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Financing options are available for new boat owners. Buying a boat can now be just as easy, and just as affordable, as buying a car. If you have a good credit history, you can obtain an installment loan to pay for your boat. A down payment may vary in amount and is likely to be between 10 percent and 20 percent of the total cost, while your interest rate will be in the range of 12 percent. Using these figures, a person could buy a $25,000 cabin cruiser, put $5,000 down and have a monthly payment of about $287.