Consumers will be headed for smooth sailing in no time with new tools
Foster City, CA, August 11, 2020 – With countless businesses closed during the pandemic, many Americans are heading outside. There are stories of sold-out bicycles, kayaks and other gear at stores across the country. Even the boating business is booming, according to a New York Times report. Since boat-shopping may be new to many, MoneyRates.com is launching three boating calculators to help consumers navigate the purchase process.
- Boat Affordability Calculator
- Boat Loan Payment Calculator
- Boat Loan Comparison Calculator
Buyers can use the MoneyRates.com Boat Affordability Calculator to determine how much boat they can afford. Would-be boaters simply enter their desired (1) maximum monthly payment and then expected (2) interest rate, (3) down payment and (4) loan term. The tool can help them chart a course by keeping the price of financing down to manageable depths.
A second Boat Loan Calculator lets consumers reverse-engineer affordability if they’re further along in the process and need to know what the monthly payments would be on a particular boat. Both calculators allow prospective mariners to model different scenarios so they can see through the fog and know which decisions can help them weather financial storms best.
The personal finance site suggests hopeful sailors do their homework before they head to a dealer. Unlike mortgages, boat loan quotes may not be in a standard format, so the Boat Loan Comparison calculator lets new yachties easily compare three loans at once.
Boat Loan Comparison Calculator Features
- Make a side-by-side comparison of up to three loan quotes in one go
- Find out the monthly payment
- Discover the all-in total cost of borrowing for each scenario
While there are many financing options - such as dealers, specialist marine financers, traditional banks or credit unions and online personal loan lenders - consumers may want to consider using a credit card with a 0% APR introductory offer on some purchases.
To view more tips and helpful hints on how to afford a boat, visit How to Finance a Boat Purchase with a Loan.
MoneyRates.com is owned and operated by QuinStreet, Inc. (Nasdaq: QNST), a pioneer in delivering online marketplace solutions to match searchers with brands in digital media. QuinStreet is committed to providing consumers and businesses with the information and tools they need to research, find and select the products and brands that meet their needs. MoneyRates.com is a member of the company’s expert Research and Publishing Division.
Since 1998, MoneyRates.com has served as a personal finance resource designed to help readers make the most of their money. In addition to a variety of financial calculators, MoneyRates.com researches and tracks CD, savings, and money market rates offered from over 400 financial institutions across the country to offer expert advice on banking, investing and retirement planning.
Public Relations Manager