Recreational Vehicles: How to finance an RV? 

🚌Recreational Vehicles: How to finance an RV? 

Are you ready for adventure on the open road? With summer around the corner, it’s the perfect time to plan a family road trip. Cars can get crowded quickly and hotels along the way add up. That’s where a motorhome comes in! It can save you money, and your sanity on a cross-country road trip with your wanderlust crew.  

Or maybe you live near a lake and want to spend your summer on the water. You have options from a relaxing pontoon boat, a zippy jet ski, or a speed boat for activities like tubing and water skiing. Whether you’re looking for RV financing, a boat loan, or both — we’ve got you. 

If you’re wondering how to finance a recreational vehicle, Honor Credit Union is here to help. Let’s walk through the budget, RV loan options, and what to expect. 

💰Know Your Budget 

Buying an RV is more than just the price tag. Think about all the other costs, like: 

• Insurance 

• Maintenance 

• Campground or dockage fees 

• Storage 

Once you add these up, you can figure out a monthly payment that works for you. 

Pro Tip: A good credit score can help you get a lower interest rate on your RV loan. 

📝How to Get an RV Loan 

Getting an RV loan with Honor is simple. We offer flexible terms, competitive rates, and no application fees. You can buy your RV from any state as long as you’re eligible to be a member. 

Want to make a down payment? Great! 
Don’t want to? That’s okay too. 

Steps to Get an RV Loan: 

1. Set your budget 

1. Check your credit score 

1. Get pre-approved 

1. Shop for your RV or boat 

1. Apply online or in-branch 

More ways we help: 

• Dealership Partners: We’ll connect you with trusted dealers to help you find the right RV. 
  • Find a Dealership

• Get Pre-Approved: Know your budget ahead of time so you’re ready to act when you find the perfect RV.
  • Apply Now

📄Understand Your Loan Terms 

What is APR? 
APR stands for Annual Percentage Rate. It’s the interest you pay on your RV loan. Check our current rates. 

How long can I finance an RV? 
We offer loan terms from 84 to 180 months, or a balloon loan option with 180/240 months. 

What is a typical down payment?

10-20%

What will my monthly payment be? 
Your monthly payment depends on the loan term and the rate you qualify for. You can also pay extra each month to reduce the total lifespan. 

📋What Do I Need to Apply? 

Before you apply for an RV loan, gather these documents: 

• A valid photo ID 

• Proof of income 

• Your credit history 

Check your credit score anytime in Honor’s mobile app with a soft pull, so there are no surprises or dips in your credit score. Checking your own credit is free and won’t hurt your score (only a lender’s hard pull will). 

Approval is fast! Some loans are approved the same day.