Loan Rates

ApplyEffective January 1, 2016

Vehicle | Marine/Recreation Vehicle | Motorcycle | Unsecured | Other Loans | Home Equity Loan
Home Equity Line of Credit | Interest Only Home Equity Line of Credit | Mobile Home | Credit Card

 Vehicles Up to
48 Months
Up to
60 Months
Up to
72 Months
Up to
84 Months
New: 2016 or 2015 (untitled) APR as low as* 2.99% 2.99% 2.99% 3.99%
Used: 2008-2015 APR as low as* 2.99% 2.99% 3.49% 3.99%

Loan value is NADA1 retail which includes price of vehicle plus sales tax not to exceed 115% of book value. Maximum term on New and Used Autos is 84 months. Maximum loan amount is $150,000. Pending mileage review: Maximum term on 2011-2012 units is 60 months, and maximum term on 2008-2010 units is 48 months. Auto Refinances for 2016 units will be priced as New Vehicle. Classic or Vintage cars – use CPI2 guide book low or appraisal. Maximum term 60 months. 2015 vehicles that have never been titled, are still considered new. 2007 and older vehicles use unsecured rates and a lien will be placed on the vehicle. Young & Free vehicle loan 1% discount applies.
 Marine/Recreational Vehicles  Up to 180 Months Up to 240 Months
 APR as low as* 3.99% 4.49% (min. $50,000)

Terms on Marine/RV: Maximum term for financing of up to $10,000 is 60 months. Maximum term for financing of $10,001-$20,000 is 120 months. Maximum term for financing of $20,001-$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.
 Motorcycle Up to
48 Months
Up to
60 Months
Up to
72 Months
Up to
84 Months
Purchase/Refinance APR as low as* 7.74% 8.24% 9.24% 10.24%
Maximum term 84 months. Maximum loan amount $50,000. Loan value is NADA1 trade or MSRP3. Not to exceed 120% book value.
 Unsecured Up to
48 Months
Up to
60 Months
Up to
72 Months
Jet Ski, Snowmobile APR as low as* 8.99% 9.49% 9.99%

Maximum term 72 months; vehicles (free and clear) used as collateral are subject to the unsecured rates or used vehicle, whichever is higher. Maximum loan amount $50,000. Unsecured loan amounts $1500 or less add 1.5% to rate.
 Other Loans Up to 48 Months Up to 60 Months
Share Secured APR as low as* 5.99% 6.49%
Line of Credit / Overdraft APR as low as* 11.49% N/A

Share Secured – Rate is 3% lower than standard shared secured rate. Maximum term 60 months. Maximum loan amount $250,000. Line of Credit/Overdraft – Maximum loan amount $50,000.
 Home Equity Loan Up to 180 Months
Up to 80% LTV APR as low as* 6.25%
81-90% LTV APR as low as* 7.25%
91-100% LTV APR as low as* 8.25%

Minimum loan amount $10,000 (minimum loan advance on HELOC is $5,000). Loan amounts less than $10,000 may be subject to closing costs (title work, appraisal, etc.). All Non-Owner occupied properties will require an appraisal and the cost must be paid by the member. LTV5 over 50% requires VP of Lending or CEO approval.
 Home Equity Line of Credit Seven Year Draw Period
Up to 80% LTV APR as low as* 4.00%
81-90% LTV APR as low as* 5.00%
91-100% LTV APR as low as* 6.00%

Maximum Real Estate loan amount $1,000,000. Non-owner occupied properties are not eligible. 
 Interest Only Home Equity Line of Credit Ten Year Draw Period
Up to 80% LTV APR as low as* 4.00%
81-90% LTV APR as low as* 5.00%

Monthly payment is calculated based on the monthly interest due. Maximum Real Estate loan amount $1,000,000. Minimum initial draw $10,000. Non-owner occupied properties are not eligible.
 Mobile Home Up to
84 Months
Up to
180 Months
New: Up to 70% LTV APR as low as* N/A 9.00%
Used: Up to 50% LTV APR as low as* 9.50% N/A

Mobile Home – Must be permanently affixed with tongue and axle removed. Must be title holder.
 Credit Cards  
Experience Rewards Visa APR as low as* 8.24%

 

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1NADA = National Automobile Dealers Association; 2CPI = Consumer Price Index; 3MSRP = Maufacturer’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 (866) 933-6333.