Pacific NW Federal Credit Union

Boat loans are typically just for new or used motorized boats, or larger vessels like sailboats.

For non-motorized boats like kayaks, canoes or row boats, we recommend applying for a personal loan. And for jet skis, we recommend a powersports/other collateral loan.

You can start your application here and choose the best option in the “Type of Loan” dropdown menu.

You’ll need to put 10% down on any boat loan at PNWFCU^®. There is no minimum or maximum boat loan amount. The sky (or sea) is the limit, as long as you have 10% or more to purchase your boat.

The answer depends on many factors. Sometimes, home equity loans have lower interest rates than boat loans, and the interest can be tax deductible. However, that’s not always the case.

An advantage of a boat loan is that you won’t need to pay new closing costs, which is sometimes true for home equity loans.

You work hard for your money. In an uncertain world, you want to know you can trust the people who are looking out for your financial future.

PNWFCU^® has been putting people before profits since 1942. Our philosophy is all about giving back, not only to our members, but to the community where they live, work and play!

That’s because we’re a member-owned not-for-profit. This cooperative model means that we’re invested in your financial success. Instead of hanging on to profits, we give them back to you in the form of lower fees and better interest rates.

You’re not just an account, you’re a member, with all the privileges and benefits that come with it.

That’s entirely up to you and what kind of boat and lifestyle you’re looking for. While our interest rates for new boats are lower than for used boats, you should choose the boat that’s right for you and let us handle the financing.

Our rates speak for themselves. Stop by a branch or give us a call to chat with a loan officer who will talk to you about your financial situation, your boat desires, and your goals.

Every borrower is different—loan amounts will vary from member to member, with loan terms up to 240 months. Let’s find the best solution for you.

Applying is easy.

First, you need to be a Pacific NW FCU member. Anyone is eligible to join if you live, worship, go to school, work (or regularly conduct business) in Clackamas, Columbia, Hood River, Multnomah, Washington or Yamhill Counties in Oregon, or Clark or Skamania Counties in Washington.

Eligibility is also extended to businesses and other legal entities located in those counties.

Next, you’ll fill out our online application, which includes:

• Information about the kind of loan you want
• Collateral information (where applicable)
• Details about you and your co-borrower (if any)

Then, you review and submit. We’ll take a look at your application, your credit score and credit history, any existing debt you have, as well as proof of income and identity.

The kind of rate you qualify for is based on repayment period, collateral year, available rate discounts and your credit qualifications, including credit score.

You can make one-time or recurring loan payments from your PNWFCU^® account, or make online payments from another financial institution. Visit the payment center to see how.

You may also be able to skip a loan payment once per 12-months using our Skip-a-Pay service (learn more about terms and conditions).