Summer Sport Vehicle Loans

Otherwise known as, the loan you’re about to take out to purchase a big, expensive toy for yourself. Even if you’re not in a good place to be purchasing big, expensive toys; just imagine for a second if you were. Pick a toy, any toy.

You can have fun in the sun with a new or used ski boat, fishing boat, pontoon boat, or even house boat. If that’s not your style, how does the new motorcycle you’ve been dreaming about sound, or perhaps an RV to adventure the country in?

While we can’t help you with the opinion of your significant other, spouse, parents or kids, we can help answer some of the many questions that come along with the purchase.

Getting Approved for a Sport Vehicle Loan

This is the first and most important step to take when the thought of a speed boat even crosses your mind. How much will it be and how much can I afford? Approval from a private party, such as your primary checking institution, is crucial. Your credit union will offer a much better rate on loans and they are much more flexible in regards to payment plans than a dealership would be. Apply for one at Missouri Central Credit Union today.

Costs of Sport Vehicle Loans

Obviously boats and RV’s come at a higher price than a new bike, but that’s subject to your budget, the features you want, and what you are using it for. There is a HUGE difference between a Harley and a GSX-R (but you already knew that, I’m sure).

Once you’ve determined the purpose of your new toy, you then want to consider the additional fixed and variable costs, all of which will vary depending on the price of your new boat, RV, or bike. Make sure you have added the below costs into your budget.

  • Monthly Loan Payments - This is a fixed cost that will be determined between you and your lender. Credit score and amount put down up front will affect this cost.
  • Insurance - Insurance will vary depending on the make, model, and purpose of said toy, but will still be a fixed cost each month. For example, yacht insurance will be much different than fishing boat insurance would be, as different types of boats or watercrafts have different risks. (Side note: Some homeowners’ insurance policies will provide coverage for a personal watercraft, so that is another thing to check into.)
  • Gas - Gas prices will fluctuate, how much you use will vary, and how big the gas tank is will determine how much gas will cost. Motorcycles save gas, while an RV or boat will guzzle it right up.
  • Maintenance - Take advantage of any warranties that may come with purchasing from the dealership, as some may offer the first year of maintenance for free. This cost is hard to calculate, but you should ensure that you have the means to make any repairs that could be needed in the future.
  • Gear - You’re going to need a helmet for that bike, a few lifejackets for that boat, and maybe a mini-fridge for the RV. Accessories to go with expensive toys can also be very expensive. When applying for a loan, make sure you are saving room for costs such as this.
  • Miscellaneous Extra Costs - It’s summer, so the cost of winterization probably hasn’t crossed your mind, has it? Didn’t think so. Other costs to keep in mind include; storage, docking fee, parking fee, CRT license, Motorcycle license, utilities, personal property taxes, depreciation maintenance, trailers, etc.

Purchasing a Sport Vehicle via Dealership vs. Private Seller

More selection options and a service department that you can come to for maintenance or mechanical issues in the future is the best reason for you to buy from a dealership, just try to avoid financing with them. You should actually already be preapproved BEFORE going to look in order to avoid any finance negotiations. This way, you already know exactly what you can afford and won’t waste any time crushing your dreams on the wrong RV.

If you’re considering buying that new fishing boat from a private seller, make sure that you’ve done your due diligence. The more time you spend researching, the more satisfied you’ll be with your final purchase. To buy from a private seller, you will already need your own outside financing. Again, your credit union is the best place to find the perfect loan for your budget, at a reasonable rate.

Once you’ve [1] been approved for a loan from your Lee’s Summit credit union, [2] used your budget to add in extra costs, and [3] have researched where you’ll be making the purchase, it is safe to say you are ready to shop!

Learn more about our Boat Loans.
Learn more about our Motorcycle Loans.
Learn more about our Recreational Vehicle Loans.

Disclaimer: This blog does not take into consideration the opinions of your wife, husband, children, significant other, pets, or parents. Missouri Central recommends that you do factor such opinions into any purchase that you do decide to make, as divorce is an investment that requires advance much further than the reaches of Missouri Central Credit Union.