Here's a good link to save for when you are boat or car shopping. The calculator helps you to se the impact of interest rates, and terms (length of loan) not only by payment but by total interst paid too if the loan runs the full term.

http://www.dinkytown.net/java/AutoLoan.html

If you think a boat costs a lot when you pay on it for 60 months/5years, just look what happens if the loan runs 10-15 years.

The biggest thing to think about is what's called "negative equity", where you owe more on the laon than the boat is worth. Long term loans create negative equity because you are paying so little on the true principla of the loan. Shorter the term of the loan, the more quickly the loan payoff amount drops below what the boat is worth, and that creates positive equity.

It's always a foot race between depreciation and loan payoff. Keep the term short and you give your self a chance to have the loan payoff fall below the depreciated value of the boat or car.

Long terms on big boat loans, actually encourages people to walk away from their loan and boat...to default. The monthly payment is low, so they keep it a couple years and party, than they just stop paying, and let the boat get repossessed. Thats why interest rates are always higher for longer term loans that shorter term loans. Banks protect them selves from risk thru higher interest rates.

There's calculators at this link that also allow you to show how just adding 10% above each monthly payment due can save you tons of interest money. If you can't do it every month, just doing it every other month makes a big difference.

Last thought. You can do home equity loans to get low rates and long terms for boat loans. But remember.....if they come for your boat due to non=payment, they may decide to go after your house to make up any shortages on the loan payoff. Only ever go the home equity route when you are sure you are secure financially.

And yes, I know, you can sleep in your boat, but you can't go fishing in your house.