Loan & Line of Credit Rates

1. Loan value is NADA¹ retail which includes price of vehicle plus sales tax not to exceed 115% of book value.
2. Maximum term on New and Used Autos is 84 months
3. Maximum loan amount is $150,000.
4. 72 Month term on 2017 & newer with 50K miles or less. Max term on 2013-2016 – 60 months. Max term on 2012 or older units – 48 months **Pending mileage review**
5. Auto Refinances for 2020 units will be priced as New Vehicle. Classic or Vintage cars – use CPI² guide Book low or appraisal. Max term 60 months
6. 2019 vehicles that have never been titled, are still considered new. 2012 and older vehicles, add 3% rate bump (excludes E-tier)
7. First Gear Vehicle Loan 1% discount applies
8. Commercial vehicles 2% over auto or consumer rate depending on year of vehicle
9. No Indirect rate enhancements allowed on existing Michigan First members. Reserve and rate enhancements are allowed for others.
10. Vehicle as collateral loans below 50% LTV – apply used auto rate
11. Vehicle as collateral loans greater than 75% – apply unsecured rate

Terms on Marine/RV: Maximum term for financing of up to $10,000 is 60 months. Maximum term for financing of $10,001-$25,000 is 120 months. Maximum term for financing of $25,001-$50,000 is 180 months. Maximum term for financing of $50,001 and up is 240 months. Loan value is MSRP³, BUC⁴ low or NADA¹ average retail plus optional equipment. Not to exceed 120% of book value. Maximum finance amount is $400,000. 1% rate bumb for models 2000-2010; 2% rate bump for models older than 2000. No indirect rate enhancements allowed on existing Michigan First members. Reserve and rate enhancements are allowed for others. Survey required on models older than 2015.

Maximum term 84 months. Maximum loan amount $50,000. Loan value is NADA¹ trade or MSRP³. Not to exceed 120% book value.

Maximum term 72 months; vehicles (free and clear) used as collateral are subject to the unsecured rates or used vehicle, whichever is higher. Loan amounts $1,000 – $50,000. Unsecured loan amounts $1500 or less add 1.5% to rate.

Share Secured – Rate is 3% lower than standard unsecured rate. Maximum term 60 months. Maximum loan amount $250,000. Funds will be held for the term of the loan. Line of Credit/Overdraft – Maximum loan amount $50,000.

*Minimum loan amount $10,000, Maximum $1,000,000. Up to 100% CLTV on owner occupied. No Pre-Payment Penalties. No minimum loan advance is required at time of closing. Minimum of a $100 advance on HELOC after loan closing. All Non-Owner occupied properties require an appraisal. Cost must be paid by the member. 50% CLTV max on non-owner occupied properties. All home equity loans require home owners insurance coverage.  

*Minimum loan amount $10,000, Maximum $1,000,000. Up to 100% CLTV on owner occupied. No Pre-Payment Penalties. No minimum loan advance is required at time of closing. Minimum of a $100 advance on HELOC after loan closing. All Non-Owner occupied properties require an appraisal. Cost must be paid by the member. 50% CLTV max on non-owner occupied properties. All home equity loans require home owners insurance coverage.

1. Maximum Real Estate loan amount – $1,000,000
2. Monthly payment is calculated based on the monthly interest amount due
3. Minimum initial draw is $10,000
4. Non Owner occupied properties are not eligible

1. Must be permanently affixed with tongue and axle removed
2. Must be title holder

¹NADA = National Automobile Dealers Association; ²CPI = Consumer Price Index; ³MSRP = Manufacturer’s Suggested Retail Price; ⁴BUC = Used Boat Price Guideline; ⁵LTV = Loan To Value