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Buying a Motorcycle, RV, or Boat? Follow These 3 Tips.

By: American Heritage05.30.19

Looking forward to getting outdoors this summer? Whether your ideal adventure takes you across the country or “down the shore,” a new motorcycle, RV, or boat could be a dream come true. But a significant price tag and the cost of upkeep are realities you’ll need to prepare for.

When you’re ready to purchase an outdoor “toy” such as a bike, RV, or power watercraft, these three tips can show you how to choose the right option for your budget and simplify the purchasing process.



Whether you ride, camp, or cruise, a vehicle for outdoor recreation can be a great investment in your quality of life. However, when considering a purchase that could run you thousands or tens of thousands of dollars, you’ll want to figure out exactly how much money you’ll need. Beyond the purchase price, there are other necessary expenses to help you protect, maintain, and enjoy your vehicle for years to come.

Here are a few of the additional costs to consider:


Motorcycle Costs

The costs of owning a bike, while typically less than those for an RV or boat, are still significant. Make sure you’re prepared to cover the cost of registration, insurance, fuel, tires, and maintenance. And don’t skimp on safety gear. Good boots, a jacket, gloves, pants, and a high-quality helmet can cost you hundreds of dollars. According to Rollick, riders should budget for at least $1,000 in yearly maintenance and $200–$500/year for insurance.


RV Costs

Clearly, the more you travel with your motor home or camper, the more money you’ll spend on fuel, camping fees, power, and related expenses. But that’s just the beginning; the cost of upkeep and repairs can be high, and should be a major consideration as you plan your purchase. The enthusiasts at Axle Addict note that replacing the tires can run upwards of $2,500. Other maintenance costs can add up quickly. You should also plan for steeper insurance bills, particularly for higher-end RVs.


Boat Costs

There’s no one-size-fits-all budget for boats. Their long-term costs vary widely depending on your location and the boat’s size and age. It’s worth doing research to get a sense of your future costs when it comes to insurance, safety gear, a trailer, fuel, and marina rental fees. You’ll also want to set money aside for maintenance, winterization, and storage.



Once you’ve determined your costs outside of the purchase price, you’ll have a better sense of how much you can afford to spend for your new bike, RV, or boat. But how will you pay? Here are some options to consider:



If you can afford it, saving up and paying in cash is an easy way to own your new vehicle free and clear. If you’re looking to pay with cash, American Heritage can help. We offer a wide selection of great-rate savings accounts, money market accounts, and certificates to help grow your savings faster.


Dealer Financing

It may seem convenient to finance right where you purchase, and many dealers benefit from this attitude. However, this route won’t give you the freedom to compare options and look for a lender offering better terms for the same amount of financing. As with some car dealerships, a high-pressure sales process can lead buyers to accept unnecessary add-ons, a costlier loan, and higher payments than they’re comfortable with.


Credit Union Financing

Unlike for-profit dealerships, your not-for-profit credit union exists to serve its members by offering things like more affordable financing options, even for some members with less-than-perfect credit. And with a credit union, you won’t have to worry about a high-pressure financing process or hidden fees. American Heritage offers more than just the loan — we also offer experts who help you find and insure your new motorcycle or RV.



A pre-approved loan from American Heritage makes shopping for your new motorcycle, RV, or boat a breeze. The pre-approval process is fast and easy, and it will significantly simplify your process at the dealer.



Pre-approval shows you how much financing you can receive and what your monthly payment will be, making it easier to set a realistic budget. It also makes it easier to research your options ahead of time to ensure you get a fair price at the dealer.


At American Heritage, our wide selection of motor vehicle loans makes it easier and more affordable to finance a motorcycle, RV, power watercraft, or ATV – and take your next outdoor adventure to the next level. Connect with us today to learn more and get started.



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