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Summer is here! Many families are planning excursions and vacations. You might be looking to purchase a recreational vehicle, boat, or Jet Ski™ to make the most of your summer. Be informed before you take the plunge. RV loans can vary greatly in terms of the loan amount, length of term, and interest rate. To help you decide, consider these common questions and our answers.
Will I Need a Down Payment?
Just as with any other vehicle loan, the down payment required is entirely dependent on your credit score (the stronger the credit score, the lower the down payment).
Are Interest Rates Higher for RV Loans or Boat Loans? Yes. Your interest rate will be slightly higher for RV financing or for boat financing because there is a higher risk of lending for vehicles that are not used daily. But many credit unions offer very competitive rates when it comes to RVs.
Do I Need a Special Driver’s License? You might! Ask your state’s Department of Motor Vehicles if a special license designation is required. If you’re purchasing a watercraft, also contact your state’s Parks and Wildlife Department to inquire about any required courses or licenses.
Are There Other Costs I Should Plan for? You’ll need to plan for annual inspections and maintenance, gas, registration fees, and insurance. If you don’t use the vehicle often, it’s best to start it up regularly to keep all the mechanics in tip-top shape. Watercrafts tend to have even more expenses, including life jackets, storage, and transportation costs. You might need to purchase a trailer separately.
Can I Keep My RV or Boat at Home?
That depends on your homeowners’ association (HOA) restrictions. You may not be allowed to store an RV in your driveway or on your street. You might have to use a storage facility or marina. Check with your HOA before you commit to the purchase.
Research the value of your vehicle.