Share buttons

 

 

Personal Finance Advice You Can Count On.

We make it easy to do everyday banking at Horizon, but everybody still needs some sensible advice from time to time to help with their goals and strategies for saving, investing wisely and making the most out of your financial journey. That’s why we provide fresh advice topics to help you along the way.

Looking for specific advice? Use our search feature to explore our various topics.

How to Get the Best Loans for Rvs and Boats

Man with child on his shoulders in front of an RV

Cars aren’t the only way to reach your destination on your summer road trip. Boats and RVs are available, too.

These recreational vehicles can be expensive, ranging from a few thousand dollars to more than $100,000. When buying a boat or RV  you can make use of recreational loans to make the purchase more affordable.

Here's what you should keep in mind when shopping for an RV or Boat loan:

The higher the cost, the longer the loan length.

Because boats and RVs tend to be more expensive than cars, your monthly payment is going to be bigger too. A good loan will allow you to extend the loan repayment length to keep costs low.

There are different types of loan for RV and Boat loans. 

Banks provide secured and unsecured recreational auto loans. With a secured loan, the bank has the right to repossess the boat or RV if you miss too many payments on the loan.

Your credit history affects your options. 

If you have a poor credit history, your loan amount may be lower, and/or you may be responsible for more of the payment upfront. You can check your credit score with creditkarma.com and speak to a financial expert on how to improve your credit.

Your down payment is going to be big. 

A down payment is money you provide at the beginning of the loan, typically a set percentage of the loan amount. Because of high boat and RV prices, you may have to place a higher down payment. On the bright side, a higher down payment might also mean a shorter loan length and lower monthly payments. Just be sure to start saving ASAP!

Whether you’re spending the summer on the road or water, Horizon has the best boat and RV loans to help you get there.

Call Us   Contact Us Learn More About Auto Loans

The web site you have selected is an external site not operated by Horizon Bank. This link is provided for convenience and informational purposes only and Horizon does not endorse and is not responsible for the content links, privacy policy or security policy of this website or app you are about to visit.  Horizon Bank is not responsible for (and does not provide) any products, services or content for this third-party site or app, except for products and services that explicitly carry the Horizon Bank name. Click Proceed to continue or Cancel to go back.