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Key Points for a Smooth Sailing Loan Application

February 21, 2024

Acquiring a boat or RV is an exhilarating experience, opening up avenues for unforgettable adventures on the open road or serene waters. Just like any significant investment, financing these purchases requires careful consideration. 

RV and boat loans, while akin to other forms of financing, boast unique aspects that demand attention. One distinguishing factor is the extended payback periods and the somewhat limited pool of financial institutions catering specifically to these pursuits. 

To make sure the application process goes smoothly, keep these important points in mind.

  • Lenders typically expect a minimum credit score of 660. If yours falls below this threshold, consider a co-applicant and/or bolstering your score before proceeding with your loan application.
  • While not mandatory for all lenders, downpayments requirements are usually 10 to 20 percent of the RV or boat’s purchase price.
  • RV and boat loans can be paid back over longer periods (7-20 years). A lot of people do not realize that an RV or boat purchase is within reach because they can spread the payments out for up to 20 years. 
  • Interest rates are in the same range as car loans and usually just a bit higher than home loans. 

As you begin this financial journey, remember to carefully consider all of your options. By keeping these key points in mind, you'll be better equipped to embark on your nautical or road-bound adventure with confidence and financial prudence. Bon voyage!

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