Mini homes are a hot new trend these days, but they don’t offer much space for a garage for your car. Why not kill two birds with one stone and get an RV? An RV has all the minimalist living of a tiny home, and the mobility of a car. You’ll have the freedom to vacation all over America without having to worry about booking hotels by the beach or roughing it out camping in the woods. If you want a more permanent change of scenery, moving houses is a cinch.
An average american can’t buy an RV on a whim, though. You’d need to save up and take out a loan. You have a few options available to choose from.
Where To Get an RV Loan
The first place that you can get some loans from is the dealership you’re buying the RV. Think hard about this, though, because this offer will likely come with higher interest rates than your other options as well as more fees.
The second option is to go to a bank. Before you pick this option, remember that banks care more about making a profit than anything else. This means you could find yourself with high origination and processing fees along with bad rates.
Lastly, you could go to a credit union. Unlike banks and dealerships, credit unions are member-owned, non-profit organizations. Because of this they can give you better rates and better terms, along with less fees.
Why Choose A Credit Union To Finance Your RV
Credit unions have many advantages compared to banks, dealerships or other lenders. If you’re concerned that a credit union won’t be able to do the things a large bank can do, don’t worry. Everything a large bank can do, a credit union can do. They even offer a comparable amount of products, but with better terms and service. This makes credit unions an easy choice when wanting to finance something large like an RV.
One of the main reasons why a credit union has such a large advantage over other lenders is because of their non-profit nature. This means they don’t have any stockholders to give money to. Instead, any profits they make are turned into better products and services for union members.
Here are a few of the benefits you receive from going to a credit union instead of any other organization.
- Less requirements, easier to qualify
- Better service
- Poor credit score is less of an issue
- Community first strategy
- Lower interest rates
- Lower fees
Membership In A Credit Union
If you’re concerned that you won’t qualify for membership, don’t be. Credit unions do require membership, but you’ll have virtually no problems qualifying for one. There are at least 5000 credit unions in America. Not only that, but 99% of Americans are eligible to join.
According to the law, credit unions need to have a “field of membership.” Membership eligibility can be based on things like geographic location, employer, profession, labor union, etc.
Where you get a loan can greatly affect your finances. Don’t just get the most convenient one, go for the one with the best rates and services. Currently, credit unions are one of the best options out there due to their non-profit nature. Do some research and try to find one for you.
Searching for a Buffalo credit union? Reach out to Good Neighbors Credit Union today! We serve a diverse membership and empower our members to manage their finances.