Boats are included under the RV section on the rate sheet. Only motorized boats are eligible for loans. We cannot offer loans on non-motorized boats, like rowboats, drift boats or aluminum boats.

 

For Boat loans, a UCC must be filed on all trailers and out-board motors.  

 

Boats did not require titles until 2000. If someone wants to purchase a boat older than a 2000 that does not have a title, the member must file for a conditional title using the Conditional Title State of Facts, form ITD 3405. The fee to do this is $19. If the boat is already titled, then treat it like a normal collateral loan.

 

Value Determinations / LTV’s:

• New Boat values will be determined using the Invoice or JD Power (NADA) clean retail value. The JD Power (NADA) Used Retail Value will be used for new boat purchases whenever available or when an Invoice Value cannot be obtained. If no Invoice or JD Power (NADA) Retail Value is available, the prior model year JD Power (NADA) Used Retail value plus 10% will be used. (½ of the add ons per JD Power (NADA) may be used for increased value.) 

• Collateral 9 years old and newer qualify for JD Power (NADA) Retail.

• Collateral 10 years old and older qualify for JD Power (NADA) Clean Trade-in. Borrowers with a 700 or high credit score qualify for JD Power (NADA) Retail.

• Collateral 20 years and older does not qualify for values over the lowest JD Power (NADA) value.

• If an JD Power (NADA) value cannot be determined, an appraisal from a registered dealership may be used in its place for value determination; however, the appraisal cannot be from the same dealership as the unit is being purchased from.   

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Don't forget the 2% add for:

• A credit file with less than 18 months history on at least 3 tradelines

• Bankruptcy discharged within last 3 years

• Collateral 20 years and older

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Discounts can be allowed for:

• -.25% High Credit Discount for FICOs of 780+

• -.25% Equity Discount for LTV positions of 90% or less

• -1% I Have Connections Discount for existing members with checking account and direct deposit 

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LTVs:

• A+ & A Borrowers (FICO’s 700+) can go up to 90% LTV*

• B Borrowers (FICO’s 660-699) can go up to 85% LTV*

• C Borrowers (FICO’s 625-659) can go up to 80% LTV*

• D Borrowers (FICO’s Lower than 625) can go up to 70% LTV

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*LTV CAPS: over $50,000 = 85% LTV MAX

                    over $75,000 = 80% LTV MAX

                    over $90,000 = 75% LTV MAX & 700+ FICO

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Terms for New - Nine Years Old:

• Less than $5,000 - up to 36 months

• $5,000 - $10,000 - up to 60 months

• $10,000 - $20,000 - up to 96 months

• Over $20,000 - up to 120 months - Terms of 120 months cannot be extended for Backend Products Sales or DP Adds. Terms longer than 120 months must be approved by the CEO or CLO. 

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Terms for Older than 9 Years:

• Less than $5,000 - up to 36 months

• $5,000 - $10,000 - up to 48 months

• Over $10,000 - up to 60 months

• Over $20,000 - up to 72 months with approval of CEO, CLO or Credit Manager​