of the loan. Where you land in the rate range depends on you. Plenti advertises a personalised interest rate, its lowest rate assumes an exceptional credit history, and its repayment calculator includes a credit history field. Moneysmart, the government's money guidance service, says lenders "may look at your credit score, income, expenses and savings when they set your rate." Get a rate estimate before you fall for a boat. It will tell you which end of the table you are shopping from.
What a 20% deposit does
Put 20% down on the Quintrex and you pay $16,499 upfront and borrow $65,996. That also brings the loan under Plenti's $75,000 ceiling.
- At 5.95%, the repayment drops from $1,592.94 to $1,274.35 a month, and total interest falls from $13,081.53 to $10,465.23. That saves $2,616.31.
- At 24.09%, the repayment drops from $2,377.52 to $1,902.02 a month, and total interest falls from $60,156.49 to $48,125.19. That saves $12,031.30.
The deposit is the same $16,499 in both cases, but it saves more than four times as much interest at the higher rate. The worse your rate, the more a deposit is worth.
Five years or seven
Plenti's personal loans run from 6 months to 7 years. Its fixed-rate loans have terms of 3 to 7 years, and its variable-rate loans run 1 to 2 years. Stretching the Crownline from five years to seven shows what the extra two years buy.
- At 5.95%, the repayment falls from $1,253.19 to $946.54 a month, $306.65 less. Total interest rises from $10,291.43 to $14,609.39, an extra $4,317.96.
- At 24.09%, the repayment falls from $1,870.43 to $1,605.16 a month, $265.28 less. Total interest rises from $47,325.97 to $69,933.02, an extra $22,607.05.
At the top rate over seven years, the interest alone ($69,933.02) is more than the boat's $64,900 asking price. A longer term makes a boat fit the monthly budget, and you pay for that in interest.
Secured or unsecured
Plenti's boat loans are unsecured: its page says you can borrow "without having to provide an asset as security." A loan secured against the boat works differently. Moneysmart's guide to personal loans explains that with a secured loan "you provide an asset, such as your car, as security. If you don't repay the loan, the lender can take and sell your asset." Unsecured loans, it says, "usually have higher interest rates", and "if you don't repay an unsecured loan, the lender can take legal action to recover the money."
If a lender offers to secure the loan against the boat, compare that quote with an unsecured one, and remember what changes: the boat becomes the thing the lender can take and sell if you fall behind.
Compare the comparison rate, then read what it is based on
Moneysmart describes the comparison rate as "a guide to help you work out the true cost of a loan. It includes interest and most fees." It also warns that comparison rates "are only accurate for the example given."
Plenti's comparison rate is based on a $30,000 unsecured personal loan over 60 months, and its representative example says a borrower with an exceptional credit history "can expect to pay a total of $34,757.21." The formula behind the table above gives exactly $34,757.21 for that loan, so these figures are calculated the same way as the lender's. Plenti's own warning still applies to every number here: "This comparison rate is true only for the examples given and may not include all fees and charges."
Can you claim the interest on tax?
For a boat you use for fun, no, not in any way that helps you. Section 26-47 of the Income Tax Assessment Act 1997 deals with non-business boating activities. It does not ban deductions for a boat outright. It quarantines them: boat deductions, including interest, can only be claimed up to the income you earn from using or holding boats, and anything over that carries forward to be offset against future boat income, not your salary.
The Act's own example uses an owner, Ian, who could claim $100,000 in boat deductions (including interest, depreciation and running costs) in a year when the boat earns $40,000. He can deduct $40,000 and carries the other $60,000 forward. A boat that only goes fishing on weekends earns nothing, so there is nothing to offset the interest against.
The quarantine does not apply when the boat is trading stock, is used mainly for hiring out, or mainly for carrying the public or goods for payment, in the ordinary course of a business you carry on, or is used for a purpose essential to the efficient conduct of a business you carry on. This is general information, not tax advice. If a boat earns you income, talk to a registered tax agent.
Run your own numbers
Boattrader's loan calculator lets you change the loan amount, the loan length and how often you repay. The same page has a form to request a quote from our finance partner. Once you know roughly what you can borrow, you can search boats for sale with a real budget in mind.
The loan is only one of the costs of owning a boat. If you are buying in New South Wales, here is what boat registration costs in NSW, and here is what boat insurance requires and costs in Australia.
