We can help fund life's biggest dreams.
Whether you want to make home repairs, buy a new vehicle or take a trip - we can help.
At Michigan First, we believe that loans and credit lines should provide you with the opportunity to achieve your goals and experience life to the fullest. We can help you finance all of life's moments, both big and small.
Loan rates effective as of March 1, 2025.
Auto Loans
| Term | New: 2025 APR as low as* |
Used: 2018-2024 APR as low as* |
|---|---|---|
| Up to 48 Months | 5.74% | 6.49% |
| Up to 66 Months | 5.74% | 6.74% |
| Up to 72 Months | 6.24% | 6.99% |
| Up to 84 Months | 6.74% | 7.49% |
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 2022 & newer with 50K miles or less. Max term on 2018-2021 – 60 months. Max term on 2017 or older units – 48 months **Pending mileage review**
5. Auto Refinances for 2025 units will be priced as New Vehicle. Classic or Vintage cars – use CPI2 guide Book low or appraisal. Max term 60 months
6. 2024 vehicles that have never been titled, are still considered new. 2017 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
12. LTV > 115% on front-end, add 1% to posted rate (exception only - requires leader approval)
Marine/Recreational Vehicles
| Term | Marine/Recreational APR as low as* |
|---|---|
| Up to 240 Months | 6.24% |
1. Terms on Marine/RV: Maximum term for financing of up to $20,000 is 60 months. Maximum term for financing of $20,001-$50,000 is 120 months. Maximum term for financing of $50,001-$100,000 is 180 months. Maximum term for financing of $100,001 and up is 240 months.
2. Loan value is MSRP3, BUC4 low or NADA1 average retail plus optional equipment. Not to exceed 120% of book value.
3. Maximum finance amount is $300K until further notice. Exceptions approved by CLO only.
4. 1% rate bump for models 2005-2015; 2% rate bump for models older than 2005.
5. No indirect rate enhancements allowed on existing Michigan First members. Reserve and rate enhancements are allowed for others.
6. Survey required on models older than 2020.
7. Any cash-out on marine/RV units offered at rate bump of 3% up to 50% LTV max.
| Term | Motorcycle APR as low as* |
|---|---|
| Up to 48 Months | 9.49% |
| Up to 60 Months | 9.49% |
| Up to 72 Months | 9.74% |
| Up to 84 Months | 9.99% |
1. Maximum term - 84 months.
2. Maximum loan amount - $50,000.
3. Loan value is NADA1 trade or MSRP3. Not to exceed 120% book value.
Unsecured Loans
| Term | Unsecured APR as low as* |
|---|---|
| Up to 48 Months | 13.99% |
| Up to 60 Months | 14.49% |
| Up to 72 Months | 14.99% |
1. Maximum term 72 months; vehicles (free and clear) used as collateral are subject to the unsecured rates or used vehicle, whichever is higher.
2. Loan amounts $1,000 – $50,000.
3. Unsecured loan amounts $1500 or less add 1.5% to rate.
4. Includes Jet Ski/Snowmobile loans.
Other Loans
| Term | Share Secured APR as low as* |
Line of Credit/Overdraft APR as low as* |
|---|---|---|
| Up to 48 Months | 8.74% | 15.99% |
| Up to 60 Months | 9.74% | N/A |
1. 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.
2. Line of Credit/Overdraft – Maximum loan amount $50,000.
Home Equity Loan
| Term | Up to 80% LTV APR as low as* |
81-90% LTV APR as low as* |
91-100% LTV APR as low as* |
|---|---|---|---|
| Up to 180 Months | 8.75% | 10.25% | 12.25% |
1. Minimum loan amount $10,000 (minimum loan advance on HELOC is $5,000). Loans of less than $10,000 may be subject to closing costs (title work, appraisal, etc.)
2. All non-owner occupied properties require an appraisal. Cost must be paid by the member. LTV's over 50% require CLO or CEO approval.
Home Equity Line of Credit
| Term | Up to 80% LTV APR as low as* |
81-90% LTV APR as low as* |
91-100% LTV APR as low as* |
|---|---|---|---|
| Seven Year Draw Period | 9.50% | 10.50% | 11.50% |
1. Maximum loan amount $1,000,000.
2. Non owner-occupied properties are not eligible.
Interest Only Home Equity Line of Credit
| Term | Up to 80% LTV APR as low as* |
81-90% LTV APR as low as* |
|---|---|---|
| Ten Year Draw Period | 10.00% | 11.00% |
1. Maximum loan amount is $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.
Mobile Home
| Term | New: Up to 70% LTV APR as low as* |
Used: Up to 50% LTV APR as low as* |
|---|---|---|
| Up to 84 Months | N/A | 11.00% |
| Up to 180 Months | 10.00% | N/A |
1. Must be permanently affixed with tongue and axle removed.
2. Must be title holder.
Credit Cards
| Credit Card Type | APR APR as low as* |
|---|---|
| Experience Michigan First Rewards® Visa® | 12.99% |
1. Max credit limit is $25,000. Exceptions by underwriting manager or CLO only.
1NADA = National Automobile Dealers Association;
2CPI = Consumer Price Index;
3MSRP = Manufacturer’s Suggested Retail Price;
4BUC = Used Boat Price Guideline;
5LTV = Loan To Value
*APR = Annual Percentage Rate. Rates are based on credit score and subject to change without notice. The better the credit, the better the rate. Call Michigan First for details at 800.664.3828.
