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Lake Michigan Credit Union Auto Loan Calculator, Interest Rates & Overview

Carla Soto
Carla Soto
Updated 05 October 2023
Fact checked

Lake Michigan Credit Union auto loans overview

Lake Michigan Credit Union logo

Lake Michigan Credit Union (LMCU) was founded in 1933 and serves members in Michigan, Florida, and other states. LMCU offers competitive interest rates and a range of vehicle loans to choose from. You can finance old and new cars, trucks, vans, ATVs, motorcycles, RVs, and personal watercraft.

Want to see what an LMCU auto loan will cost? Try the Lake Michigan Credit Union auto loan calculator below! All you have to do is enter your desired loan amount and term to see an estimate. You can use the calculator to adjust your loan amount and term to see how it might affect your monthly repayments.

Key Lake Michigan Credit Union auto loan features

  • Minimum loan amount: Undisclosed.
  • Maximum loan amount: Undisclosed.
  • Interest rates: From 6.49% APR.
  • Loan terms: Undisclosed.
  • Loan fees: $15 loan servicing fee.
  • Discounts: Undisclosed.

LAKE MICHIGAN AUTO LOAN OPTIONS

New and used auto loans

Lake Michigan Credit Union offers pre-owned and used auto loans starting at 6.49% APR. You can select from different loans tailored to cars, trucks, and vans. Nonetheless, remember that your rates depend on your credit history, purpose, amount, term, and vehicle.

RV, boat, watercraft, and ATV loans

For as low as 7.49% APR, you can also hit the road or water with loans for a variety of vehicles. You can finance new and used recreational vehicles, boats, personal watercraft, and other ATVs. To know the terms you may qualify for, you can contact LMCU or get pre-approved online.

Lake Michigan Credit Union auto loan calculator

Provider
Product Information
EST Monthly
Repayment
Interest
Rate
Repayment
Period
Loan
Amounts
Sort loans by

Loan Amount

$25,000

Term

60 months

Change
Lake Michigan Credit Union

Lake Michigan Credit Union auto loan

Lake Michigan Credit Union auto loan
Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Lake Michigan Credit Union auto loan
Featured
Achieva Credit Union

Achieva - New Auto Loan

Estimated Month Repayments
$437 Inclusive of fees
Interest Rate
1.89%
APR
Repayment Period
12 months
to 84 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Low fixed interest rates. Flexible terms. Same-day approvals. No hidden fees.
Featured
Bank of America

Bank of America auto loan

Estimated Month Repayments
$595 Inclusive of fees
Interest Rate
15.00%
APR
Repayment Period
12 months
to 72 months
Loan Amounts
$5,000
to $100,000
GO TO SITE
Get a low interest rate Bank of America auto loan

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Minimum and maximum loan periods vary between 1 month and 10 years. Annual Percent Rates (APR) vary between 4.99% and 35.99% p.a. Total interest repayments vary between $592 and $916 over the life of the loan. *APR is based on an unsecured loan of $20,000 over a term of 3 years. WARNING: This APR is true only for the examples and may not include all charges. Different terms, fees or loan amounts might result in a different APR. These rates can change without further notice.

How to apply for an Lake Michigan Credit Union Auto Loan

Eligibility criteria

Though Lake Michigan doesn’t indicate the standards for vehicle financing, you usually need to be:

  • An LMCU member
  • At least 18 years old
  • A U.S. citizen
  • Employed or have a steady source of income

All credit unions vary in their criteria. So, make sure you compare your options to find where you have a high chance of getting approved for credit. Other than meeting the requirements, it helps to compare the auto loan fees to save more over the life of the loan.

How to join Lake Michigan Credit Union

Anyone who meets one of the following requirements can join LMCU:

  • Live, work, or worship in Michigan’s lower peninsula or anywhere in Florida
  • A U.S. citizen who is an immediate family member of an LMCU member
  • A U.S. citizen residing outside of Michigan or Florida who will contribute $5 to the ALS (Amyotrophic Lateral Sclerosis) Foundation

What you’ll need to have ready

Personal details

When you apply for auto financing with Lake Michigan Credit Union, you’ll be asked to provide personal information such as:

  • An email address
  • Your full name
  • Address
  • Social Security number
  • Employment information
  • Income details
  • U.S. citizenship status
  • A list of monthly expenses

Documents

You may need to provide LMCU with additional documents to complete your loan request. These documents may include a purchase agreement or bill of sale, car registration and title, instructions for buying out a lease, proof of income (such as federal tax returns and W-2s), and financial statements.

If you choose to refinance your current auto loan, you need to indicate additional information on your vehicle. For example, you should provide the loan amount and current financial intuition. Plus, Lake Michigan will ask for details about the vehicle, like its year, make, model, and condition.

Ways to apply for a Lake Michigan auto loan

  • Apply online by clicking the GO TO SITE link in the table below
  • Visit a branch
  • Call (844) 301-8899

Additional Lake Michigan Credit Union auto loan details

  • Automatic payment: Available.
  • Loan approval times: Undisclosed, but credit unions may take 1 day to a few weeks based on your application.
  • Rate discounts: Lowest rates for members with a credit score of 780 and above.
  • Repayment frequency: Monthly.
  • Late payment fees: 4% of the amount due.
  • Prepayment penalty: $0
  • Co-borrowers allowed: Yes.
  • Co-signers: Undisclosed.
  • Hardship program: Skip-a-payment program available. (Know more)
  • Ways to repay: Online banking, over the phone, and in person.

Vehicle restrictions and limitations

  • Maximum vehicle age: Undisclosed.
  • Maximum vehicle mileage: Undisclosed.
  • Other vehicle restrictions: Undisclosed.

PROS AND CONS

Pros

  • Competitive rates.
  • Convenient auto-buying services.
  • Multiple partner dealers.
  • No prepayment penalties.
  • Easy online application and pre-approval.
  • Credit life, credit disability insurance, Guaranteed Asset Protection (GAP), and Mechanical Repair Coverage (MRC) available.
  • A variety of vehicles available – new and old cars, trucks, vans, motorcycles, watercraft, ATVs, and RVs.
  • Joint applications available.
  • Purchase and refinance allowed.

Cons

  • 4% late payment fee.
  • Membership required.
  • Unspecified loan terms.
  • $15 loan servicing fee.
  • Potential higher APRs for borrowers with credit scores lower than 780.

FREQUENTLY ASKED QUESTIONS

Are there early repayment fees on LMCU vehicle finance?

None. LMCU doesn’t charge prepayment penalties when you pay off your loan early.

How to apply for an auto loan at Lake Michigan Credit Union?

You can apply online, visit a local branch near you, or call LMCU.

How many pay slips does LMCU require during my car loan application?

While Lake Michigan doesn’t specify the requirements, you commonly need to prepare your 2 most recent pay stubs.

Does Lake Michigan refinance auto loans?

You can refinance your car loan and benefit from LMCU’s low interest rates.

How much interest does LMCU charge on auto loans?

New and used auto loans start at 6.49% APR. But if you’re looking for other vehicle types, interest rates start as low as 7.49% APR.

How to buy a car with a Lake Michigan Credit Union auto loan?

You can purchase your vehicle either from a private party or a car dealership. Plus, you may take advantage of LMCU’s car-buying services to make the process easier and faster.

How to pay my car loan on Lake Michigan Credit Union?

You can pay your auto loan online, over the phone, or in an LMCU branch.

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Carla Soto
Carla Soto

Carla is a skilled copywriter at BestFind with a background in marketing and communications. She specializes in reviewing personal loan and finance products to help readers navigate the complex world of personal finance.

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