Boat Loans
Peoples Bank offers lending services for borrowers in Washington, Alaska, Oregon, and California. We provide financing for new and used recreational vessels, including trailered boats, vessel construction with approved builders, and vessels going into Washington state bareboat charter programs.
Meet the Team
Personalized Experts Ready to Help
Jennifer Patterson
SVP | Marine Loan Manager
Contact:
(206) 352-7040
Email Jennifer
FAQs
What age vessels does the bank finance?
We finance vessels that are 35 years old or newer. Older boats are considered on a case-by-case basis.
Does the bank finance liveaboards?
No, we do not finance vessels that are used for living aboard.
Where can we moor our boat?
We are able to finance vessels that are kept in WA, AK, OR, or CA.
How do I qualify?
- 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).
Are there fees associated with the loan?
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.
Is there a prepayment penalty?
Does Peoples Bank require Coast Guard documentation?
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.
Is a marine survey required?
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.
What if I want to borrow $750,000 or more?
Additional items may be required. Please contact us for more information.
What are Bareboat Charters and does Peoples Bank finance them?
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.
Will you finance the purchase of an LLC?
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.
Marine Loan Rates
| Amount | Term | APR* | Minimum Amount | Sample Payment** | Maximum Loan to Value |
|---|---|---|---|---|---|
| Less than $49,999 | 15 years | 7.74% | $30,000.00 | $282.21/month | 90% |
| $50,000 - $99,999 | 15 years | 7.74% | $50,000.00 | $470.35/month | 90% |
| $100,000 - $749,999 | 20 years | 6.96% | $100,000.00 | $772.96/month | 90% |
| $750,000 - $999,999 | 20 years | 6.96% | $750,000.00 | $5,797.20/month | 85% |
| Over $1,000,000 | 20 years | 6.96% | $1,000,000.00 | $7,729.60/month | 80% |
Last Updated On: December 18, 2024
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Meet Our Team
Put the expertise of a local lending team to work for you by partnering with Peoples Bank. Based in Ballard, Washington, home to Fishermen’s Terminal and the North Pacific fishing fleet, our commercial maritime lenders are an integral part of the fishing community. We know your time is valuable; with our streamlined loan process, you can count on a timely loan decision.
Brett Cheney
SVP, Commercial Market Leader
Brett has worked in the financial services industry for nearly a decade, bringing a wide understanding of different business models, including deep knowledge of the maritime and commercial fishing industries.
Brett earned his undergraduate degree in accounting and entrepreneurship from the Jon M. Huntsman School of Business at Utah State University. He enjoys being a valuable resource to his customers and connecting with them on a personal level. An outdoor enthusiast, he enjoys spending time with his wife and two daughters.
Kyle Trader
AVP, Commercial Banking Officer
Kyle has been with Peoples Bank for 10 years, moving to the Commercial Banking department in 2016. Dedicated to helping clients achieve their financial goals and flourish, he values honest relationships and prioritizes customer needs.
Kyle earned his undergraduate degree in business administration from the University of Northern Colorado and a graduate degree in nonprofit management from Regis University. He enjoys spending time with his wife and daughter at the zoo or the park, and volunteers with several youth music programs, including the Kamiak High School marching band.
Tom Essig
SVP, Commercial Banking Officer
Tom has over 30 years of commercial banking and finance experience. He takes pride in developing financial solutions that help clients achieve success and embraces the community banking ethos defined by outstanding customer service.
Tom earned his undergraduate degree in business administration with a finance specialization from Central Washington University. A longtime resident of the Puget Sound region, he enjoys travel and outdoor activities with his family. He’s involved with the Bellevue Chamber of Commerce and Master Builders Association of King and Snohomish Counties.
Commercial Maritime Operations
Maritime lending demands specialized knowledge due to the industry’s unpredictable and cyclical nature. Deeply ingrained in the dockside community, our experienced team offers loans for Pacific Coastal operations, including commercial vessel acquisition, construction, and refinancing as well as securing fishing rights, quota, permits, and operational lines of credit.
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