How to Finance a Boat with The Peoples Bank
Spring has sprung! If there’s anything Gulf Coast folks know how to do in the springtime, it’s live it up and soak up the sun on our many rivers and waterways, and of course, the Gulf of Mexico. Our location justifies a reason to own a boat, but, like purchasing a car, many questions and concerns come with the process. Worry not, because The Peoples Bank can provide the answers you need to help get you on the water as soon as possible!
If you’ve checked out our blog post on how car loans work, you’ll be relieved to know boat loans are incredibly similar. The best course of action to get your new boat is simple: we recommend exploring a Personal Loan option from The Peoples Bank! Taking out a personal loan means after a down payment, we’ll cover costs while you get out on the water and pay us back with interest over time. Also, similar to cars, boat loan interest rates are generally low, especially with good credit. And, since the boat itself operates as collateral, it makes financial sense to consider the secured loan. We’re more than happy to work out a loan term that works for you.
We’ll help you with the application process to see your loan qualification level. All we need is basic information ready to review, like your social security number, total income via recent paycheck stubs or W-2. The amount of other debt you have, if any, is also considered. Once you’re approved, we’ll establish a down payment that will help determine your monthly payments and then you’ll be hitting the water!
Sometimes the road of life takes us off the road and into the water, and we at The Peoples Bank are excited to help you finance your dream boat to get started! Visit our Personal Loans page or fill out our Contact Form today! And be sure to visit our Financial Calculators page to help you break down the potential costs for your new boat!