Boat / RV Loan

Financing for recreational vehicles and watercraft.

Boat and RV loans are secured by the vehicle itself. New boat/RV rates range from 6-10% with terms up to 15-20 years for amounts over $50,000. A longer term keeps payments low but dramatically increases total interest: a $60,000 boat at 7% costs $47,000 in interest over 15 years vs $17,000 over 7 years. Factor in ongoing costs: insurance ($500-2,000/year), storage ($100-400/month), maintenance (10% of value/year). The true cost of ownership is 2-3x the purchase price.