Whether you have bad credit or excellent credit, we've crafted the Definitive Guide to getting the best motorcycle loan, RV loan, or ATV loan rate.

The Definitive Guide to Getting a Motorcycle, RV or ATV Loan – 2019

Written by Carolyn Jackson
 

Table of contents

1.   Loan Basics    –     Glossary of Terms

2.   Loan Basics    –     What factors affect your financing rates?

3.   Loan Basics    –     Where can I get a motorcycle, RV, ATV or UTV loan?

4.   Loan Basics    –     Size and Terms of the Motorcycle, ATV, Side by Side or RV Loan Agreement

5.   Step 1                –     Check Your Credit Score

6.   Step 2                –     Understand how much you can afford

7.   Step 3                –     How to find your motorcycle, RV, Side by Side or ATV

8.   Step 4                –     Find the Best Loan Rates Possible

9.   Step 5                –     Check Manufacturer Offers

10. Conclusion    –     Takeaways
 

Introduction


Whether it’s taking the family on an epic road trip in your new Class A motorhome, dreaming of riding your new motorcycle along the Blue Ridge Parkway, or going on an off-road adventure, many of us have to deal with the same problem – how do we afford these beautiful machines?

These vehicles can get pricey, and getting a loan is often a necessary part of that journey. We are here to map it all out for you.
 
How are we going to do that?
 
From loan basics, to our 5-step process, we’re giving you Powersports and Recreation Vehicle Financing 101, insider tips, and recommendations for getting the best possible loan.
 

1. Loan Basics: Motorcycle, RV and ATV Glossary of Confusing Terms

Let’s start with the basics. There are terms you will consistently run into when researching how to finance these vehicles, and it’s best to understand them so that you can make informed financial decisions.
 
Financing: The act of obtaining the necessary funds to purchase your vehicle.

An RV or motorcycle can cost thousands or even hundreds of thousands of dollars. Spending $50,000 or $100,000 at one time is difficult for most people, and in some cases, financially prohibitive. Luckily, we have lending institutions to assist.
 
Credit Score: A numerical score that shows your ability or propensity to pay back money that you have borrowed.

This is determined by how much debt you have assumed, how long it’s taken you to pay back, if you’ve defaulted on any loans, etc. Read more below to learn more about how your credit score impacts your ability to secure a powersports or RV loan.
 
Principal: The amount of the loan. This is how much you’re borrowing to get your vehicle.
 
Interest Rate: There’s no such thing as a free lunch (although on occasion, there may be an introductory 0% interest rate on select new vehicles, though it is not common and only applies for the first 6 to 12 months of the term). The interest rate is how much it costs you to borrow money. It’s essentially the difference between your principal and the total amount you must pay back.
 
Loan Term: How long the period of your loan is. Sometimes called the loan period.
 
MSRP: Manufacturer’s Suggested Retail Price – The price that is set by the manufacturer of the good or service.
 
Display Price: The price set by the dealer. This is most often below the MSRP.
 
Down Payment: A down payment is a lump sum of money that is paid upfront when you purchase the vehicle. The larger the down payment, the lower your monthly payment and the loan you need.

Default: If your debt repayments are not made for a certain amount of time (specified in the loan terms), then you enter default, which means your debt is sent to a debt collection agency whose job it is to
contact the borrower and receive the unpaid funds.

  • Defaulting has some serious consequences: 1) reduces credit score, 2) impacts your ability to procure future credit, and 3) can lead to repossession of property.

 

2. Loan Basics: What Factors Affect Your Financing Rates?

There are a number of basic factors that will affect your interest rate. There are general factors associated with any type of loan, and then there are powersport and RV specific factors.
 

General Factors

 
Credit Score
Your credit score is highly influential in determining your interest rate. Rates can fluctuate by dozens of percentage points, depending on where you fall on the credit spectrum. Credit scores range from 300 to 850, with a low score meaning it’s going to be harder to obtain a loan or it might come at a higher cost, and a high credit score meaning it’s going to be easier to get a loan and the cost of borrowing will be cheaper.
Generally, your credit score (which can be found on your credit report) is determined by the following factors:
 

  • Payment history for loans and credit cards
  • Credit utilization rate (meaning, what percentage of your combined credit card maximum you are using)
  • Type, number and age of credit accounts (the longer you’ve held a credit account credit accounts, the better, so don’t be so quick to close old accounts – just make sure not to carry any balance on them)
  • How many new credit accounts you have recently opened (opening multiple credit or loan accounts in a short period of time lowers your credit score)
  • Total debt
  • Public records such as bankruptcy and foreclosures
  • Number of inquiries on your credit report (if you keep applying for a new credit card every few months that actually lowers your credit score)

 
Price of the Vehicle
The more expensive the vehicle, the higher the risk of paying back the loan. This will play into how the lender thinks about the financing terms. There are different types of motorcycles that can have dramatically different price points, and this is even more pronounced with RVs. It’s important to consider your needs before making a purchase. Review our new and used motorcycle buying guide or our new and used RV buying guide for smart buying tips.
 
Length of the loan term

The longer the loan, the higher the risk for the lender. Thus, this might lead to higher interest rates. This is especially true with discretionary products, such as an ATV, side by side, or motorcycle.
 

Common Question: How Long are RV loans?
RV loans typically last from 10 to 15 years. However, many credit unions, banks or other financial institutions will extend the repayment period to 20 years for loans greater than $50,000 with qualified collateral. Interest rates for RVs are currently ranging somewhere between 4% and 20%, depending on the size of the loan, length of the loan, down payment and your credit rating.

 
It usually takes approximately 24 to 72 hours from the time you submit a loan inquiry for a lender to respond with an answer.
 
Are RV Loans Tax Deductible?
A camper or Recreational Vehicle (RV) meets the IRS definition of a second home if it contains sleeping, bathroom, and kitchen facilities. Interest paid on a loan for the purchase of a recreational vehicle is, therefore, tax deductible as valid home interest on a second home.
 

Common Question: How Long are Motorcycle Loans?
A motorcycle loan should be somewhere in the 24 to 48-month range, depending on the price of the motorcycle, and no longer than 60 months.

 
Remember that longer terms mean lower monthly payments but can lead to you owing more than the vehicle is worth.
 
Interest Rates
You may hear the term federal funds rate. This is the interest rate that banks and credit unions use to lend to each other on an overnight basis. Lending institutions will base their interest rates off the federal funds rate. This rate has started to rise, and with that, so do motorcycle, RV, side by side and ATV loan rates. There’s an expectation that rates will continue to rise, so it’s important to watch this closely.   Today’s rates range from 0% to 6% for excellent credit and go above 20% for poor credit.
 
Down Payments
The down payment is used directly against the price of the vehicle, and therefore it will reduce the size of the loan. A down payment gives the financing company cash upfront so that if the borrower were to default early, the lender’s losses are reduced. Oftentimes, especially with poor credit, putting a down payment or even increasing a down payment amount may be the difference between being denied a loan and getting one.

A down payment in the recreation industry is traditionally anywhere from 10% to 20%. So, if the vehicle costs $25,000, then the buyer would put down 15% ($3,750) upfront and finance the remaining $21,250.
 
Trade-In
Trade-In is a vehicle you offer to the dealership in exchange for credit toward the price of the vehicle you are purchasing.

Buyers can offset their loan with down payments other than cash. If this is not your first recreation item, you can often trade in an older model for credit. If a dealer takes an item as a trade, then the value of the traded item is directly deducted from the purchase price of the new item.
 

Industry Factors


 

Common Question: Are Motorcycle Loan Rates Different from Auto Loan Rates?
The short answer is yes. Motorcycle loan rates tend to be higher relative to car loan rates. This is for a few reasons:
 

  • Motorcycles are riskier to drive than cars. Because of this, there’s a higher probability that the consumer is unable to repay the loan due to serious injury or death. But with this, there is also a higher risk of damage to the vehicle, which reduces its value.
  • Motorcycles are primarily used for recreation. Most consumers use discretionary income to purchase these vehicles. And because they’re not a necessity, there’s more risk associated with them for the lender. For example, a consumer might be more likely to prioritize his car payment vs. his motorcycle payment.
  • Lastly, the residual value, that is the value of a vehicle as it ages, drops more quickly on a motorcycle than on an automobile. So, the lenders (and you) take on the immediate risk of the drop in residual value immediately after the motorcycle is purchased.

 

Common Question: What is an Average Motorcycle Loan Interest Rate?
An average auto loan interest rate is in the 5 – 6% range. An average motorcycle interest rate is in the 7 – 8% range.

 

Common Question: What are Current Motorcycle Interest Rates and ATV Interest Rates?
Interest rates vary from lender to lender and can also change from month to month. Many larger motorcycle OEMs have dedicated lenders (called captive lenders) that they exclusively work with who offer special low-interest APR’s for well-qualified buyers (meaning higher credit scores).

 
As of the writing of this article, Yamaha was offering rates as low as 2.99% APR for 36 months on most of their bikes for well-qualified buyers (https://www.yamahamotorsports.com/motorcycle/pages/yamaha-motorcycle-current-offers-finance) and Honda was offering 0% APR for 12 months, then standard rates would apply on most of their bikes (https://powersports.honda.com/offers/motorcycles/touring.aspx).
 
You can get a good understanding of motorcycle and ATV interest rates at the below links. We also provide more insight on how to find the best motorcycle and ATV loan rates later in the guide:
 
https://financesource.com/

https://www.lendingtree.com/auto/motorcycle/

 

Common Question: Are RV Loan Rates Different from Auto Loan Rates?
The biggest difference between an RV loan and an auto loan is that you can claim an RV as a primary or secondary residence. This could actually have a positive impact on your federal taxes as a deduction. According to the IRS, if a vehicle has areas for sleeping, cooking and toilet facilities, it can be considered a residence.

 
RV loans are also usually longer than car loans. The average length for an RV loan is 10 to 15 years where it is usually 5 years for a car.
 

Common Question: What are Current RV Interest Rates?
The interest rate on your loan should be determined by the total loan amount, the amount you are able to put down initially, your current credit score, and the age and value of the vehicle in question.
 
Currently, an average interest rate for an RV loan is 5.99%. RV loan rates tend to be closer to house mortgage rates (albeit a little higher) since the loan amounts tend to be higher like in a mortgage rather than like in a car loan. However, the RV rates tend to be higher than on a home because an RV is a depreciating asset and a home is generally an appreciating asset and the bank needs to account for that risk.

Purchasing New or Used
New vehicles typically have lower interest rates than used vehicles. This is for a few reasons:

  • New vehicles are easier to value. The older the vehicle, the more challenging to appraise.
  • Used vehicles tend to attract lower credit buyers.
  • Manufacturers will often subsidize new vehicles with loan programs, reducing the interest rates.

 
However, used vehicles can be much cheaper to purchase in the first place, just like it is with cars. Many captive lenders offer loans for pre-owned vehicles up to 10 years old for ATVs/Motorcycles and even older for RV’s. And although your interest rate may be 2 to 5% higher than on a new vehicle, you may still be saving more money in the end because your loan amount will be much cheaper. Be prepared, however, to put a slightly higher down payment percentage on a used vehicle.
 

Common Question: What is Guaranteed Financing and is This Possible?
Guaranteed financing is financing that doesn’t involve a credit check. People who have damaged and low credit scores will typically utilize guaranteed financing.

All you need for a guaranteed loan is a steady work history and a minimum amount of money that lets the lender know you’ll be capable of paying back what you borrow. Though guaranteed financing is sometimes a reality in the automotive space, an RV or motorcycle is considered a luxury, recreation item. For this reason, the longevity of the item, and its discretionary nature, guaranteed financing for RVs and motorcycles is extremely uncommon.

 
Now that you understand the basics, we’ll discuss where you can get a loan, as it tends to be different from a more traditional auto loan.
 

3. Loan Basics: Where Can I Get a Motorcycle, RV, ATV or UTV Loan?


Instincts say bank.
 
At least that’s what my instincts say.
 
Banks = money. Money = that motorcycle I really want.
 
Bada bing bada boom, right?
 
Well, the good news is that you have options, quite a few of them, actually. A non-traditional service like a credit union might actually be the better way to go, or at least something to strongly consider.
 
Why, you ask?
 
There are 4 primary ways that consumers get a loan for a motorcycle, RV, ATV or side by side:

  1. Banks
  2. Credit Unions
  3. Captive Lenders (Banks that have an exclusive relationship with a manufacturer)
  4. Dealer Financing

 
Banks
Banks loan policies are usually on the more cautious side, and some may only work with customers who have exceptional credit, but they are able to offer very competitive interest rates. Most banks have websites that make it easy to check their current loan rates, and shoppers can apply for a loan either online or at a local branch. Visiting the branch is a good way to avoid any mistakes or misunderstandings and might result in an even better offer.
 
BANKS - Pros:Advanced digital banking opportunities with highly effective security features. Offer highly competitive loan rates to customers with exceptional credit records. Local and national locations, typically easy to find. Cons: Strict loan policies and high standards can prevent customers with poor credit for even applying for a loan. High fees on loans.
 

Common Question: What is a Fee on a Loan?
A fee might be an application fee when you apply for the loan, but other fees on a loan might include origination fees or monthly service fees. The purpose of fees is to help the lender cover costs associated with underwriting and processing a loan. Not fun, but often necessary. If you have questions about what costs to expect at the dealership, you can read our guide on dealership fees.

 
List of major banks that lend for motorcycles, ATVs, Side by Sides and RVs:

  • Wells Fargo offers loans for most types of powersport and RV vehicles
  • Bank of the West offers RV and boat loans, but not motorcycle loans
  • US Bank offers loans for most types of powersport and RV vehicles
  • Sun Trust offers loans for most types of powersport and RV vehicles
  • Southeast Financial offers loans for most types of powersport and RV vehicles

 
Some major banks, such as Bank of America, Capital One, and Chase don’t offer loans directly to consumers on motorcycles, RVs or other specialty products. Many of them have relationships directly with the dealership, so make sure to ask your dealership representative about those loan options.
 
Credit Unions
Credit unions are typically non-profits owned by their investors. Credit Unions have a lower operating cost than banks because they have less offerings. They are usually local institutions and only lend money to members. However, some will make loans to people who don’t have deposit accounts with them.

Credit Unions typically have better loan rates than traditional banks, so you should consider your local credit union as an option Furthermore, credit unions are less fussy about credit scores. Their primary purpose is to serve their members rather than to make a profit, so they tend to give out loans to lower credit tiers or they may not charge as high an interest rate as a bank would on a less than perfect credit.

For example, a credit union might have one flat interest rate on a 36-month loan of 4.99% for all members if they have at least “good” credit; whereas a bank might have 4.99% for exceptional credit, 6.99% for great credit, 8.99% for good credit and go lower from there on lesser credit. In this example, if your credit was “good”, you would be better off with the credit union at 4.99% than with a bank at 8.99%.
 
CREDIT UNIONS - Pros: Offer lower interest rates on loans and credit cards. Easy loan applications. Better, more personalized service. Often better represented in underserved communities - Cons: Many are linked to employers or a group, which limits who can become a member. Credit unions still have fees, albeit lower ones than banks. The average credit union only has three branches (physical sites). Tend to be behind in digital offerings such as apps, online banking and security
 
List of Major Credit Unions:

 
Captive Lenders
Captive lenders are financial institutions that have an exclusive (or mostly exclusive) relationship with manufacturers. In most cases they are independent banks, like Synchrony Financial. In other cases, like American Honda Finance Corporation, they are a subsidiary of the manufacturer. These lenders often have attractive incentives to help you get started with a loan. When you see ‘zero percent financing for the first 12 months’, that’s usually a captive lender subsidizing the loan rate.
 
List of popular motorcycle, ATV, UTV and RV Captive Lenders:

 
Dealership Financing
Dealers typically work with the providing manufacturer’s financing group, but they often work with a number of lenders and can be an excellent option to help find the most competitive loan rate. Getting a loan through a dealer can be a great option for a few reasons:

  • Convenient to use since you are already at the dealer
  • They can ensure you take advantage of manufacturer subsidies if you qualify
  • There are often more options for people with lower credit scores. This can be a particularly good option if you have bad credit.
  • Many lenders only work through the dealer, so you get access to more lenders and thus can potentially get a more competitive offer when working through a dealership.

 
There are some lenders that work directly with dealers:

 

Common Question: Can You Use a Credit Card to Buy a Motorcycle, RV or ATV?
Using a credit card to finance a motorcycle, RV or ATV loan is possible and certainly can be done. However, the interest rates for paying back credit cards are typically significantly higher than the interest rate on a loan. The length of payment terms is often longer as well. This means you may pay less upfront, and you may pay less per month, but with accrued interest, you will end up paying significantly more than you would with a traditional loan. If you’re unable to pay off your bill monthly, you’ll get stuck with late fees. On the other hand, if you’re someone who consistently pays off their bills on time, and loves rewards points, this could be an option worth considering.

We must mention that some of the above-mentioned Captive Lenders sometimes offer introductory low APR rates, even as low as 0% for some short period of time. Then after that time, the APR goes up to your normal rate, whatever you had been approved for on that credit card. For example, Yamaha frequently offers Yamaha Card at 0% for 12 months on many of their motorcycles, ATV’s, marine, and powersport vehicles. That 0% jumps to your normal credit card rate, which could be 20% or even higher. So, if it were to take you 3 years to pay off that new dirt bike and you were paying 0% interest in the first year, you would be paying quite a substantial amount the following two years. So, the goal with these cards is to pay off the remaining loan as quickly as possible after the end of the introductory period.

 

Common Question: Can You Use a Personal Loan to Buy a Motorcycle, RV or ATV
A personal loan is considered an “unsecured” loan, which means it is not backed by collateral. A secured loan, or one that is backed by something like a car or a house is typically cheaper, and you don’t risk losing your personal assets. You can use a personal loan to finance a motorcycle, RV or ATV, but it might not be your best
option. You can receive a personal loan from a bank, credit union or online lender. Typically, these loans are paid
back over the course of 2 to 5 years and have an interest rate between 7% and 36%. The most unique part of a
personal loan is that you can use the money for whatever you want. The institution has no say or knowledge of what you might use the money for.

 

4. Loan Basics: Size and Terms of the Motorcycle, ATV, Side by Side or RV Loan Agreement

The size and terms of the loan agreement will determine how long it takes to pay back, and how much you owe each month on the loan. The loan terms include how much you owe each month (monthly payment), the interest rate, what happens if you miss a payment or if you default. It is important to understand these terms before signing any loan documentation. Make sure you can afford the loan without stretching your budget too thin.
 
Typical motorcycle loan terms
 
Purchase Price of Motorcycle: $10,000

Down Payment: $2,000

Trade in Allowance: $0.00

Owed on Trade-In: $0.00

Interest Rate: 5%

Length of Loan: 4 years (48 months)

=

Loan Amount: $8,000

Monthly Payment: $184.23

Total Interest Paid: $843.25
 
Typical RV loan terms

Purchase Price of the RV: $75,000

Down Payment: $11,250

Trade in Allowance: $0.00

Interest Rate: 7.5%

Years: 12

=

Loan Amount: $63,750

Monthly Payment: $672.71

Total Interest: $33,119.78
 
Now that you understand the basics, we’ll take you through our step-by-step process to getting a motorcycle, RV, ATV, or UTV loan.
 

Step 1: Check your Credit Score


Checking your credit score before you start your powersport or recreational vehicle search is paramount. Unlike mortgages or a credit card, you can usually get a loan for a vehicle even if you have bad credit. The catch is that you will end up paying more, a lot more. This is because it is much easier for a bank to repossess a vehicle if the loan is not paid than it is to repossess a house.

Free services like TransUnion, Credit Karma, Mint.com, or Experian can help you understand your credit profile. Once you have this information, you can then figure out if you qualify for the best loan rates.

It’s challenging to get a loan with bad credit, but it is possible. If you have bad credit, it is extremely important for you to do your research, know how much you can afford and to shop around for the best loan rate. One option to consider is to shop used vehicles or to take advantage of OEM incentive to reduce the cost, and therefore the loan amount.
 
So, What Is a Good Credit Score?
This handy table will help you understand where you fall in the credit spectrum.
 

The advertised and promoted APRs and interest rates (such as the 0.9% APR ads you may see on TV or in magazines) are usually reserved for people with a credit score above 700. 800 and above is considered excellent, but anything above a score of 700 tends to be considered a good credit score. Most people’s score lies somewhere between 600 and 750. Higher scores represent better credit decisions and behaviors, like paying loans back on time. Credit scores are influential because it is the benchmark creditors can use to determine how likely you are to pay them back (with interest, of course).
 

Why Do Credit Score Matter?
Credit scores are one of the only common factors lenders can use to determine whether you are a reliable person to lend money to. Credit scores help lenders determine how likely you are to pay back your loan, based on past financial decisions and behaviors. Think of it as a risk score. The higher your score, the less risky you are for
a lender to do business with. A good credit score can mean the difference between hundreds or even thousands of dollars in interest. So be sure to know your credit score and nurture it!
 

Step 2: Understand how much you can afford

The average price of a powersport vehicle is about $10,000, and the average price of an RV is about $50,000. Thus, you should spend time understanding your financial situation so you can ensure you can pay off your monthly payments.
 
There are two factors that affect your ability to get financed:

  1. Your personal finances and financial history
  2. The market and interest rates set by the Federal Reserve

 
Your personal finances are, for the most part, within your control. The market and interest rates set by the Fed are… not so much.

There are a few things to consider when looking at your personal finance portfolio.
 

  1. How much money do you make annually?
  2. How much you can afford to spend per month?
  3. How much debt your currently have?
  4. What your credit score currently is?
  5. How much money can you put down today?

 
Additionally, you’ll want to understand the motorcycle cost of ownership, such as gas, insurance, accessories and more. If you’re a first time buyer, don’t forget about getting a motorcycle license – you can read our master guide to getting a motorcycle license here. Similarly with RVs, in addition to the vehicle costs, there’s the cost of RV parks, water pumps, towing costs, and more.
 
What’s a good rule of thumb for motorcycles, ATVs and UTVs?
When buying a car, most experts recommend that your monthly payment stay below 20% of your disposable income. In other words, once you’ve paid all your monthly expenses, your monthly payment should not exceed 20% of the remaining budget. We suggest a similar percentage for motorcycles, ATVs and UTVs, especially if they are your primary means of transportation.
 

And what’s a good rule of thumb for RVs?
You should put a 10 – 20% down payment on your RV to keep the monthly payments reasonable. If you’re purchasing a motorhome or a fifth wheel, the down payment should be on the higher end as these can cost more than $100,000.
 

Step 3: How to find your motorcycle, RV, Side by Side or ATV


Most consumers go through a similar process when buying a vehicle:

  1. They look at reviews, specs and videos.
  2. They then try to understand what inventory is available.
  3. They then understand what pricing they can get.
  4. Once they’re ready, they think about how to finance the vehicle.

 
Resources for researching vehicles
There are several sites dedicated to helping you understand which vehicles meet your needs. They have articles from experts that test drive the vehicle, compare specs, assess performance and safety, and ultimately provide ratings, rankings and recommendations. If it’s your first time buying a bike, you can get started with our list of best beginner motorcycles, or if you’re considering an RV, you should review our guide on how to prepare for full time RV living.
 
Also, here are some great sites to help with your research process:
https://www.motorcycle.com/
https://www.atv.com/
https://www.cycleworld.com/
https://www.rvreviews.com/
 
Resources for understanding vehicle specs
The above sites are also great for understanding what specs are available on each vehicle. If you want to compare specs, NadaGuides provides a great comparison tool. It’s also advisable to go directly to the manufacturers website to understand the latest and greatest specs. They typically have the best images and videos as well.
 
Resources for finding Available New and Used Inventory
Sites like Cycle Trader, Craigslist, RV Trader, and RVT.com have an extensive selection of available inventory. Facebook Marketplace is another website that has expanded significantly within the used market. You can also check out gorollick.com to see our nationwide inventory for motorcycles, ATVs, side by sides, travel trailers, and all types of RVs. Dealer websites will typically have the most up-to-date inventory available.
 
Pricing

While we’re talking about our own site, Rollick is the only website where you can get an upfront, transparent price and a special offer. We also provide all available manufacturer incentives to ensure you get all available savings. Once you have an offer, you can take it to the dealership and purchase your vehicle.
 

Step 4: Find the Best Loan Rates Possible

The Amazon Effect is real. Consumers want to shop online, compare pricing, and do all their research from the comfort of their own home, or wherever they can find Wi-Fi. This is the shopping culture we’re accustomed to, why would loan shopping be any different? Unfortunately, it’s not always easy to find the best rates online. Here are a few suggestions:
 
Comparison Sites
Comparison sites are the most convenient way to find competitive rates. They aggregate rates from lending institutions. To be clear, they are not banks, but rather tools to connect you with lenders. For the best motorcycles rates and best ATV rates, websites such as FinanceSource and LendingTree can assist. They make it simple, streamlined, and give you multiple offers to choose from instantly…all from your couch! Because I know we all love our comfy couch.

For the best RV loan rates, FinanceSource and Lending Tree are great options. You can also check out Good Sam’s Club to see available rates.

For both powersports and RVs, most credit unions will post their latest rates right on their site. This is a great way to get an understanding of the market. You can refer to our credit union list above to find available rates.
 

Step 5: Check Manufacturer Offers

Similar to automotive, many powersport manufacturers will offer incentives to help consumers purchase a vehicle. This typically is either a cash offer or a financing subsidy. You can find these directly on the manufacturers’ website. While it’s not as prevalent with RV manufacturers, some of them do provide incentives. You can learn more about motorcycle and RV incentives here.

Remember, if there’s a cash incentive on the vehicle, that lowers the overall price of the vehicle. This makes the loan smaller, reducing your monthly payment. Thus, it’s important to do your research! As we mentioned earlier, when you use gorollick.com, we show you available incentives so you can ensure you find all available savings.

Here are some manufacturer links to get you started:

Kawasaki Current Offers
Polaris Special Offers
Yamaha Sports Current Offers
Suzuki Offers
Honda Offers
Thor Motor Coach Rebates
Winnebago Ind Promotions
 

Common Question: Can I Lease an ATV, UTV, RV, Motorcycle or Another Recreational Item?
The long and short of it is yes, you can for motorcycles, ATVs, and UTVs. However, it’s not particularly common. The good news is that with motorcycles you can lease used vehicles, whereas with cars that’s not typically the case. However, the challenge is that the residual values (the value of the vehicle after the lease) is harder to assess, and therefore very few financial institutions lease these vehicles. Talk to your dealer to get more information.

 
Leasing RVs
With respect to leasing an RV, Leasing is uncommon, and they still rely heavily on renting. There are long-term rentals available for RVs, which may suit your needs.
 
Pros and cons of leasing
Like in the automotive world, leasing makes sense if you want to upgrade to the newest model every few years. You lose the investment in the vehicle but pay less and get the excitement of a new model more frequently. Similar to automobiles, when you lease an ATV or motorcycle, you are placed on a pre-set payment plan where you must make every payment for a specified amount of time. Once the lease period is up, you can either re-up with a new vehicle, pay a specified amount to fully purchase the vehicle you have had, or you can opt-out.

Down payments are typically a few hundred dollars for an ATV or motorcycle. Often the down payment is the same as your monthly payment, which means it is affordable. Once you sign the lease agreement, you are locked in. Trying to break a lease before it is up can result in hefty fines, such as:

  • Remaining payments on the lease
  • Early termination fees
  • Costs related to reselling the vehicle
  • Storage or transportation costs
  • Taxes
  • Negative equity between your lease amount and the current value of the vehicle

 

Conclusion

To recap, when you’re in market to buy one of these vehicles, make sure to:

  1. Check your credit score
  2. Understand what you can afford
  3. Find your perfect vehicle
  4. Get the cheapest loan rates available
  5. Take advantage of manufacturer incentives

 
Now instead of worrying about the loan, you can enjoy your new motorcycle, ATV, side by side, travel trailer or motorhome.

Hopefully, this guide has helped you get a few steps closer to realizing that dream. Remember, throughout the purchase process, research is your best friend. Stick to your guns and you can get exactly what you want. Now go forth and be financially responsible!
 

The Rollick Buying Experience

When you’re ready to find your perfect vehicle, be sure to check us out at gorollick.com. You can:

  1. See nationwide inventory, specs, and incentive information
  2. Get an upfront, transparent price on your desired vehicle
  3. Receive special offers on both the vehicle, as well as additional accessories
  4. Shop at one of our Certified Dealers who are committed to providing an exceptional buying experience

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