Marine Loans

We finance vessels that are 35 years old or newer. Older boats are considered on a case-by-case basis.

No, we do not finance vessels that are used for living aboard.

We are able to finance vessels that are kept in WA, AK, OR, or CA.

• For our best rates, the credit threshold is 760 (automatic payments must also be used to qualify for this rate). Rates for credit scores below 760 are subject to rate increases. The minimum credit score to qualify for a loan is 680.
• A minimum of 10% down payment is required. More may be needed dependent on the vessel and/or price of the boat.
• Sales tax; if due is the responsibility of the borrower and will be paid by the borrower at the time of closing.
• Sufficient income to meet all debt obligations. The Bank may also request evidence of liquid assets/contingency funds (i.e. savings, investment accounts).

The Bank does not charge a fee for a marine loan, however, we require a marine title company to handle the closing. Closing includes the bills of sale, lien search, state registration, Coast Guard documentation or state title, and the handling of funds. Closing fees vary depending on the services performed.

No. You may pre-pay or pay off without penalty.

All loans over $150,000 are required to have Coast Guard documentation. The bank requires Coast Guard documentation (as opposed to a state title) because it is the highest priority lien that we can hold on the vessel - it supersedes a state title.

Yes, we require an in and out of water survey on any used vessel. The client is responsible for hiring the marine surveyor. The survey must be performed by a National Association of Marine Surveyors (NAMS) or Society of Accredited Marine Surveyors (SAMS) certified marine surveyor. The survey is reviewed by the Bank's underwriter before closing. For more information visit namsglobal.org or marinesurvey.org.

Additional items may be required. Please contact us for more information.

Yes, Peoples Bank does finance bareboat charters. A bareboat charter or demise charter is an arrangement for the chartering or hiring of a ship or boat, whereby no crew or provisions are included as part of the agreement; instead, the people who rent the vessel from the owner are responsible for taking care of such things.

At this time, we do not finance the purchase of an existing LLC (with a boat as the collateral), If you have questions please ask the Marine Lending Team