RV purchases have skyrocketed in recent months, as more and more Americans are opting for the freedom and convenience of the open road. Whether it’s just for a weekend getaway to the beach or mountains or it’s part of a more permanent lifestyle change, RVs are a great way to travel and live in comfort.
If you’re thinking of buying an RV or are looking to refinance an existing RV loan, you're probably wondering what your financing options are and how to get the lowest rate and best terms possible.
RV Financing Options
When it comes to RV loans, you generally have a few different options. If you're buying a new RV, you can often get a loan through the dealership you’re purchasing it from. However, this usually comes with a lot of fees and higher-than-average interest rates.
Another option is to secure a loan through a traditional or online bank. But keep in mind that, like dealerships, banks are concerned with turning a profit and, again, you may be met with high origination and processing fees and suboptimal rates.
A third option is to get your RV loan through a credit union. Because they’re member-owned, not-for-profit organizations, credit unions are often able to offer loans with lower interest rates, better terms, and fewer fees.
Benefits of Credit-Union RV Financing
There are a number of advantages to getting your RV loan through a credit union as opposed to a bank, dealership, or other lender. Credit unions can do everything that the large banks can do, and they still generally offer a comparable range of products -- just with better terms and better service.
Because of their not-for-profit status, credit unions aren’t beholden to anyone but their members. They’re cooperatives, not corporations, so instead of profits going to stockholders, all surplus money is returned back to the members in the form of better products and services.
Here are just a few of the many reasons to choose an RV loan from a credit union as opposed to a for-profit lender:
- Lower interest rates
- Lower fees
- Easier to qualify
- More personalized service
- More forgiving of poor credit
- Community-focused approach
Joining a Credit Union
Unfortunately, many people write-off credit unions because they’re worried they won’t qualify or they think they’ll have to sacrifice the convenience and flexibility of large, mainstream banks. In reality, many people find that credit unions are actually more convenient than large banks.
While credit unions do have membership requirements, it’s almost guaranteed that you’ll be able to find one you qualify for. There are more than 5,000 credit unions nationwide, and 99 percent of Americans are eligible to join.
Every credit union is required by law to have a “field of membership.” This is part of what gives credit unions their community feel, because members share a common bond. Eligibility can be based on things like geographic location, employer, profession, labor union, school, place of worship, etc.
Get Your RV Loan From Valley Credit Union in Salem, Oregon
At Valley Credit Union, we treat our members like family. We’re a community-based credit union, serving four Oregon counties: Linn, Marion, Polk, and Yamhill. If you live or work within this area, consider getting your RV loan through us and taking advantage of our low interest rates, low fees, and personalized service. We offer online and mobile banking services and are part of a shared branching network, which gives our members access to over 5,600 locations.
Valley Credit Union will also beat members’ current interest rates or lower their payments on any vehicle or RV loan not currently financed at Valley. If we can’t, we’ll pay you $500 in cash, as long as you’ve been a member for at least 90 days.
Come visit us on Mission Street in Salem, call us at (503) 364-7999, or contact us online to join the Valley family!