Long Term Loans

Perhaps you don’t want or need the best interest rate, we can find a happy medium for you and still save you money.

Most RV or boat customers require financing and there are times when they will need to stretch the loan period beyond what they would normally get with a conventional auto loan. The longest term you can get for a loan for these purposes is a 20 year term and that is only if it is offered by a bank. Most RV or boat loans are drawn up for 10 years but some lenders are willing to offer you a loan term of up to 20 years.

What Determines Loan Term Length?

The lender will look at a number of things when you apply for a loan and these factors will determine the length of the terms they offer you. From the lender’s perspective, the longer the term, the higher the risk. That is why most terms that are no longer than 10 years. There are certain factors that come into play when looking for a longer length loan:

  • Size of the loan – The more money you need, the longer it will take to pay off.
  • What is being purchased – Next, the lender will look at what you intend to buy. Usually they will give you longer terms for a new unit over a used one. Even slightly used units are subject to careful scrutiny of their condition.
  • Credit score – Last but certainly not least, your lender looks at your credit score. The lower your credit score, the least favorable terms you will get. In fact, if you are thinking of getting a loan for a recreational vehicle your credit should be over 690 for your application to be considered.

What can you afford?

We will help you determine what you can afford when you are looking for a long term boat loan or RV loan.

Before You Apply

  • A shorter term is better – To pay the least amount for your boat or RV, choose the loan with the shortest term. Nobody wants to be in debt longer than they have to and any long-term debt you are carrying will affect any other uses of credit you may need over the years.
  • Each lender is different – Many lenders will judge the merit of your application by slightly different criteria so it pays to shop around. Or better yet, have someone shop around for you like the team at Finance Solution.
  • You will need insurance – It seems a bit backward to insure something you don’t own yet, but lenders require you to secure insurance before they will approve your boat or RV loan.
  • The overall cost of ownership – There are dozens of other expenses that go into owning an RV or a boat. You have to maintain it, provide fuel, transport it, and store it during times when its not in use. All of these factors add up and should be something you think about before you purchase.

Fortunately, getting you the best rate, insurance, and terms is what Finance Solution does best. We will find you the perfect loan, at a monthly price you can afford. Simply fill out our loan application and we will provide you with a number of loans you prequalify for in a matter of minutes.

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