Boat & RV Loans in Canada
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Start your next water or land adventure with a boat and RV loan
Spring Financial helps Canadians embrace the outdoors with flexible financing options designed to make covering motorized vehicle costs easier, from purchases to maintenance and upgrades. With competitive rates and fast approvals, we provide the support you need to handle your expenses. Find out how much you qualify for today.
Financing RVs and boats with loans
One of the first decisions to make before obtaining a loan to buy a motorized vehicle is whether to purchase a new or used model. The main difference lies mainly in the cost, as new vehicles are usually more expensive. However, favourable terms are often available for both options. The final terms depend on the lender, your financial profile, the requested amount, and the loan type.
Unsecured loans
These loans provide simplicity and speed without the need for collateral. Lenders like Spring Financial specialize in unsecured loans, offering up to $35,000 with great rates starting at 9.99%. Get your RV or boat financed today. Apply now.
Secured loans
Secured loans use assets as collateral, mitigating the risk of default for lenders. This often results in lower interest rates. However, failing to meet any loan conditions or tems could result in losing the pledged collateral.
In-house dealership financing
Sometimes dealerships that supply RVs, boats or other vehicles offer financing options. These are typically limited to just covering the purchase of a specific vehicle – unlike a personal loan which can be used for other expenses too, like upgrades and maintenance.
How can I get a boat or RV loan with bad credit?
While banks and credit unions tend to reject people with poor credit, many options are available for favourable borrowing. Online lenders like Spring Financial are a popular alternative for those with bad credit. Spring welcomes all scores and often provides quick approvals, competitive rates and a fully digital loan process. It’s one of the easiest ways to access up to $35,000.
However, if you’re looking to strengthen your borrowing power, improving your credit score is a smart step to take. Apart from loans, Spring Financial offers The Foundation – a credit building program that’s designed to boost your score in just 12 months. Start building your credit score, apply to The Foundation today.
No credit check leisure vehicle loans
These are the financial vehicles that most advisors tend to recommend against. No credit check loans might seem appealing because they skip the credit score review during approval, but their rates are usually extremely high to offset risk for the lender. For those looking to build financial stability, these can be particularly dangerous, as they often lead to a debt cycle.
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Fill out our secure online application
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Get approved
Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.
3. Receive your funds!
Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!
What are the interest rates for boat & RV loans in Canada?
As with most loans, terms depend on the lender, the borrower’s credit history, and the loan amount. You could usually secure rates ranging from around 6% to 11% by offering collateral, but this would depend on the asset’s value and your profile. Rates for unsecured loans can range from 9% to 47%, also varying based on your profile, lender and requested amount.
For example, Spring Financial’s loan rates start at just 9.99%. With loan amounts up to $35,000, you could cover multiple expenses with ease. Complete our quick 3 minute application and receive your approved funds in your bank account as soon as the same day you apply.
You have questions,
we have answers.
Do marine dealers offer boat loans?
Yes, you can get a loan from a marine dealer, which is typically facilitated through partnerships with external lenders. Usually, in this type of financing, the boat itself serves as collateral. Additionally, some dealers might charge extra fees that can increase the overall cost you need to pay.
How long are the terms for RV & boat loans?
Generally, RV and boat loan terms start at about 6 months and could extend up to 6 years. It’s important to note that longer terms could result in lower monthly payments, but could lead to higher overall costs. Additionally, some lenders impose penalty fees for ealy loan repayments, so it’s crucial to carefully review your loan agreement to avoid unexpected charges.
What can I cover with an RV or boat loan?
Most lenders allow you to use disbursed funds for expenses for both RV and boat-related and unrelated expenses. Common uses for RV loans include purchasing travel trailers or campers, upgrading an existing RV, adding cutomazations or modifications, and covering repair and maintenance costs.
Who offers the best RV and boat financing?
Many Canadians turn to online lenders for quick financial support through personal loans – which can be used to finance almost anything. Online lenders are a popular option because you could get approved and funded the same day you apply. Additionally, some online lenders like Spring Financial often offer single-digit competitive rates, flexible repayment plans, and a streamlined application process that takes no longer than 3 minutes.
How much can I borrow for a boat or RV?
The amount you can borrow depends on the lender, loan type, earnings, debt and any applicable down payment that’s been made. In Canada, personal loans usually range from around $100 to $50,000; while HELOCs can exceed $100,000. Be sure to understand the terms and ensure you can comfortably afford the repayment amount before committing to any loan.
Why choose Spring?
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Bank Loans
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Credit Cards
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Payday Loans
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Max Amount
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$35,000
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$50,000
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$10,000
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$1,500
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Interest Rates
From |
9.99%
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9.99%
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$19.99%
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200-450%
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Fully Online Application
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Fast Approval
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e-Transfer
Delivery |
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Max Amount
$35,000 |
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interest Rates From
$9.99% |
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Fully Online Application
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Approval within
Hours |
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Same-Day
E-Transfer |
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Bank Loans
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Max Amount
$50,000 |
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interest Rates From
9.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Credit Cards
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|---|
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Max Amount
$10,000 |
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interest Rates From
$19.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Payday Loans
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Max Amount
$1,500 |
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interest Rates From
200-450% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
*Information is based on avarages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.
About Spring Financial
Apply From Your Device and Say Goodbye to Financial Stress
Experience the most convenient and hassle-free loan application, specifically designed for Canadians, by Canadians. Apply, get approved, and receive the funds via e-Transfer, all from the comfort of your device. Say goodbye to long queues and tedious paperwork! Our process is intentionally designed to be simple, fast, and straightforward.