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Boat Loans

Set Sail with Boat and Wave Runner Loans from PDCU

Apply for a Boat Loan

If It Floats, We Finance It.

Ready to make a splash on the water? People Driven Credit Union (PDCU) offers specialized loans to help you finance your dream boat, jet ski, or wave runner. With competitive rates, flexible terms, and a streamlined application process, we make it easy to enjoy the water adventures you’ve always wanted. Whether cruising the inland lakes of Michigan or speeding across the waves of Lake Michigan, People Driven Credit Union is here to support your aquatic lifestyle. Dive into our financing options today and get ready to hit the water with confidence.

Membership and eligibility requirements apply, with approval subject to application, credit, and vessel considerations.

No Payment for 90 Days** on Boat Loans

Embark on your next adventure on the lake with ease with our specialized boat loans at People Driven Credit Union. We understand the thrill of the open water and are here to make your boating dreams a reality.

Apply Online Now

Whether you’re cruising the rivers in Michigan or exploring scenic lakes, our tailored loan options offer competitive rates and flexible terms to suit your needs. Get ready to start your voyage today with PDCU’s boat financing solutions!

Get Pre-Approved for a Boat Loan

Get pre-approved for your boat loan with People Driven Credit Union and shop confidently. Instead of haggling over financing, focus on finding the perfect vessel.

Get Pre-Approved

With branches and ATMs easily accessible around Metro Detroit and Southeast Michigan, PDCU is your trusted partner for boat financing.

Boat Loan Rates

Loan and financing rates for motor homes, campers, boats, motorcycles, ATVs and snowmobiles. Add 1.00% to applicable rate on loans with collateral that is 11 to 15 years old. PDCU may consider doing a loan with collateral that is older than 15 years (on an exception basis only), in which case 2.00% would be added to applicable rate.

Term


(Months)

≤60

61-84

85-120

121-180

APR*


as low as¹

 7.59% 8.70% 9.00% 9.55%

 

 

Calculate Your Monthly Boat Loan Payment

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Use of a calculator is not a guarantee of credit and is a estimate.

Frequently Asked Questions

Your credit score plays a big role in determining your loan's interest rate and terms. Borrowers with higher credit scores typically qualify for lower interest rates, while those with lower credit scores may face higher rates.
  • New auto loans apply to brand-new cars, trucks, vans, and vehicles five years old or newer. They often have lower interest rates because new cars typically have better collateral value.
  • Used auto loans apply to pre-owned vehicles older than five years; interest rates may be slightly higher since used cars have less value over time.
An auto loan is a type of financing that allows you to borrow money to purchase a vehicle. The loan is secured by the vehicle itself, meaning the lender can repossess the vehicle if you fail to repay the loan.
Missing a payment can result in late fees and negatively affect your credit score. Repeated missed payments may lead to vehicle repossession. It’s important to contact People Driven Credit Union as soon as possible if you anticipate any issues making payments on your loan from PDCU.
A down payment isn’t always required, but it’s generally a smart move. Putting money down reduces the amount you’ll need to borrow, which can lower your monthly payments and reduce the total interest paid over the life of the loan. At People Driven Credit Union, we offer 100% financing for new cars (5 years old or newer). For used cars (older than 5 years), we’ll finance up to 80% of the vehicle's value (LTV).
  • Auto loans: These are for purchasing a new or used vehicle.
  • Auto refinancing: You can replace your current auto loan with a new one, typically to get a lower interest rate or change the loan term.
Term lengths for auto loans from People Driven Credit Union range from 12 months (1 year) to 96 months (9 years). The longer the term, the lower your monthly payments, but you may pay more in interest over the life of the loan.
To apply for an auto loan with People Driven Credit Union, you will need:
  • A valid ID
  • Proof of income (like pay stubs or tax returns)
  • Employment information
  • Vehicle details (if you’ve already chosen one - the VIN #)
  • Proof of insurance
Yes, People Driven Credit Union offers pre-approval for auto loans. Pre-approval helps you understand how much you can afford and can give you leverage when negotiating with dealers.
People Driven Credit Union members can pay off an auto loan anytime with no penalty.
The amount you can borrow depends on several factors, including your credit score, income, debt-to-income ratio, and the age and value of the vehicle. People Driven Credit Union will typically fund a percentage of the vehicle’s value.
People Driven finances motor homes, campers, boats, motorcycles, ATVs and snowmobiles!
You may give us a call at 248-263-4100 to speak with the loan department.
Yes!  All eligible loans can be skipped once per calendar year for a fee of $35. Fresh Start Auto Loans, Lines of Credit, Mortgages, Commercial Loans, and Credit Cards are excluded.
  1. To make a payment via online banking with funds already in your account, log in and select 'transfers'. Select where you want to transfer from and which loan you would transfer to.
  2. Log into iTalk (telephone teller) and make your payment. Option 3 for payments.
  3. To make a payment with a debit/credit card, call (248) 263-4100.
  4. Set up an auto-transfer from your People Driven account or attach an auto payment to your direct deposit that comes into your account. Give us a call at (248) 263-4100 or stop by any of our five branches.
  5. Have us set up an auto-payment from your other financial institution. Please call us at (248) 263-4100, and we can send you the proper form, or you may stop by any of our five branches.
  6. You may also mail in a check payable to People Driven Credit Union, 24333 Lahser Rd, Southfield, MI 48033
GAP (Guaranteed Asset Protection) covers the difference between the cash value of your vehicle and the balance owing if the car is deemed a total loss, up to 150% LTV. GAP is a $575 one-time fee that can be rolled into the loan or paid in cash. GAP also provides a $1000 credit towards the next vehicle you finance through PDCU and unlimited auto deductible claims for up to five years, up to $500 per claim for any vehicle you own and insure.
  • Covers the difference between the outstanding loan balance and the actual value (determined by the insurance company) of the auto up to the max LTV.
  • Covers total loss AND unrecovered theft
  • May cover up to $1000 of the deductible if there is a gap after the insurance pays
GAP insurance is offered during the auto loan process.  Please call us at (248) 263-4100 for more information.

Disclosures

**Rates could be higher for older motorcycles. APR may differ based on loan purpose, amount, term, and member’s credit score. A down payment may be required. Other terms and conditions are based on Loan to Value. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. 90-day no payment may be limited depending on term.

Certain limitations may apply. Please consult with a representative for further information. Loans are exclusively available for motorcycles. Membership with the Credit Union is mandatory for loan disbursement. For 30, 60, or 90-day no-payment loans, interest will commence accruing upon loan disbursement and will be spread out over the subsequent monthly payments.

Payment Example: Monthly payments of $20.00 for each $1,000 borrowed at 6.55% APR for 60 months.

Rates are higher if older than 10 years. Motorcycles older than 15 years are financed on an exception basis only.

*APR = Annual Percentage Rate: The actual APR and loan term is subject to approval and may be determined upon the borrower’s creditworthiness, the amount borrowed, and the type, value, age, and condition of the collateral offered to secure the loan (when applicable). Rates are effective as of today and are subject to change.

¹Special Loan Rate Discount: Benefit from a .25% reduction when enrolling in our autopay service, which is included in the “as low as” rate advertised. The discount is available to those who setup autopay of their monthly loan payment from a People Driven Credit Union checking or savings account.

Membership Requirement:

All accounts and loans require membership at People Driven Credit Union. Membership is available to individuals who live, work, worship, or attend school in the State of Michigan, as well as relatives of current members. To complete an application for any account or loan, you will need the following information:
  • A valid Driver's License, State ID, or Passport with your current address
  • Your Social Security Number
A Membership Share Savings Account is required to establish membership at People Driven Credit Union. Your $5 deposit into this account secures your share in the credit union, giving you access to our full range of services and benefits. The Annual Percentage Yield (APY) for this account is 0.01%, and the minimum deposit is $5.00.