North Carolina's SECU Expands its RV Loan Program

RALEIGH, N.C. – With just a few months to go to vacation season, State Employees’ Credit Union has expanded its recreational vehicle lending program to include a greater variety of RVs that can be financed as well as the terms of the loans. Previously, financing was limited to motorized RVs and the terms wee the same as SECU’s standard vehicle loans. The changes have expanded the types of RVs that can be finances as well as allowing for more flexible loan terms. SECU now finances new and used motor homes as well as towable RVs including travel trailers, 5th wheels and pop-up/fold-down trailers. Terms are available up to 10 years for new motor homes and travel trailers/5th wheels, and up to six years for pop-up/fold-down trailers. Terms for used RVs vary depending on the age and type of RV. The credit union said the expanded terms allow for a greater flexibility in members’ choices of RVs as well as provide competitive interest rates. Currently the rate is 7.75% when repaid by payroll deduction. SECU has nearly $13 billion in assets and more than 1.2 million members.