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.

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.

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.