According to the Michigan Department of Natural Resources, Michigan’s 103 state parks and 138 state forest campgrounds aggregated 1.1 million total nights camping in the 2017-18 season. As the state celebrates the 100th years of the park system, the DNR reminds us that in Michigan, you’re never more than a half-hour from a state park, state forest campground, or state trail system.
Likewise, Michiganders have the impressive capacity to say that you are never more than six miles from a body of water—be it a river, inland lake, or one of the Great Lakes. Moreover, residents are never more than 85 miles away from one of those five Great Lakes.
With all that, it’s no wonder that once spring starts to approach, people in the Great Lakes State start considering a boat or an RV purchase. And with Arbor Financial Credit Union running a special right now on RV and boat loans, there is no better time to see what’s available.
But how can you make sure you get the best rate? Here’s our top three tips for making sure you don’t take a bath when you take the plunge on your new boat or RV.
1. Check Your Credit and Price Shop
Before you talk to lenders, you should always have some idea what’s on your credit report. If you subscribe to IDProtect, through Arbor Financial—and really, you should—you can receive your credit report from all three monitoring firms every 90 days, so you’ll know what’s on your report, and what your score is. You can also take action against anything that you think shouldn’t be there which could be negatively affecting your score. If your credit is clean and clear, then your rate will be that much better. Your wallet will thank you.
2. Think About Terms
According to LendingTree, the shorter term you select, the more likely you are to get the best rate. Not only that, but if your loan has a shorter term, then you’re paying less interest. If the higher monthly payments won’t break the bank, it might be something to consider.
3. Get Pre-Approved First
When you go into a showroom or a dealership with a pre-approval in-hand, then you’re going to be less likely to feel pressured to take an offer from the dealer that might not be the best one for you. You could be locked into a higher interest rate, with payment terms that might not work as well for you because you wanted to make sure you got one particular model. When you go in with pre-approval in hand, you can be confident about what you’re getting, and that you’ve got the best rate for you.
Right now, Arbor is featuring a rate as low as 3.99% APR*, with no payments for up to 90 days. You can lock in a great rate, and be enjoying the open road or be on the waters of Lake Michigan well before your first payment comes due.