Boat loan rate increases are at an all-time high, surpassing the mortgage rate for the first time in years. Before 2020, the average interest rate for boat loans was around 2–4.5%. COVID-19 came, and in some cases, provided financial forgiveness through loan freezes and extended repayment periods.
However, this sent ripples through the economy. To compensate, current boat loan interest rates began increasing. As of July 2022, they sit anywhere from 5.76–9.95%, with many analysts expecting this rate to continue growing.
Luckily, you can take a few precautions to prepare your finances for the coming waves.