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Boats in Michigan
It’s Your Turn to Make Waves
Our boat loan rates are some of the lowest in the state, so you don’t have to have deep pockets to get the boat you want.
Boat & Recreational Vehicle Loans
Boats, RVs, Travel Trailers, and Motor Homes
Loan Amount |
Max Term |
APR*
as low as |
|---|---|---|
| Any amount | Up to 120 months | 4.99% |
| $50,000+ | Up to 180 months | 5.75% |
| $75,000+ | Up to 240 months | 5.75% |
*APR = Annual Percentage Rate. Rates shown are the best available, require automatic payments, are based on credit history, and subject to change without notice. Loans requested for more than 80% of collateral value may be subject to a higher rate of interest. Members refinancing existing Christian Financial Credit Union loans are subject to a higher rate of interest. Please see a Christian Financial Service Representative for full details. For example, for a loan of $35,000 at 120 months with an interest rate of 4.99% APR, the payment will be $371.06. **Loan must be current (cannot be delinquent) to qualify for free annual Skip a Payment. Recreational vehicles only. Excludes loans written to covered borrowers under the Military Lending Act. The skipped payment will be added to the end of the loan and will extend the maturity date of the loan. If a scheduled payment for the loan has been set up through Online Banking or initiated by the member at another financial institution, the member is responsible for canceling the scheduled payment. Eligible loans may skip only one payment per calendar year. Recreational Vehicles that skip a payment are not eligible for the Holiday Skip a Payment program. Members refinancing existing Christian Financial Credit Union loans are subject to a higher rate of interest.
What would my loan payments be?
Boat Loan Features
Our loans come with perks
Apply Online
Apply Online in 5 minutes or less!
Free Annual Skip a Payment
Skip one payment per year for free.
Skip the Trip
Close on your loan digitally through Docusign.
Life Happens
Protect your loan in cases of mechanical failure, a total loss, personal disability, hospitalization and job loss.
Make Payments with Ease
Make a loan payment easily through Digital Banking, even from other banks.
Boat Loan Related Products
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Reviews
Don't take our word for it!
“The loan agent was very knowledgeable about boat loans. She gave me a list of everything I needed and everything went very smoothly.”
“The loan process was very quick and easy. Fast responses, all in all great customer service, thank you!”
“CFCU has very competitive loan rates and great customer service, and their financial services representative’s are very friendly!”
Frequently Asked Questions (FAQs)
Do I Need Good Credit to Qualify for a Boat Loan?
There is no minimum credit score required to apply for a boat loan. However, your credit profile plays an important role in determining your interest rate and the amount you may qualify for.
Applying for a preapproval can help you understand your lending options and how much you may qualify to borrow before you begin shopping for a boat.
Can I Get Preapproved Before Finding A Boat?
Yes! Christian Financial recommends obtaining a preapproval before you begin shopping for a boat.
Benefits of getting preapproved include:
- Knowing your estimated loan amount before you shop
- Establishing a realistic budget
- Strengthening your position as a buyer
- Simplifying the financing process once you've selected a boat
Once you're preapproved, you'll have a better understanding of your financing options and can focus on finding the boat that best fits your needs and budget.
How Can I Estimate My Boat Loan Payment?
Your monthly boat loan payment will depend on several factors, including:
- The amount financed
- Your interest rate
- The loan term (length of the loan)
If you'd like to see an estimate of what your monthly payment could be, try using our Boat Loan Payment Calculator. It's a quick and easy way to explore different loan amounts, terms, and payment options before you apply.
Keep in mind that calculator results are estimates only. Your actual payment will be based on the final loan amount, interest rate, and terms approved during the application process.
Do I Need a Down Payment?
Yes. Christian Financial finances up to 90% of a boat’s value, which means a minimum 10% down payment is required from the borrower.
Example: If a boat is valued at $50,000, Christian Financial may finance up to $45,000. The remaining $5,000 would be your required minimum down payment. If you choose to put more money down, you could reduce the amount financed and save on overall interest during the loan term.
Making a larger down payment can offer several advantages. It helps you build equity (value of boat - loan balance) in your boat more quickly, may lower your monthly payment, and can make it easier to sell, trade in, or upgrade to a newer boat in the future.
Can I Finance a Used Boat?
Yes, Christian Financial does finance used boats! Used boat financing can be a cost-effective way to purchase the vessel you want while spreading the cost over manageable monthly payments.
Does Christian Financial Have Good Rates?
Yes! Christian Financial works hard to offer competitive rates and terms across our lending products. We regularly evaluate our rates to ensure we're providing value to our members while helping them achieve their financial goals. We encourage you to compare our rates and see how Christian Financial can help you save.
Will I Need a Boat Survey?
A boat survey may be needed as part of the financing process. By assessing the boat’s condition and value, the survey helps ensure everyone has an accurate understanding of what the vessel is worth.
If a survey is needed, it must be completed by a certified marine surveyor accredited through either the National Association of Marine Surveyors (NAMS) or the Society of Accredited Marine Surveyors (SAMS).
Is Boat Insurance Required?
Yes. To finance a boat through Christian Financial, you must maintain boat insurance on the vessel for the duration of the loan.
Before the loan can close, you will need to provide proof of insurance that covers the boat and any additional items being financed. This includes outboard motors, trailers, and other eligible accessories, which must be specifically listed on the insurance policy.
Can I Pay Off My Boat Loan Early?
Yes! Christian Financial allows you to pay off your boat loan early without any prepayment penalties. Paying off your loan ahead of schedule can help you save money by reducing the total amount of interest you pay over the life of the loan.
You can also make additional principal payments at any time to pay down your balance faster.
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*APR = Annual Percentage Rate. Rates shown are the best available, require automatic payments, are based on credit history, and are subject to change without notice. Loans requested for more than 80% of collateral value may be subject to a higher rate of interest. Members refinancing existing Christian Financial Credit Union loans are subject to a higher rate of interest. Please see a Christian Financial Service Representative for full details. For example, for a loan of $35,000 at 120 months with an interest rate of 6.49% APR, the payment will be $397.24. **Loan must be current (cannot be delinquent) to qualify for free annual Skip a Payment. Recreational vehicles only. Excludes loans written to covered borrowers under the Military Lending Act. The skipped payment will be added to the end of the loan and will extend the maturity date of the loan. If a scheduled payment for the loan has been set up through Online Banking or initiated by the member at another financial institution, the member is responsible for canceling the scheduled payment. Eligible loans may skip only one payment per calendar year. Recreational Vehicles that skip a payment are not eligible for the Holiday Skip a Payment program. Members refinancing existing Christian Financial Credit Union loans are subject to a higher rate of interest.
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