Boat, RV, ATV, Or Motorcycle

Royal Credit Union offers loans for a wide variety of recreational vehicles, including boats, recreational vehicles (RVs), motor homes, campers, hauling or travel trailers, motorcycles, ATVs, dirt bikes, farm machinery, garden tractors, jet skis or personal watercraft, and snowmobiles.

A balloon loan allows you to make smaller monthly payments based on a longer amortization schedule, with the remaining balance due as a lump sum at the end of a shorter loan term. At Royal Credit Union, boats, RVs, travel trailers, and motor homes can amortize up to 180 months with a five-year balloon. This means your monthly payments are calculated as if the loan is spread over 180 months, but the remaining balance becomes due after five years. It's important to note that balloon loans do not qualify for GAP with Deductible Assistance coverage.

Royal Credit Union offers an easy application process, fast approvals, and local loan servicing. Same-day decisions are available on most loan applications, though approval times may vary. This means you can often get a decision quickly and be ready to make your purchase without a long wait.

Guaranteed Asset Protection (GAP) is an optional loan add-on product that can help protect you financially. If your recreational vehicle is deemed a total loss due to an accident or theft, you may wind up owing more on your loan than your insurance will cover, and GAP can help reduce or cover that difference. GAP also includes Deductible Assistance, which pays up to $500 per claim if your vehicle is damaged but not deemed a total loss, with a maximum of two claims every 12 months.

Yes. Payment protection is an optional feature that can cancel your loan balance or temporarily cancel payments in the event of death, disability, or involuntary unemployment. Limitations and exclusions apply.

Yes. Royal Credit Union requires you to carry full coverage insurance, including comprehensive and collision, on any boat, RV, motorcycle, or other recreational vehicle financed with Royal. Royal Credit Union must also be listed as the lienholder on your insurance policy. If your coverage lapses, Royal may place insurance on your recreational vehicle on your behalf at a higher cost.