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All You Need to Know About Recreational Vehicle (RV) Loans


One thing that has never changed about the American spirit is our desire for travel. Whether via train, plane, boat, camper, or car, mobility is in our blood. It fuels our sense of freedom and brings us closer together. Since the start of the pandemic, RV purchases have skyrocketed over the past year, and the recreational vehicle industry continues to see gains. Those who could not book accommodations at lodges or cabins opted for the open road, and this trend is only picking up speed. Nationwide, U.S. citizens are investing in recreational vehicles now more than ever, in part due to the recent wave of stimulus checks and 2021 tax returns received this spring. 

While the economic disruption of 2020 threw many of us in disarray, the aftermath struck an urge to get back to our American roots. Venturing off-road has become more accessible than ever before – the call of the sea and the sensation of crisp mountain air helped to carry us out of isolation. Together, we find ourselves making use of our local treasures often overlooked, dreaming of the days we can finally pop open that awning (or umbrella) and dip our toes into life’s precious moments. 

Breaking away from the everyday routine sometimes means upgrading your resources for those bigger and better means of transportation. Millennials who were renting kayaks have opted for a brand new paddleboard. Families who often travel together as a herd are pitching in for a Class B motorhome. If you’re on the fence, let Members Exchange help you decide whether it’s time to take comfort and mobility to the next level. 

Why Finance Your RV with a Credit Union 

Recreational vehicles (RVs) can be a big investment, but if you are strategic about your financing options, it can save you time and money. Before investing in your refuge on wheels, it’s important to explore the benefits of financing your RV through a credit union. 

While financing through your dealership is a common course of action, this option usually comes with fees and higher-than-average interest rates. Securing a loan through your traditional bank may result in the same outcome, as banks are concerned more so with turning a profit – you may be met with higher application fees, processing fees, and again, higher interest rates. 

The third and arguably most impressive option is to finance your RV through a local credit union. Members are incentivized to apply for an RV loan from their trusted and established local branch via lower interest rates, easier processing, and fewer associated fees. Credit unions like Members Exchange in Jackson are member-owned, not-for-profit organizations that keep customer value in mind. 

While credit unions are similar to banks in their ability to provide comparable products like auto loans and RV loans, they generally deliver with much better terms and service. As a cooperative rather than a corporation, all surplus goes back to its members in the form of even better rates, products, and services. Here are just a few of the benefits of financing your RV through a local credit union: 

  • Lower interest rates
  • Lower fees
  • Easier to qualify 
  • More personalized service 
  • More forgiving of poor credit or financial hardships 
  • Community-focused approach 

What Credit Score Do I Need to Qualify for an RV Loan? 

Once you’ve found the perfect fit and have access to a local credit union near you, you’ll want to make sure your financial ducks are in a row. Typically, you need a credit score of 670 or higher to secure an RV loan with a viable interest rate, but at Members Exchange Credit Union, we will work with our members to help them access a loan with the best rates possible. 

There are a few things to note when applying for your new or used RV loan. Recreational Vehicles are considered luxury items with a maximum term limit of 15 years. Just like an auto loan, RV interest rates are different for both new and used RVs. Experts advise that while that “new RV smell” is an understandable temptation, if your budget is of major concern in the long run, paying a slightly higher interest rate on a used RV could work better in your favor. Keep in mind that depreciation on RVs significantly increases much like any new vehicle. 

Best RV Auto Loans in Jackson, MS | Members Exchange Credit Union 

Whether you’re a land-dweller or long for the feel of the open ocean, Members Exchange has the best Recreational Vehicle loan rates in Jackson, MS. If you’re in the market for an RV, a Recreational Vehicle Loan from Members Exchange Credit Union may help you get into the perfect one for you. We offer competitive financing for: 

  • Boats 
  • ATV’s
  • Jetskis
  • Motorcycles
  • Travel Trailers
  • Motorhomes and more! 

Need help selecting that perfect upgrade to your off-roading portfolio? Choose from some of the best local RV shops in Jackson, MS: 

  1. Smith Marine Inc. 
  2. S&S Apache Camping Center 
  3. Camping World of Jackson 
  4. Got Geat Motor Sports 
  5. Jackson Motor Sports

Interested in a Recreational Vehicle loan? Call (601) 922-3350 to speak with our Personal Service Representatives or visit one of our branches in Ridgeland, Byram, or Pearl, MS!