Registrations and sales
Great Lakes states hold nearly 25% of the US recreational fleet; freshwater preservation premium
#3 US state in marine retail sales ($1.65B in 2022; top-5 US marine market)
Source: NMMA Statistical Abstract
Michigan · MI
Michigan boat loans and vessel title
#3 US state in marine retail sales ($1.65B in 2022; top-5 US marine market)
USCG documentation vs state title
Freshwater Michigan yachts command a 5% to 12% resale valuation premium and qualify for 20-year simple-interest terms on newer hulls. Lenders still require USCG NVDC documentation on $250k+ balances.
Read the documentation steps on the MarineCG Documentation Guide, then match the abstract to the lender's closing checklist.
Verify Great Lakes lay-up dates and southern navigation extensions in writing before departing for winter cruising.
Simple interest vs precomputed
The precomputed column uses a Rule of 78s rebate on the scheduled finance charge. Both columns share the same scheduled payment. Payoff month is when you sell, refinance, or pay the note off early.
Scheduled monthly payment
$3,161.50
Total interest if held to term
$358,760.95
Simple interest
- Interest paid by month 60
- $136,018.69
- Balance at payoff
- $346,328.46
- Scheduled interest avoided
- $222,742.25
Precomputed (Rule of 78s)
- Interest charged by month 60
- $156,678.79
- Balance at payoff
- $366,988.56
Precomputed penalty
$20,660.10
Extra interest a precomputed contract keeps, compared with simple interest, if the note is paid off at month 60. Your retail installment contract controls the actual rebate.
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