3 Reasons Why Credit Unions Offer Better Interest Rates on RV Loans in Florida

Family planning trip on RV.

If you've been dreaming about owning a recreational vehicle (RV) but you've been having difficulty finding a lender that offers reasonable interest rates, have you considered signing up for membership with a credit union? In Florida, one of the most trusted credit unions is We Florida Financial; so if you want better interest rates on RV loans in Florida, you shouldn't pass up the chance of becoming a member of this premier credit union.

How does a loan from a credit union differ from a bank's? Why do they have better interest rates on RV loans in Florida? Here are three reasons why:

  1. They are a not-for-profit institution.

    Banks are for-profit financial institutions owned by shareholders, and their primary means of earning profits from lendees is through the interest rates they impose on their loans, be it a car or vehicle loan or mortgage. Credit unions like We Florida Financial are not-for-profit institutions owned by members, and since they are not focused on maximizing profits, they have more flexibility in terms of loan interest rates.

  2. Members help each other out.

    Another reason why credit unions offer better interest rates on RV loans in Florida than traditional lenders is the fact that they are run by volunteers. What this primarily means is that they understand where borrowers are coming from and they are more sympathetic when it comes to securing loans with reasonable rates and payment terms.

    In a nutshell, the credit union can help you determine how much you can afford and work around the figure to get you a loan with the best rate and monthly payments that fit your budget. You can expect exceptional customer service from a credit union!

  3. Refinancing offers additional perks.

    If your RV is currently under a loan contract from another lender, you can still enjoy better interest rates on RV loans in Florida by refinancing your loan with a credit union. Basically, borrowers refinance their loan for the following reasons: prevent repossession, lower interest rate, and lower monthly payments.

    Different credit unions offer different refinancing programs, and while some offer additional perks, others don't. At We Florida Financial, you can enjoy better interest rates on RV loans in Florida when you refinance because we can lower your interest rate by 1% or more*

    Last but not the least, when you apply for an RV loan at We Florida Financial, and you've been a member for a specific number of years, you may also be eligible for a loyalty discount.