Loan & line of credit rates.
Compare current Michigan First loan and line of credit rates for vehicles, personal borrowing, credit cards, and more.
Whether you're financing a vehicle, covering a major expense, or looking for flexible access to funds, review the current rates below and explore the borrowing option that fits your needs.
Loan rates effective July 1, 2026.
Auto Loans
Finance a new or used vehicle with competitive rates and flexible repayment terms. Michigan First auto loans can help you purchase or refinance an eligible vehicle while choosing a term that works with your budget.
|
Term
|
New: 2026
APR as low as*
|
Used: 2019-2025
APR as low as*
|
|---|---|---|
| Up to 48 Months | 5.49% | 5.99% |
| Up to 66 Months | 5.49% | 5.99% |
| Up to 72 Months | 5.99% | 6.49% |
| Up to 84 Months | 6.49% | 6.99% |
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. Max term on 2019-2022 - 72 months. Max term on 2018 or older units - 60 months. Term exceptions must be approved. **Pending mileage review**
5. Auto Refinances for 2026 units will be priced as New Vehicle. Classic or Vintage cars – use CPI2 guide Book low or appraisal. Max term 60 months
6. 2025 vehicles that have never been titled, are still considered new. 2018 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
Finance your next adventure with lending options for eligible boats, RVs, campers, and other recreational vehicles. Available terms vary based on the amount financed.
|
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 2006-2016; 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 2021.
7. Any cash-out on marine/RV units offered at rate bump of 3% up to 50% LTV max.
Motorcycle Loans
Whether you're buying your first motorcycle or upgrading your current ride, Michigan First offers motorcycle financing with a range of available repayment terms.
|
Term
|
Motorcycle
APR as low as*
|
|---|---|
| Up to 48 Months | 7.99% |
| Up to 60 Months | 8.24% |
| Up to 72 Months | 8.49% |
| Up to 84 Months | 8.99% |
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
Borrow for planned expenses, unexpected costs, debt consolidation, or other personal needs without using your savings, vehicle, or other property as collateral.
|
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
A share-secured loan allows you to borrow against eligible funds you already have on deposit while keeping those funds secured for the term of the loan. A personal line of credit provides flexible access to funds when you need them and may also help cover eligible overdrafts on your account.
|
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.
Mobile Home Loans
Finance an eligible new or used mobile home with repayment terms based on the home and applicable loan-to-value requirements.
|
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
Use a Michigan First Rewards Mastercard® for everyday purchases, larger expenses, or added purchasing flexibility while earning available card benefits.
|
Credit Card Type
|
APR
APR as low as*
|
|---|---|
| Michigan First Rewards® Mastercard® | 12.74% |
1. Max credit limit is $25,000. Exceptions by underwriting manager or CLO only.
Flexible financing for your needs.
*APR = Annual Percentage Rate. Rates are based on credit score and are subject to change without notice. The better the credit, the better the rate. Contact Michigan First at 800.664.3828 for details.
1NADA = National Automobile Dealers Association;
2CPI = Consumer Price Index;
3MSRP = Manufacturer’s Suggested Retail Price;
4BUC = Used Boat Price Guideline;
5LTV = Loan To Value