How to Save On Your Dream Rec Vehicle

Let's face it, after slogging through winter weather and daily bumper-to-bumper traffic, this time of year has all of us dreaming of hitting the open road—or trail. July is National Parks Month and it’s the perfect time to consider a recreational vehicle of your own. A new RV, watercraft or off-roading vehicle could help you make the most of those upcoming vacation days, and Mountain America Credit Union offers must-have tips to maximize your funds when you’re ready.

According to RVIA.com, 2018 is on track to be the ninth consecutive year of growth for the recreational vehicle industry. That means that more people than ever will be looking to finance their vehicle of choice. So, how do you find the best loan rate?

Recreational vehicles score low rates. Lenders love low-risk, and recreational vehicles definitely qualify. In addition to a great loan rate, put down a larger down payment and choose a shorter loan term to save money.

Save on hassle with auto-pay. Many lenders offer a break on your interest rate if you sign up for automatic payments—this also ensures that your payments are on time and will further strengthen your credit score. You’ll spend your free time thinking about the cash you're saving as you cruise down the trail on your new ATV or dirt bike.

Hit the water with flexible terms. Planning to beat the heat on the lake this summer? Check out your local credit union for flexible terms, low fixed rates and dealer connections on your new or used boat purchase. “Build the best loan and terms for your budget with a boat loan calculator,” advises Jade Beckman, vice president of consumer loans for Mountain America Credit Union.

Add incidentals into your budget. As with any big purchase, vehicles such as motorcycles and motor homes come with their own set of expenses. Plan to set aside funds for recreational vehicle insurance, emergency road service, licensing and registration. And, don't forget to factor in routine maintenance like oil changes, new tires or an unforeseen accident. Nothing buys peace of mind like being prepared.

Keep an eye out for tax breaks. Some dual-purpose recreational vehicles, including small aircrafts and houseboats, may qualify for tax breaks. Using your plane for business and pleasure? Living full-time in your motor home or houseboat? See what portion of the interest you can deduct on taxes by consulting with your financial advisor.

Make your recreational dreams come true, talk with Mountain America Credit Union today. Head over to our website and apply for a loan for a boat, ATV, dirt bike and more. Or, if you have questions, give us a call or visit a branch.