How to Get a Boat, Motorcycle or Camper Loan

Published on April 24th, 2018

At Leyden Credit Union, we take pride in being one of the most trusted credit unions in the Northlake area. You may be aware that we offer auto loans and home equity loans, but did you know that we offer RV loans as well?  RV Loans include boats, motorcycles, campers, trailers, and wave runners.  Summer is right around the corner and an RV is a great way to relax, possibly participate in water activities, and spend time with your family. Here’s how to go about obtaining an RV loan.

Types of Loans

Buying an RV may be a huge expense, so obtaining a loan is a great way to still purchase it with a little financial help. Our RV Loan, which is a collateral loan, is similar to a traditional auto loan in the sense that you use the money to buy the RV, and then the RV is considered collateral. If you default on the loan, the lender gains the power to obtain your RV and sell it to gain back the losses.

The second type of loan you can get for an RV is a Home Equity Loan that you put towards your RV.  Know that you can take a home equity loan out for many different things, including an RV. These are usually low-interest loans. Note that your home becomes collateral in this situation, so if you default on payment, your home may become foreclosed.

If you have good credit, you are also likely to have access to a Personal Loan that you can put towards anything you want. A Personal Loan is a “no collateral” loan, which usually means a higher interest rate, so that’s something to keep in mind as well.

Contact our Credit Union in the Northlake Area Today!

Boats, motorcycles, campers, trailers, and wave runners are extremely enjoyable you and your family can enjoy them for years to come. Get started today to ensure you get your RV in time for the warm weather!

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