Boat Loans: 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 eligibility requirements apply, with approval subject to application, credit, and vessel considerations.
Apply or get pre-approved for a boat loan
Loan Rate Discount¹
Boat loan rates as low as 8.09%¹ APR*
Get financing for an eligible new or used boat or personal watercraft. Your available APR, loan amount, and term will depend on your application and the age, value, and condition of the watercraft.
¹Take advantage of a 0.25% discount when you enroll in autopay, already factored into the “as low as” rate. This discount applies to those who set up automatic payments from a People Driven Credit Union checking or savings account.
*APR = Annual Percentage Rate. The actual APR and loan term are subject to approval and may be based on the borrower’s creditworthiness, amount borrowed, loan term, and the type, value, age, and condition of the collateral. Rates are subject to change.
Why finance boat with PDCU?
Whether you are buying your first boat, upgrading your current watercraft, or adding a personal watercraft, People Driven Credit Union offers financing options for Michigan borrowers.
- Finance new or used watercraft: Loan options may be available for eligible boats, jet skis, WaveRunners, and other personal watercraft.
- Apply before you shop: Pre-approval can help you establish a budget and compare boats before discussing financing with a dealer or seller.
- Choose from available loan terms: Boat loan terms are available based on the amount financed, your application, and the age and value of the watercraft.
- Estimate your payment: Use PDCU’s boat loan calculator to compare different loan amounts, interest rates, down payments, and terms.
- Save with automatic payments: Eligible borrowers may receive a 0.25% APR discount by making automatic payments from a PDCU checking or savings account. The discount is included in advertised “as low as” rates.
- Get help when you need it: Call 248-263-4100 to discuss the application process with a PDCU representative.
Types of boats and watercraft you can finance
People Driven Credit Union offers financing for several types of recreational watercraft. Available rates, loan amounts, and terms may vary based on the watercraft’s age, value, and condition.
- New boats: Finance an eligible new boat purchased from a dealer.
- Used boats: Financing may be available for eligible pre-owned boats, including older boats that meet PDCU’s collateral requirements.
- Personal watercraft: Apply for financing for an eligible personal watercraft intended for recreational use.
- Jet skis and WaveRunners: Financing may be available for new or used models that meet PDCU’s lending requirements.
Not sure whether the watercraft you want to purchase qualifies? Call 248-263-4100 to speak with a PDCU representative before applying.
How to apply for a boat loan
You can apply for a People Driven Credit Union boat loan online. You do not need to choose a specific boat before starting an application, but having the watercraft details available may help move the process forward.
- Start your application. Select the appropriate purchase or refinance option and indicate whether the watercraft is new or used.
- Provide the watercraft details. Enter the available information about the boat, including its year, make, model, estimated purchase price, and requested loan amount.
- Share your information. Complete the requested contact, identification, employment, income, and housing information.
- Upload requested documents. The application may ask for identification or other documents needed to evaluate your request.
- Review and submit. Check your information before submitting the application. A PDCU loan specialist will contact you if anything else is needed.
- Complete the loan process. If approved, review the available APR, term, payment, and other loan details before accepting the financing.
You may apply for a boat loan before becoming a PDCU member. Membership must be completed before approved loan funds are disbursed.
Need help with the application? Call 248-263-4100 to speak with a PDCU representative.
Submitting an application does not guarantee approval. Loan approval is subject to application, creditworthiness, membership eligibility, and collateral considerations.
Get Pre-approved for a boat loan
Boat loan pre-approval can help you establish a budget before visiting a dealership or contacting a private seller. You can compare watercraft based on the purchase price and estimated financing instead of focusing only on the monthly payment.
How boat loan pre-approval can help
- Set a realistic shopping budget: Understand the loan amount and terms that may be available before choosing a boat.
- Compare your options: Evaluate new and used boats using the purchase price, down payment, estimated APR, and loan term.
- Focus on the boat’s price: Discuss the purchase price with the dealer or seller separately from optional products and financing.
- Identify missing information early: PDCU can request additional documents before you are ready to complete the purchase.
You do not need to have a specific boat selected before applying. If you already know which watercraft you want, provide as much information as possible with your application.
Pre-approval does not guarantee final loan approval or financing for a particular watercraft. Final approval may depend on updated application information and the type, age, value, and condition of the collateral.
Refinance Your Boat Loan
If your boat loan is currently financed through another lender, refinancing with People Driven Credit Union may give you an opportunity to adjust your rate, monthly payment, or repayment term.
Reasons to Consider Boat Loan Refinancing
- Your financial situation has changed: An improved borrowing profile may affect the rate and terms available to you.
- Current rates may be more favorable: Compare your existing APR with PDCU’s current boat loan rates.
- You want a different monthly payment: Changing the remaining loan term may increase or decrease your required payment.
- You want to repay the loan sooner: A shorter term may help reduce the total interest paid, although it will usually increase the monthly payment.
Before refinancing, compare the remaining balance, current APR, monthly payment, remaining term, proposed APR, and total estimated interest. A lower monthly payment does not always mean a lower total cost if the new loan extends repayment.
Apply to Refinance a Boat Loan
Have questions about refinancing? Call 248-263-4100 to speak with a PDCU representative.
Refinancing is subject to application, creditworthiness, membership eligibility, and collateral considerations. Refinancing may not reduce your monthly payment or total financing cost.
Membership at People Driven Credit Union
You do not need to be a current People Driven Credit Union member to apply for a boat loan. If your loan is approved, you must complete your PDCU membership before the loan funds are disbursed.
Membership is available to people who live, work, worship, or attend school anywhere in Michigan. Relatives of current PDCU members may also be eligible to join.
Every member opens a Membership Share Savings Account. A $5 ownership deposit establishes your membership and gives you a share in the credit union. The deposit is made when you open your membership or after your loan is approved.
Ready to finance your boat?
Apply online for financing for an eligible new or used boat or personal watercraft. You can apply before choosing a specific watercraft or becoming a PDCU member.
After you submit your application, a People Driven Credit Union loan specialist will contact you.
Questions before applying? Call to speak with a PDCU representative.
Apply Online Now Talk to a Loan Expert
Loan approval is subject to application, creditworthiness, membership eligibility, and collateral considerations.
Rates for boat loans
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 |
8.09% | 9.20% | 9.60% | 10.45% |
|
Rates Effective as of: |
||||
Calculate your monthly boat loan payment
Boat Loans Calculator Disclosure: This calculator is for educational and planning purposes only. Results are estimates based on the information you enter and do not guarantee loan approval, loan amount, rate, term, payment amount, or financing. Actual terms may vary based on creditworthiness, loan amount, loan term, vehicle age, collateral value, loan-to-value, and membership eligibility. APR = Annual Percentage Rate. Rates are subject to change. The “as low as” rate shown on this page includes a 0.25% autopay discount for eligible borrowers who set up automatic payments from a People Driven Credit Union checking or savings account. Interest begins accruing when the loan is disbursed, including during any approved no-payment period.
Frequently asked questions
Our ¹Special Loan Rate Discount offers a 0.25% APR reduction when you set up automatic payments (AutoPay) for your loan from a People Driven Credit Union checking or savings account. This discount is already included in the “as low as” rate advertised.
To enroll in AutoPay and receive the discount, please call us at 248-263-4100. A representative will assist you in setting up monthly automatic withdrawals from your PDCU account.
Note: The discount is available only for eligible loans with AutoPay set up from a PDCU account. Terms and conditions may apply.
People Driven Credit Union finances a wide range of recreational vehicles, including motorhomes, campers, boats, motorcycles, ATVs, and snowmobiles.
Types of recreational vehicles we finance
Eligible recreational vehicle financing may include motorhomes, fifth-wheel trailers, travel trailers, pop-up campers, motorcycles, boats, WaveRunners, jet skis, ATVs, and snowmobiles. Financing may be available for new purchases, used purchases, and refinances.
What to keep in mind
Loan approval is subject to application, credit, and collateral considerations. Available loan amounts, rates, and terms can vary based on the vehicle and your overall loan request.
Learn more or apply
If you have questions, call 844-700-7328 during business hours.
To check the status of your loan application, contact People Driven Credit Union at 248-263-4100 during business hours or reach out to your assigned loan specialist if you have their contact information. Be ready to verify your identity and share details such as your name, member number, or application number so we can review your application with you.
When you check your status, it is also a good idea to ask whether any additional documents or information are needed to keep your application moving. Review times can vary based on the loan type and the information required, so contacting us directly is the best way to get the most current update on your application.
Yes. People Driven Credit Union offers a Skip A Payment option for eligible loans during qualifying periods. If you qualify, you may be able to skip one loan payment per calendar year for a $35 processing fee.
Who may qualify
To be eligible, you must be a member in good standing, have no prior extensions in the current calendar year, and have the $35 fee available for withdrawal. Some loan types are excluded, including Fresh Start Auto Loans, Lines of Credit, Mortgages, Commercial Loans, and Credit Cards.
How to request it
You can request Skip A Payment through the MyPDCU app, through online banking, or by completing the Authorization Form and submitting it to a branch or mailing it to:
Skip-A-Payment
People Driven Credit Union
24333 Lahser Road
Southfield, MI 48033
Important to know
Finance charges will continue to accrue during the skipped month, and skipping a payment may extend the term of your loan. If you have automatic payments set up through PDCU or another financial institution, you will need to stop those payments for the skipped month and restart them afterward. Your request and fee must be received at least one business day before the payment is due.
Need help?
If you have questions about eligibility or how to request Skip A Payment, call 248-263-4100 or 844-700-7328 during business hours.
PDCU offers options for making your loan payment:
Online Banking (MyPDCU Portal & Mobile App)
Step 1: Log into the MyPDCU Online Portal or the MyPDCU mobile app.
Step 2: Select ‘Transfers.’
Step 3: Choose the account from which you want to transfer funds and the loan you wish to pay.
Debit/Credit Card Payments
Call (248) 263-4100 to make a payment using a debit or credit card.
Auto-Transfer Setup
Set up an automatic transfer from your People Driven account to make regular loan payments. You can also attach this auto-payment to your direct deposit. Call us at (248) 263-4100 or visit any of our five branches for assistance.
Payments from Other Financial Institutions
Set up an auto-payment from another financial institution. We’ll provide you with the necessary form to get started. Call us at (248) 263-4100 or stop by any branch.
Mail a Check
You can mail a check payable to People Driven Credit Union to:
24333 Lahser Rd
Southfield, MI 48033
Pay in Person
Make your loan payment in-person at any People Driven Credit Union branch location.
Need Help? We're Here.
Missing a payment or making a late payment can result in fees and damage to your credit score. If you're having trouble making a loan payment, don't hesitate to contact us. People Driven Credit Union is committed to assisting our members, and there are several ways we can help.
Skip-a-Payment
Eligible members can skip one loan payment on eligible loans per calendar year for a fee. Eligible loans include all except Fresh Start Auto Loans, PD Quick Cash Loans, Lines of Credit, Mortgages, Commercial Loans, and Credit Cards, which are excluded from the Skip-a-Payment program. Learn more about the Skip-a-Payment program.
GreenPath Financial Wellness
We have partnered with GreenPath Financial Wellness to help our members get back on track with their finances and credit. Call GreenPath at 877-337-3399 and let them know you're a PDCU member who would like to make an appointment with a representative.
Disclosures
**Rates could be higher for older boats. 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 boats. 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.
Rates are higher if older than 10 years. Boats 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.
