Recreational Loan Tips


Recreational loans typically have longer-term financing options available through credit unions, banks, and online lenders. These loans can apply to a variety of different recreational vehicles, including:

  1. Boats
  2. RVs
  3. ATV/UTVs
  4. Motorcycles

While the process to apply for a recreational loan can seem overwhelming, it doesn’t have to be. Apply online for free in minutes with Arkansas Federal Credit Union. It’s that simple! We offer all of the above types of recreational loans, as well as insurance options to protect your purchase. Learn more about Arkansas Federal’s recreational loan options on our website, and finance the recreational vehicle of your dreams.

What You Need Before Applying For a Recreational Loan

Before applying for a recreational loan, setting a budget is important. Determining how much you want to spend early on will help narrow down your search when choosing a lender for your recreational loan. Be sure to consider every factor of your budget when making this decision, including your current income and payments. Depending on your lender, your down payment requirement will vary. Start saving now by setting money aside for a down payment.

It’s also important to check your credit history before applying for a recreational loan. A low credit score can affect the interest rate lenders offer and can potentially prevent you from securing a recreational loan. Here are some tips for those looking to strengthen their credit score:

  • Pay your bills on time or in advance.
  • Keep credit card balances as low as possible.
  • Keep current credit cards open. Closing a card can lower your score.
  • Keep track of your credit score. Utilize online tools and resources that offer free credit score reports and updates.
  • Get copies of your credit reports and check for errors that could hurt your score. Dispute any errors to maintain a positive credit score.

Each bank or credit union will have different recreational loan requirements that will need to be met. However, they typically look at your credit history, employment history, current income, and estimated purchase price.

Researching Lenders For a Recreational Loan

The key to finding the best lending option for a recreational loan is to do research. Set a budget and start saving for your down payment as soon as possible. Once a budget has been set, you can start looking at lending options such as loan terms and interest rates.

Like most auto loans, recreational loans, such as RV, boat, ATV, or motorcycle are often secured by the vehicle itself. This means that the vehicle purchased acts as collateral to guarantee the loan.

There are plenty of online resources that can help when researching a recreational loan. An auto loan or a recreational loan calculator can help calculate what loan terms will look like if you qualify for the specified loan amounts and interest rates. It will show you the best rate and longest available term for the asset type you are planning to purchase based on the amount you aim to finance.

This is a great tool to help you develop a plan and see whether a recreational loan will fit into your long-term budget. Researching these details will make it smooth sailing to find the perfect recreational loan for you.

Learn More About Arkansas Federal’s Recreational Loans

Arkansas Federal offers competitive low rates and convenient terms on recreational loans, including: boat, RV, ATV/UTV, and motorcycle.

Finance the recreational vehicle of your dreams quickly with fixed rates, flexible terms, and fast approvals at Arkansas Federal. Applying for a recreational loan has never been easier with our quick online application. What are you waiting for? Get started today!

Get Started Now. It's Easy!

We make it easy to get started. Have questions and want to talk? We're here for you.
Call us at 800.456.3000 or visit your local branch.