Recreational Loans

Designed With You In Mind

Choosing the right type of loan

We have specific consumer loans designed for autos, recreational vehicles, life events, continued education, debt consolidation, home remodels, VISA credit cards and much more. The length/term of the loan, interest rate, and repayment options can differ for each of these loan types and can be customized to fit your need.

Repayment Options

It is important you are comfortable with your payment. Payroll deductions and autopay are convenient and customizable features, which allow you to format your loan repayment plan to fit. Scheduling around pay days or when other payments are due can significantly affect your monthly cash flow. Determining the frequency of your payments can also be beneficial. Monthly, bi-monthly, or weekly payments give you choices to best suite your situation.

Additional Loan Features

Taking a step beyond the loan, we offer payment protection plans in the event you are unable to make your payments, auto warranty plans to help with expenses related to repairs, and financial counseling services to advise with debt management. Aiding with the processing of vehicle titles and insurance coverage are also benefits designed to support you and the success of your new loan.

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Getting pre-approved for a loan is a smart step before you start to shop. To be pre-approved means your credit union has reviewed your financial information and offered you a specific loan amount and terms. Knowing how much you can borrow and on what terms allows you to shop for a rec vehicle with a clear budget in mind.

To apply for a loan, you’ll need proof of your identity, address and income, details about your other debts, and information about the recreational vehicle you want to buy. Your credit union will also ask for access to your credit report.

The credit union will need to check your credit history to assess the risk of lending you money. To avoid pulling your credit multiple times and affecting your credit, your credit union will run your credit report at the time you formally apply for a loan, which will only temporarily lower your score.

The effect on your credit score is usually minor and should disappear in a few months. If you want to apply for more than one loan, doing so within a short time is a good idea. Inquiries falling within a two-week window are generally considered as a single inquiry.

The interest rate on your loan is the total cost of borrowing money in your recreational vehicle loan, expressed as a percentage of your original loan amount. Your APR, or Annual Percentage Rate, includes both the interest rate plus any extra fees or costs, like origination fees or loan processing fees that might be rolled into the loan. Your APR gives you a better idea of the total cost of the loan.

Most recreational vehicle loans fall between 36-72 months (3-6 years). While choosing a shorter loan term will let you save on interest payments, longer terms will mean lower monthly loan payments. Remember, however, that your rec vehicle will lose value even as you pay off your loan. Very long loans risk having you owe more on your vehicle than it is worth.

The 50/30/20 rule is a budgeting rule that suggests you spend 50% of your income on needs, 30% on your wants, and 20% on savings and debt repayment. For recreational vehicle loans, this means your vehicle payment should fit comfortably within your 20% savings and debt repayment budget.

Making larger payments to pay off your loan early is possible and will save you a lot on interest charges. Your credit union does not charge a prepayment penalty, but some financial institutions do so to make up for the lost income from your loan. Check your agreement carefully before signing.

Common additional charges include loan application, origination and documentation fees. Some loans also have title and registration fees. Your lender might also require credit insurance. These charges are often rolled into the overall cost of your loan. Be sure to ask your credit union for a complete list of charges on your loan.

Depending upon your credit score your credit union may require a down payment. This shows a commitment on your part to owning your recreational vehicle and paying down your loan. A larger down payment will also lower your interest rate or shorten your loan term.

Some credit unions offer 100% loan financing, which means they cover the entire cost of the car with no down payment required. While this can make it easier to purchase a car, some credit unions may charge a higher rate to cover the increased loan amount and risk of default.

GAP or Guaranteed Asset Protection insurance covers the difference between what you may still owe on the car and what the insurance company will cover if it’s totaled in an accident or stolen. It’s particularly useful if you owe more on your loan than the recreational vehicle is worth.

Yes, you can sell your recreational vehicle at any time, but you must still pay off the remaining loan balance. You can generally use your sale proceeds to pay off your loan or roll the balance into a new loan if you’re buying another rec vehicle.

An upside-down loan means you owe more on the loan than the recreational vehicle is worth. This can happen later in the loan term if the rec vehicle depreciates faster than you repay what you owe. This can be a serious situation if you need to sell the vehicle or it is totaled in an accident, as you will receive less back from a buyer or insurance than you still owe on your loan.

Yes, you can refinance your recreational vehicle loan to lower your interest rate. This makes sense if your credit score has improved, or interest rates have dropped. You can choose whether to lower your interest rate or reduce your monthly payment. Be sure, however, that the cost of refinancing your loan does not offset the savings you hope to make.

After you pay off your loan, the credit union will release the lien on your recreational vehicle. You’ll receive the title, and the vehicle is fully yours without any further payments. You can choose to sell your rec vehicle or to keep driving to get the most value out of your vehicle.