Inaya Mclaughlin
State Employees' Credit Union (SECU) offers a range of loan services, including auto loans and recreational vehicle (RV) loans. SECU's auto loans are known for their competitive rates and flexible terms, catering to members seeking new or used vehicles. The credit union has also expanded its RV loan program to include a diverse range of RVs, such as motor homes and towable RVs, with flexible loan terms and competitive interest rates. This expansion enhances members' choices and financial flexibility when purchasing an RV for their vacations.
| Characteristics | Values |
|---|---|
| RV Loan Program | North Carolina's State Employees' Credit Union (SECU) offers an RV Loan Program |
| Expansion | In 2006, SECU expanded its RV loan program to include a greater variety of RVs and more flexible loan terms |
| Types of RVs Financed | New and used motor homes, towable RVs (travel trailers, 5th wheels, and pop-up/fold-down trailers) |
| Loan Terms | Up to 10 years for new motor homes and travel trailers/5th wheels, up to 6 years for pop-up/fold-down trailers, and up to 72 months for vehicles less than 10 years old with under 150,000 miles |
| Interest Rates | Competitive and fixed, with an additional 0.50% discount for certain qualifying North Carolina state employees and retirees |
| Loan Rate Determination | Based on FICO® Score, loan term, and model year |
| Insurance Coverage | Collision and comprehensive insurance with a maximum deductible of $1,000 is required throughout the term of auto loans |
| Recreational Vehicle Loans | Offered by WSECU for boats, bikes, and RVs with varying APRs and payment periods |
| Maximum Advance | May include sales tax, license, and warranty, up to the Loan-to-Value, depending on credit history |
| Loan Rate and Terms | Determined by personal credit history, vehicle mileage, loan term, collateral, and vehicle age |
| Additional Information | Proof of income may be required, and all loans are subject to lending policies |
What You'll Learn
North Carolina's SECU RV loan program
North Carolina's State Employees' Credit Union (SECU) offers an RV loan program with competitive rates and flexible terms. The program has been expanded to include a greater variety of RVs that can be financed, including new and used motor homes, as well as towable RVs such as travel trailers, 5th wheels, and pop-up/fold-down trailers. The terms of the loans have also been made more flexible, with options for up to 10 years for new motor homes and travel trailers/5th wheels, and up to six years for pop-up/fold-down trailers. The terms for used RVs vary depending on their age and type.
SECU's RV loan program offers fixed interest rates, allowing borrowers to know their monthly payments in advance. The interest rates are determined using the borrower's FICO® Score, loan term, and model year. SECU also provides an online calculator to help borrowers evaluate their options and estimate their monthly payments.
In addition to competitive rates and flexible terms, SECU's Auto Power Program offers a convenient way to purchase a new or used vehicle without dealer financing. This program provides a pre-approved check for a specific dollar amount, allowing borrowers to make a deal and drive away their chosen RV without visiting an SECU branch.
SECU's RV loan program is designed to provide members with greater flexibility and choice in their RV purchases, while also offering competitive interest rates. The program's expansion just before the vacation season aims to cater to the needs of those looking to finance their recreational vehicles.
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RV loan rates and terms
RV Loan Rates
RV loan rates depend on the borrower's credit score and credit history. Borrowers with excellent credit can expect interest rates as low as 5.99% as of March 2025. Those with bad credit will still qualify for a loan but will pay much higher rates. The average RV loan rate is around 8%.
RV Loan Terms
RV loan terms typically range from two to seven years, but some lenders offer terms of up to 20 years. Longer terms are usually reserved for larger loan amounts, often $50,000 and up. The longer the loan term, the lower the monthly payments but the higher the total interest paid over the life of the loan.
RV Loan Calculators
Many online lenders offer RV loan calculators to help borrowers estimate their monthly payments. These calculators take into account the loan term, interest rate, and amount to determine the monthly payment.
Example of RV Loan Rates and Terms
As of March 1, 2025, WSECU offers RV loans at $10.88 per $1,000 at 10.20% APR for 180 months. State Employees' Credit Union (SECU) in North Carolina offers flexible terms and competitive interest rates for its RV loan program.
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Auto Power Program
The Auto Power Program offered by the State Employees' Credit Union (SECU) is a convenient way to purchase a new or used vehicle without the hassle of dealer financing. The program provides a pre-approved check for a specific dollar amount, allowing you to make a deal and drive away your chosen vehicle without visiting an SECU branch.
With the Auto Power Program, you can buy a vehicle from a licensed auto dealer using the pre-approved check. This eliminates the need for separate financing, making the car-buying process more streamlined and efficient. The program offers competitive rates and flexible terms to fit your budget.
To qualify for the Auto Power Program, you must be an SECU member. Membership has its benefits, including access to competitive auto loan interest rates. SECU provides vehicle loans with flexible terms and rates that are tailored to your financial situation. The credit union uses the FICO® Score to determine loan rates, in addition to loan term and model year. You can easily check your FICO Score through Member Access or the SECU App if you already have a lending relationship with them.
The Auto Power Program is a great option for those who want a hassle-free and convenient way to purchase a vehicle. It empowers you to make a confident and informed decision when buying a new or used car, with the assurance of competitive rates and flexible terms. By providing a pre-approved check, SECU simplifies the car-buying process, allowing you to focus on finding the right vehicle that meets your needs and preferences.
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Loan refinancing
North Carolina's State Employees' Credit Union (SECU) offers loans for recreational vehicles (RVs). The credit union has expanded its RV lending program to include a wider variety of vehicles and more flexible loan terms. SECU finances new and used motorhomes, as well as towable RVs, including travel trailers, fifth wheels, and pop-up/fold-down trailers. The terms of the loans vary depending on the age and type of RV, with a maximum duration of up to 10 years for new motorhomes and up to 6 years for pop-up trailers.
If you already have an RV loan from another lender, you may consider refinancing to take advantage of SECU's competitive rates and flexible terms. Refinancing your RV loan can help you lower your monthly payments and fit your budget better. It can also reduce the total interest you pay over the life of the loan. When refinancing, you may be able to choose a shorter loan term with higher monthly payments to save on interest overall.
To qualify for refinancing, you will typically need to meet certain credit score requirements, which vary by lender. Some lenders may also require proof of income and collateral. It is important to consider additional costs associated with refinancing, such as loan processing fees and title or registration fees.
When considering refinancing your RV loan, it is essential to evaluate your financial situation and shop around for the best rates and terms that fit your needs. You can use online calculators to compare the potential savings and choose the option that provides the most benefit.
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Loan eligibility
The State Employees' Credit Union (SECU) offers loans for recreational vehicles (RVs). Previously, SECU's financing was limited to motorized RVs, but it has since expanded its lending program to include a greater variety of RVs that can be financed as well as more flexible loan terms.
To be eligible for an RV loan, you must meet certain requirements, including credit score, income, and debt criteria, as well as any lender-specific conditions. A credit score of at least 660 to 700 is typically required, and a score of 700 or higher is strongly preferred. A higher credit score may help offset the typically higher interest rates of unsecured loans.
Lenders offering secured loans will determine eligibility based on your credit score, income, total debt, and the RV you are buying. The RV acts as collateral, which can be repossessed if you default on the loan. Secured loans generally have lower rates and fees than unsecured loans.
Unsecured personal loans, on the other hand, are based on your credit, income, and debt-to-income (DTI) ratio, rather than the vehicle you are purchasing. These loans usually have higher interest rates, and bad credit loan rates can reach up to 36%.
Loan amounts for RVs typically range from $10,000 to over $1 million, with terms of up to 20 years for secured loans and two to seven years for unsecured loans. To increase your chances of approval, ensure your finances are in order and research lenders to find those that match your borrowing needs.
SECU Loan Details
SECU now finances new and used motor homes, as well as towable RVs, including travel trailers, 5th wheels, and pop-up/fold-down trailers. The terms of the loans vary depending on the type of RV. For new motor homes and travel trailers/5th wheels, terms are available for up to 10 years, while pop-up/fold-down trailers have terms of up to six years. The terms for used RVs vary based on the age and type of RV.
Other Lenders
Other lenders, such as iNet, Southeast Financial, and SoFi, also offer RV loans with varying maximum loan amounts, terms, and eligibility requirements. It is important to research different lenders and their specific criteria to find the best option for your needs.
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Frequently asked questions
Yes, SECU does offer loans on RVs. The State Employees' Credit Union has an RV Loan Program that finances a variety of RVs, including new and used motor homes, towable RVs, travel trailers, 5th wheels, and pop-up/fold-down trailers.
The interest rate for an RV loan from SECU is $10.88 per $1,000 at 10.20% APR for 180 months.
The interest rate for an RV loan is determined by your personal credit history, vehicle mileage, loan term, collateral, and vehicle age.
Yes, SECU's Auto Power Program provides a pre-approved check for a specific dollar amount that can be used to purchase an RV from a licensed dealer.
SECU offers competitive interest rates and flexible loan terms of up to 10 years for new motor homes and up to 6 years for used RVs, depending on their age and type.
