Media Contact: Lucie Fornasiero; EAFocus Communications;; 248.925.6726

Wyandotte, Mich. — February 7, 2024 – While the grey February days can make summer feel distant, it’s never too early to start planning a pure Michigan summer, especially if that includes purchasing a boat or personal watercraft. Michigan Legacy Credit Union (MLCU), serving members throughout Michigan via local branches and online-virtual banking platforms, offers a variety of loans to its members, including loans for boats and recreational vehicles. Carma Peters, president and CEO, advises consumers to be prepared if they are heading to a boat show or dealer with intentions of buying a watercraft.

“I always encourage buyers to get pre-approved from their lender before they shop so they know what they can afford – and the terms that will come with the payment,” Peters said. “This can also help buyers avoid the temptation to make an impulse purchase out of their price range.”

Like many lenders, Michigan Legacy does not offer one-size-fits-all interest rates for boat loans but will negotiate with members to get them a suitable rate. A benefit of working with a credit union is that lending decisions are made locally, and lenders work with members to determine the best rate for which they qualify.

“If you’re planning to make a purchase of a boat or personal watercraft at an upcoming show, bring your negotiation skills and don’t become enamored by the show’s so-called exclusive prices,” Peters advised. “It will likely be there after the show, and if the dealer really wants to sell the product, they will be willing to negotiate.”

Despite the added fun appeal of boats and personal watercraft, they are like cars in that they depreciate in value the moment they leave the lot – or the dock.  That’s why Peters encourages buyers to think about the additional costs that come with the ownership of a watercraft. Besides the price tag on the actual boat, there is fuel, transportation, winter and summer storage, life vests and other boating accessories, boater safety courses and insurance.

“There are multiple factors in determining the overall cost of ownership of a watercraft – and for some people the math will reveal that it’s not the right investment decision,” Peters said. “Plus, buyers should consider if they have any other big financial commitments on the horizon that will also require a loan, like a home project or a car purchase. Having too much outstanding credit with a boat loan may impact access to credit for other more pressing purchases.”

About Michigan Legacy Credit Union
Michigan Legacy Credit Union (MLCU) is a member-owned, not-for-profit financial cooperative serving members who live, work, worship, attend school, or own a business in the state of Michigan. Michigan Legacy Credit Union is committed to providing quality financial services at a competitive price, delivered professionally and efficiently while keeping member/owners and their needs first. For additional information on MLCU, visit: