How to Buy Your First Boat

From the mighty Columbia to the sparkling Deschutes and everything in between, there’s no shortage of beautiful waterways in the Pacific Northwest. Whether you like fishing, swimming, or sightseeing, there are few better ways to experience all this natural beauty than from the bow of your very own boat. 

Enjoying a boat is easy, but purchasing one can be a bit more complicated. If you want to buy your first boat and start summer off on the right foot, here’s some key information to make the process a little easier.

How Do Boat Loans Work?

Boat loans are an awful lot like car loans; you get a specific amount and pay interest over a fixed term, with the boat acting as collateral much like a car would. Also similar to cars, there are three main places to obtain a boat loan—through a bank, a credit union, or a boat dealer. The main difference between boat loans and traditional auto loans include:

• Longer terms: While most auto loan terms range from two to eight years, boat loans may run between seven and twenty.
• Higher down deposits: Since boats are considered a higher-risk investment than a car, many creditors require a higher down payment. 
• Larger loan limits: Boats are often more expensive than traditional vehicles, so the higher loan limits reflect the increase in price. 
• More stringent requirements: Your credit score and debt-to-income ratio both matter when buying a car, but they’re more emphasized when taking out a larger boat loan.

PCCU Membership and Boat Loans

People’s Community offers the best boat loans around, with no credit hassles and friendly service. We make joining our credit union easy–with People’s Community, you’re a person, not a number!

• Open to all: If you work or live in Cowlitz, Clark, or Skamania counties, becoming a People’s member is just a click away, or come into one of our convenient locations to join.
• Convenience: In addition to providing a full suite of online loan application services and account management tools, Peoples offers its members in-person service at five convenient locations.
• Community driven: When you take out a boat loan from Peoples, you are keeping your money in the local community and helping to improve the lives of your neighbors.
• Lower rates than banks: Banks often look for ways to charge their customers more money and higher rates, but Peoples takes a different approach.

Apply or Become a PCCU Member Today for Your Boat Loan

We are always searching for ways to make living your dreams more affordable for you. If you’re interested in a boat loan from People’s Community Federal Credit Union, contact us today! You can also apply online

If you live or work in Skamania, Clark, or Cowlitz County, you can become a People’s member in just minutes. As a People’s member, you will enjoy friendly service while keeping your money in the local community. In addition to boat financing, People’s offers checking accounts with no monthly fees or balance requirements and a full suite of online financial tools. Apply for a People’s boat loan today, and start enjoying the freedom and splendor of the Pacific Northwest!