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.