PGCFCU Blog

Warmer weather has you dreaming of enjoying the open road - on your terms. You’ve decided that this summer, your dreams become reality. The anticipation of sitting behind the wheel of your first motorcycle or recreational vehicle (RV) is almost too much to bear. But, before you fall in love with the latest model leisure vehicle, combine patience with a touch of financial reflection and basic consumer research. You’ll be less likely to regret your purchase come this time next year.

Here are several common buying mistakes to avoid so you can enjoy your purchase for years to come.

Mistake #1: Not Considering your Future Lifestyle

A recreational vehicle or motorcycle, aka leisure vehicle, can help create memories that last a lifetime. Cross country excursions alone or with family to explore new towns and landmarks are something you’ll likely talk about for years to come. But, before you purchase your leisure vehicle, consider any pending lifestyle changes. For example:

• Do you plan on relocating in the next 18 months? Will you be able to drive, ride, and store your leisure vehicle in the new area with little trouble?
• Is your current mode of transportation faltering? Constant repairs may indicate a replacement car or truck should be the financial priority.

Your answer to these questions may help you determine if now is a good time to purchase your leisure vehicle.

Mistake #2: Bypassing Your Credit Score

Knowing your credit score before completing an application for a leisure loan allows you the opportunity to secure the best terms and interest rates available. As with other credit-based loans, the higher your credit score, the better. If your credit score is below 600, wait until you’ve established a 12-month history of on-time payments and work to reduce your outstanding debt obligations. These actions should help improve your credit score resulting in more affordable payments.

Mistake #3: Only Thinking About Monthly Payments

As you’ve likely experienced since purchasing your car or truck, there’s more to buying a vehicle than making loan payments, paying annual registration fees, and filling your gasoline tank each week. Preventive maintenance helps keep most vehicles running well. Your leisure vehicle will also come with additional costs that go beyond necessary upkeep. For example, recreational vehicle owners need to factor campsite and storage fees along with utility costs into their budgets. Failing to account for these expenses can harm your finances.

Mistake #4: Skipping Membership or Owner’s Clubs

Reading consumer reviews is one of the best ways to learn about vehicle options before stepping into an RV or motorcycle showroom. Another option for serious buyers is contacting membership or owner’s clubs to learn more about what life is really like as a leisure vehicle owner. Consumers can find clubs by visiting RV Camping Club (for RV owners) or Harley Owners Group (for Harley Davidson owners).  Connecting with other outdoor enthusiasts who’ve cut unnecessary expenses associated with leisure vehicle ownership can be priceless. Most are happy to share their experiences.

Purchasing a leisure vehicle can require a significant financial commitment. It might be wise to start with a smaller size motorcycle, boat, or recreational vehicle based on your budget. Unsure how much vehicle you can afford? Contact us to get pre-approved today. We offer low-interest rate motorcycle, boat, and RV loans with no payments for the first 60 days. Apply online. Subject to credit and income approval.