Financing you need for the boat you want
Whether you’re into skiing, floating or fishing, living in the Pacific Northwest provides the best excuses to throw on a life jacket and set a course for adventures on the water.
When you’re yearning for a yacht or pining for a pontoon, we’ve got great rates and quick approvals on loans for new and used watercraft so you can hit the high seas sooner.
Benefits of an OCCU boat loan
- OCCU members enjoy rates as low as 11.50% APR for purchase or refinance16
- Preapproval online or in-branch
- In-house Insurance Services team to help you find coverage and discounts
- Payment protection options to help in hard times
- Local, friendly, personal member support available in-branch, by phone or online
Get preapproved
Make sure your budget is in ship shape before you shop! When you get preapproved for financing, you’ll know just how much boat you can afford and what your monthly payments will be. Apply online or visit our branch locations in Eugene/Springfield, Bend/Redmond, Salem/Keizer, Corvallis, Roseburg, Junction City and Cottage Grove — with more on the way!
Need boat insurance? We got you covered.
For boat insurance and beyond, our Insurance Services team is here to find the coverage you need to feel secure on the lake, river or high seas. With more than 100 years of experience and partnerships with local insurance companies, our team will help you make sure you’ve got coverage that fits your budget.
FAQs
How competitive are OCCU’s loan rates?
Credit unions typically offer better rates than traditional banks, and OCCU is no exception. Apply to get preapproved online for a boat loan or just ask for an OCCU loan at the dealership.
How much can I afford to spend on my next watercraft?
Use our loan payment calculator to help get you ready to find the best yacht, boat or personal watercraft that fits your budget. Calculate the payment on your next watercraft or enter your target monthly payment and see how much you may be able to borrow.
How long does it take to get approved for a boat loan?
Apply online and get your boat loan preapproved the next business day. Or just go to the dealership and ask for a loan from OCCU.
Can I get an OCCU loan at the dealership?
Yes! You’ll find dealers across Oregon and Washington that offer financing through OCCU. Just ask the dealer for an OCCU boat loan for our best rates.
What is the difference between getting a loan from OCCU or a dealership?
Nothing. You can get our great boat loan rates online, in-branch or by asking for them at the dealership.
Are there any prepayment penalties?
We have no prepayment penalties. If you want to pay off your loan faster, go for it!
Can I refinance my boat loan later if I get a better interest rate?
Yes. If you’re looking to save money on an existing loan or looking to access the equity in your boat, we can help you refinance.
Does OCCU provide payment or loss-of-boat protection?
OCCU offers Guaranteed Asset Protection (GAP) on certain boat types. When you finance with OCCU, you can easily add GAP to your loan, with the option to pay either a one-time fee or roll the cost into your principal loan balance.
Do you have a "Skip-a-Payment" option?
Yes. OCCU’s Skip-a-Payprogram can give you a break from boat loan payments for up to two months if you have an eligible loan with us.
Keep in mind, skipped payments can affect payment protection and GAP coverage.
Is it better to get preapproved for a loan before going to the dealership?
Having a loan preapproval in your pocket can help strengthen your bargaining position at the dealership. It also helps you stay within your budget, since you’ll know how much you’re approved for and what your interest rate will be before you set foot on the boat dealership lot. But it’s not a requirement.
Can I use this loan to buy a boat from a private seller, or only from a dealership?
Yes, you can get an OCCU boat loan to purchase from a private seller.
How do I get OCCU's lowest loan rate?
OCCU offers some of the best loan rates for both new and used watercraft. And by signing up for eStatements and enrolling in automatic loan payments, you’re assured the best rate.
Should I refinance a boat loan?
When conditions are right, refinancing could mean saving money and paying off your boat sooner.
When to consider refinancing:
- If rates are lower than they were when you took out the loan. Refinancing when rates are low is a smart financial move if the potential savings outweigh the loan fees. Use our loan calculator to estimate how much even a 1% difference could save you.
- If your credit has improved. Since your credit rating is one of the factors that determine your interest rate, a bump in your credit score could qualify you for better loan terms on your watercraft.
If you have a longer-term loan. Many boat buyers opt to lower their monthly payment by extending the life of their loan. The downside is that they end up paying more interest in the long run. If you chose a longer boat loan term because it made sense at the time, consider whether that’s still true today. Refinancing your boat loan at a lower rate could allow you to shorten your term without significantly increasing your monthly payment.
What’s next?
Use our loan calculator to build a boat-buying budget.
Start shopping at your local dealership or through a private party.
Connect with our Insurance Services team to get the coverage you need.