FAQs
What types of recreational vehicles can I finance with BCU?
BCU allows members to finance a wide range of recreational vehicles, including motorcycles, boats, RVs, campers, jet skis, and snowmobiles.
How do I apply for a recreational vehicle loan?
At the time of application, you’ll be asked for the following information:
- Name and address
- Date of Birth
- Social Security Number/Tax Identity Number
- Member number (or membership eligibility)
- Income and Employment
- Co-signer or co-borrower information, if applicable
*Note: A credit report is required to complete an application. By submitting an application, you are voluntarily agreeing to a credit report inquiry.
What is the difference between a co-borrower and a co-signer?
A co-borrower is considered a joint applicant. This person shares household expenses and income with the primary borrower and agrees to be equally responsible for repayment of the loan. As a result, both applicants’ income and credit profiles are used to support approval of the loan.
A co-signer is also responsible for repayment of the loan in the event the primary borrower defaults on repayment of the agreed loan terms. However, the loan terms are determined solely by the primary borrower’s qualifications.
How much would I be approved for?
Since all approvals are based on variables within each applicant scenario, a loan application must be submitted for underwriter review to determine an accurate approval amount. This is based on a few variables, including, but not limited to, your credit history, income, debt ratio, the loan type, and the value of the vehicle relative to the amount of the loan (Loan-to-Value).
Do you provide counteroffers?
Yes. If we are unable to approve the full amount or term requested, we may provide you with a counteroffer.
Can you give me more information about my pre-approval?
After you complete your loan application, you will receive a pre-approval email with next steps. A loan associate will follow up within one business day to discuss loan terms including interest rates, payment options, and loan amount.
Once a pre-approval is determined, it is valid for 90 days. If the variables used to determine the pre-approval change, the pre-approval terms may change as well. You can apply for a recreational vehicle loan before having decided on a specific make/model, and your pre-approval is not specific to one recreational vehicle.
How are interest rates determined?
At BCU, rates are determined using several variables, including, but not limited to:
- Your Credit Score
- Value of the vehicle relative to the amount of the loan
- Age and type of the vehicle being financed
- Term
- Payment method
- Rewards Member status
- Use of Auto Buying Service (purchases only)
For a summary of our loan rates, please visit our Rates page.
*Note: Interest rates are subject to change.
What are Rewards Rates?
Rewards Rates let you earn more on your deposits and/or save more on your loans. To qualify for a 0.50% Rewards Member rate discount on your auto loan, you must have two of the following relationships:
a. Direct Deposit of at least $500 per month into a checking account at the Credit Union
b. At least $25,000 on deposit
c. A qualifying loan in good standing, including: Mortgage, Home Equity, Auto, or Credit Cards. A qualifying loan must have a current balance and credit cards must have a transaction within the past 30 days. Any Credit Union loan that is not in good standing or is delinquent will disqualify you for Rewards Rates.
What are the BCU guidelines for a recreational vehicle loan?
The recreational vehicle being financed must be within 10 model years or less to be considered for financing (exceptions may be considered on a case-by-case basis). If you are uncertain whether your recreational vehicle falls within these guidelines, please contact us to discuss in more detail.
What are the available loan terms?
BCU offers a wide range of loan repayment options with terms up to 75 months (up to 84 months for new recreational vehicles). Balloon term options are also available for specific vehicle types if you’re looking to keep your payment low, or if you’re planning to own the recreational vehicle for a few years. You will be assigned a loan associate who will work with you to find the repayment options you are qualified for and best suited to your individual needs.
What is Loan-to-Value?
Loan-to-Value refers to the amount of the loan in relation to the retail value of the recreational vehicle being financed.
Example 1: An RV with a retail value of $10,000.00, and a loan amount of $9,000.00 has a 90% loan-to-value
Example 2: An RV with a retail value of $10,000.00, and a loan amount of $11,000.00 has a 110% loan-to-value
Are there any fees associated with recreational vehicle loans?
Yes, depending on whether the recreational vehicle is a purchase or refinance. For purchases, please contact a loan associate for more information since the fee amounts can vary by state. There is no fee for recreational vehicle refinances.
What is the process if I have a preapproval letter and I want to make a recreational vehicle purchase over the weekend or after Credit Union hours?
If you purchase a recreational vehicle on the weekend or after business hours, please have your dealership fax/email the purchase order to your loan associate. We will contact you on the next business day to discuss the terms and next steps.
Can I purchase from a private party/individual?
Yes. Please contact your loan associate to receive the private party sales agreement and other necessary loan documents. Documentation will need to be filled out between you and the seller and returned to your loan associate.
If the owner has an outstanding loan on the recreational vehicle, it may delay titling and/or registration the recreational vehicle up to 6 weeks.
Need Additional Information?
If you would like to discuss in more detail, you may call us at 888-389-8344. Our business hours are 7:30 a.m. to 6:00 p.m. CST. If you are ready to apply, please click here to be directed to our online loan application to apply at your convenience or call us at 888-389-8344. You may apply via phone 7 days a week, 24 hours a day. Once your loan application is complete, one of our loan associates will contact you either by email or phone within one business day to review the status of your application.
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