what is a recreational loan

Best answer

A recreational loan is similar to other loans except that people use them tofinance vehicles used for fun, such as RVs or boats. This long-term financing allows you to purchase recreational vehicles and gradually pay for them, making pricey 鈥渢oys鈥?more affordable and accessible. The boat, RV or motorcycle serves as collateral for the loan.

People also ask

  • What is an RV loan?

  • An RV loan is a financial product designed to help finance the purchase of a recreational vehicle. RV loans are typically offered for motorhomes, fifth-wheels, travel trailers, pop-up campers, and even horse trailers in some instances.

  • What credit score do I need for a recreational vehicle loan?

  • Bank of the West (through Essex Credit) offers competitive rates on loans up to $2 million for a variety of recreational vehicles, as long as borrowers have a credit score of 700 or higher.

  • How long can you borrow from recrecreational for a car?

  • Recreational vehicles accepted for collateral can be as old as 15 years and loans are offered up to $75,000. Repayment terms range from 60 to 180 months, and there is no penalty if you pay off the loan early.

  • What is the best credit union for RV loans?

  • With low rates, high maximum loan amounts, and flexible loan terms, Alliant is our top overall pick for RV loans. Our top pick for recreational vehicle (RV) loans goes to Alliant Credit Union.

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