10 Things You Should Know About Financing a Recreational Vehicle
Spring is here and it’s finally warming up. If you’ve caught yourself daydreaming about road tripping in an RV, cruising the river in a boat, or hitting the trails in a side-by-side, you might be wondering if financing a recreational vehicle is right for you.
A new vehicle is a big investment, and there are a lot of decisions to make. Should you buy new or used? Should you go through a dealership or private seller? Should you make a down payment? The list goes on and on.
One decision we can help make a little easier is where to finance your vehicle.
At The Family Credit Union, we help members across Eastern Iowa and the Quad Cities finance RVs, boats, and more.
Still have questions? We’ve got you covered.
What types of recreational vehicles can I finance through The Family Credit Union?
We offer loans for a wide variety of recreational vehicles. From RVs and boats to motorcycles, side-by-sides, and even utility vehicles like John Deere Gators, we finance them all. If you have a particular vehicle in mind and you’re not sure if we’ll finance it, just ask!
Do I need to be a member to apply for a recreational vehicle loan?
You don’t have to be a member to apply. If you’re approved, we’ll walk you through becoming a member. It’s quick and easy.
Can I finance a used recreational vehicle or only a new one?
Both. We offer financing for new and used recreational vehicles, so you have options that fit your budget and preferences. Don’t let the age of a vehicle stop you from applying for a loan!
What interest rates do you offer? Do the rates differ by vehicle type or age?
Our rates are competitive and fixed, and they can vary based on the type and age of the vehicle, as well as the length of the loan and your credit profile. Rates are currently as low as 4.74% APR, based on creditworthiness and other factors. Visit our website for current rates and full details.
Is there a minimum or maximum loan amount?
There is a minimum loan amount of $500. We offer flexible loan amounts based on your needs and qualifications, so whether you’re keeping it simple or going all out, we can work with you.
How do I apply for a loan? What documents do I need?
You can apply right on our website or stop by a branch. You will need your Social Security number and valid ID, such as your driver’s license or other government-issued ID. If you’re not sure if your specific documentation is acceptable, give us a call or stop by to ask.
How long does approval take? Can I get pre-approved before shopping?
Yes, and we recommend it. Getting pre-approved helps you understand your budget ahead of time and can give you more confidence when negotiating. Once you apply, approvals typically happen the same day, so you won’t be left waiting.
Is a down payment required?
No, a down payment isn’t required. That said, putting money down can lower your loan amount, which may reduce your monthly payment or shorten your loan term.
Can I use my loan to buy from a private seller or only from a dealership?
Your loan can be used with a private seller or a dealership. Either is fine, so shop around! Where you buy your vehicle won’t affect your loan from us.
What type of insurance is required on a financed recreational vehicle? Do I need insurance before my loan is approved?
Full coverage insurance is required before the loan is finalized, but it does not have to be purchased before the loan is approved. You have time to shop around and find the coverage that works best for you.
Ready to start your next adventure?
It’s fun to imagine where a new camper, motorcycle, or boat could take you, but actually getting there is even better.
If you still have questions, call us, or contact us online, or stop by a branch. We’re always happy to help.
When you’re ready, fill out our online loan application or visit your nearest branch to get one step closer to the recreational vehicle of your dreams.
