What is a typical loan term for an RV?
Best Reward Federal Credit Union offers terms between 24 and 72 months. For higher-value RVs, you might be able to negotiate a longer term. Shorter terms mean lower rates but a higher monthly payment. Longer terms mean higher rates but you can get a more affordable monthly payment to suit your needs. The fixed rate, terms, and conditions of each loan are determined by the borrower's credit qualification and loan-to-value (LTV) of the collateral.
Is it hard to get a loan on an RV?
Best Reward Federal Credit Union will work with you to streamline the loan application process. A good credit score, stable income, and reasonable debt-to-income ratio increase your chances of being approved at a competitive rate. Pre-approval can simplify the process by letting you know what you qualify for before shopping.
Do I need to be a Best Reward member to apply for an RV loan?
Membership is available to anyone who lives, worships, attends school, works or regularly conducts business in Cuyahoga, Geauga, Lake, Medina, Portage, and Summit counties, as well as businesses and legal entities located in these counties.
Membership eligibility is also extended to members of immediate family or other household members as well as spouses of persons who died while within the field of membership of this credit union, employees of this credit union, volunteers in the community, members of their immediate families or households, and organizations comprised of such persons.
How do I establish membership at Best Reward?
Once you’ve determined your eligibility, all you need to do to become a Best Reward member is fill out our easy online application. Upon approval, getting started is as easy as opening a Regular Share Savings account with us, and maintaining a $5.00 minimum balance.
Simply maintaining this low balance means you are eligible to take advantage of all Best Reward products and services, including our affordable, flexible RV loans.
How much can I borrow for an RV loan?
The fixed rate and term of the loan will be determined by your credit qualifications and loan-to-value (LTV) ratio. If this is the first time you have taken out a loan, you may need to borrow a smaller amount. You'll be able to borrow more after you've successfully paid off your loan.
Are there any tax benefits to owning an RV?
Yes, there can be tax benefits if you use your RV as a second home. Interest on your RV loan may be deductible if your RV has sleeping, cooking, and toilet facilities. Ask a tax advisor about your eligibility for deductions.