Financing a big purchase? See the real cost first
From a boat or aircraft to a high-end watch or a luxury home: work out the payment and the total interest, monthly or bi-weekly, before you talk to a lender. LuxuryLoans.ca is part of the MITEY network; we are not a lender or broker and we don't promise rates or approvals.
What people finance
Boats and yachts
Marine lenders usually want a survey, insurance and a larger down payment on older or larger vessels.
Watches and collectibles
Few lenders finance watches or art directly; this is often an unsecured personal loan or line of credit at a higher rate.
Private aircraft
Aircraft loans are specialist lending; budget for hangar, insurance, crew and maintenance on top of the payment.
Luxury homes
Homes are financed with mortgages: at $1.5M or more you need at least 20% down, and the stress test applies.
Luxury purchase payment calculator
Payment and total interest
Example rate only. Your lender's rate, fees and terms will differ.
- Total of payments
- $569,768
- Total interest
- $169,768
Assumptions & sources
Frequently asked questions
Who finances boats, aircraft and other luxury purchases in Canada?
Banks and credit unions offer secured loans and lines of credit for some purchases; boats, recreational vehicles and aircraft are often financed by specialist lenders or through dealers. Watches, jewellery and art are usually financed with unsecured personal loans or lines of credit, which cost more.
What do lenders look at?
Your income and debts, credit history, the down payment, and the asset itself (its age, value, and whether it can be insured and registered). Expect to show income documents and proof of insurance.
Is accelerated bi-weekly worth it?
Accelerated bi-weekly pays half the monthly amount every two weeks, which adds up to one extra monthly payment a year. That shortens the loan and cuts interest. Regular bi-weekly simply splits the monthly cost and saves little.
What's the risk of financing something that loses value?
Boats, aircraft and cars usually lose value faster than the loan is paid down, so you can owe more than the asset is worth for years. A larger down payment and a shorter term reduce that risk.