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Recreational Vehicle Lifestyle Checklist

Recreational Vehicle Lifestyle Checklist

HELLO SUMMER. Hot temperatures come with the desire to embrace nature with the help of our beloved “Big Boy Toys”. RV’s, boats, Jet-Skis, ATV’s, Motorcycles you name it. The ads are ever present in media and your neighbors are hitting the roads and the lakes. You want one bad, but is the Recreational Vehicle (RV) lifestyle right for you?

Purchasing a big ticket item is not a decision to take lightly. Especially since these purchases are almost always based on a want and not an actual need – and they can be impulsive. Here are a few tips from our Automotive Lending Experts to consider if you’ve got the RV bug:

It’s a lifestyle purchase. You must be committed to the type of lifestyle your “toy” is going to be used for and the cost to maintain that lifestyle. Will your stage in life permit you to get the maximum use out of it? It’s easy to fall in love with the dream of the open road, or life on the water, but in a lot of cases these purchases fill a short-term desire and can turn into a long-term problem.

Do your research. Don’t just purchase a boat or an RV without doing a lot of research about what you want and how you intend to use it.  Seek out others who have made the same purchase and inquire about the positives and negatives of RV / Boat ownership. Got a neighbor who is in the RV / Boating lifestyle? Even better.

Can you “really” afford it? The cost of purchasing an RV or watercraft can be big enough, but it doesn’t end there. The cost of maintenance on these toys goes on and on. Not to mention the fuel costs. That’s when the real sticker shock begins to sink in.

How often will you use it? If it’s just a phase and you use the item for just one season, you will definitely come out on the losing end financially. Odds are you will not recoup your investment if you try to sell.

Where will you store it? The cost to store larger RV’s and boats is not cheap. Most HOA’s have restrictions about having these items on your property.

Take a long test drive. Not so much to test the vehicle, but to test you, your family, and your commitment level. Many places now offer long term rentals of RV’s so you can take that long road trip with the family and really get the full experience.

Know your financing options. People who work hard deserve the opportunity to play hard! At MTC Federal we offer recreational vehicle loans that make it easy for you to enjoy your free time and do more of the things you like to do.

  • Rates as low as 2.95% APR*
  • Financing up to 100% of MSRP or trade-in vale
  • Terms up to 180 months

 

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Current Rates

Recreational Vehicle Loans

 2018 & Newer Vehicles2017 & Older Vehicles
Loan rates are based upon applicant's credit worthiness and may vary from those shown above. Contact a loan officer for complete details. Rates subject to change. Please call for quote. Additional discounts may be available.
* Minimum financing of $20,000
** Minimum financing of $35,000
TermAnnual Percentage Rate (APR) as low as
36 Months3.20%4.20%
48 Months3.45%4.45%
60 Months3.70%4.70%
72 Months4.45%5.45%
84 Months5.45%6.45%
Up to 180 Monthscall for ratescall for rates
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