They offered me a 20yr on my little 190. Would've made the payments like $200/mo or something like that. We took a 15yr loan at 3.25% I think (I need to check that rate, it might be 4.25%) from our local credit union. had exceptional credit at the time, and enough savings to be comfortable on all fronts.
I almost always take the longest term offered. I rarely use the longest term (have once on a 60mo car loan). If the fit hits the shan (like it did for us about 18mo ago), it is a lot easier to make that $300/mo payment for 6-12mo while we recouped and got reorganized than it was to have made a $900/mo payment for that time. The low minimum was nice for that short period of time, so I could make ALL my payments and not have to sell the boat as a short term solution, or miss payments and wreck my credit, or deplete my on hand cash any faster than I had to. That low minimum bought me time, and was worth the potential to have an exorbitantly high total cost of purchase.
It's all about calculated risk IMO. I'm betting that I can pay off my loan faster than they can charge me interest on it. Might win, might break even, might lose a little. Not going to lose my butt on it, but I could certainly have used that money to make more money along the way. For me, the boys will only be young once, and if getting them into boating means I have to spend a bit extra, then so be it.