Credit Union Recreational Vehicle Loan FAQs

• How hard is it to get a recreational vehicle loan?

  It really depends on the type of vehicle—or vessel—you are looking at. However, because RVs, motorcycles, boats, offroad vehicles, and personal watercraft are not considered essential purchases, qualifying for financing can be a little more challenging than for vehicles used for daily transportation.

  Loan terms for recreational vehicles do tend to be higher than those charged for cars but it depends on the specifics of your financial situation. At Listerhill Credit Union, we work hard to find financing options that suit your budget while putting recreational vehicle ownership within your reach.

• What credit score is needed for a recreational loan?

  It’s hard to pinpoint a specific score that will allow you to access recreational vehicle financing. That’s because lenders like Listerhill Credit Union tend to look at a range of other factors as well when reviewing your application. These include your earnings and job security, your other debts and  expenses, and how much debt you will end up carrying relative to your total income.

  In general terms, you should expect to have a score of above 680-700 for being approved for a loan with a good Annual Percentage Rate.  You should expect to pay more if your score is lower, while a significantly higher score will give you access to the best available rates.

• How long can you finance a recreational vehicle?

  It depends on the type of vehicle being financed and whether it is new or used. At Listerhill we finance RVs, motor homes, travel trailers, or 5th wheels, as well as new boats, for up to 180 months. We finance new motorcycles, ATVs, UTVs and personal watercraft for up to 84 months. Older models or used vehicles or vessels will generally require a shorter financing term.

• What does Annual Percentage Rate (APR) mean?

  APR is the total yearly cost of a loan expressed as a percentage of the amount you borrow. It includes the interest rate plus any additional fees. Because it combines all your costs into one number, your APR helps you see what your loan really costs. It also makes it easier to compare different loan offers fairly.

• How do I get approved for a recreational vehicle loan?

  The first step to getting a loan for a recreational vehicle at Listerhill Credit Union is to apply for pre-approval, so you can shop for your vehicle with an idea of how much financing you will qualify for. There is no application fee, but you do need to be a Listerhill member to apply.

  Submit your loan application online, over the phone, or at a Listerhill branch. You will also need to provide information about your income, employment, and existing debts and expenses to allow us to determine the most affordable financing options for your situation.

  Most applications are processed within just a few business days. Once you’ve found the recreational vehicle you want, you can close on your loan. You’ll receive a check in the amount you are borrowing that you can use to pay for your new recreational vehicle.

• Do I need a down payment for a recreational vehicle loan?

  A down payment is usually required to reduce the amount you are borrowing to pay for your recreational vehicle, and to show you are serious about repaying what you owe. 
  Listerhill Credit Union does offer financing with no down payment to borrowers with good to excellent credit and solid financial credentials. You should expect to pay more in interest on loans where 100% financing (no down payment) is extended.

• Are there restrictions on the type or age of recreational vehicle I can finance?

  Yes, there are limits on the type and age of the recreational vehicle that Listerhill will finance. In general, we finance only RVs, motor homes, travel trailers, or 5th wheels, as well as boats, motorcycles, ATVs or UTVs, and personal watercraft (Jet Skis and Waverunners). 
  While we provide loans for both new and used vehicles, there are limits to the age of the vehicles we finance. You’ll generally pay slightly higher interest rates with longer terms for older vehicles. Check our rates table for more details.