CHICAGO – It what might be a sign of a recovering economy, loans for recreational vehicles are making a big comeback at some credit unions.
Jade Beckman, VP of consumer lending at Mountain America CU in West Jordan, Utah, said MACU continues to see high demand for RV loans – a trend echoed by First Mid-America CU in St. Louis, Ill.
Mountain America has more than $250 million in loans for RVs (both indirect and direct). Beckman noted MACU has strict underwriting standards for all RV loans, but also reminded that the first and last thing to remember is, “You are financing toys. People need an auto to drive to and from a job; no one needs an RV.”
Because of the high cost of the vehicles, Beckman stressed the importance of asking for cash down – MACU looks for 20% on loans of $50,000 or more.
