What is a USAA motorcycle loan?
Active, retired, and honorably separated military people and their families have access to USAA loans, insurance, and banking services.
In addition to these options, USAA offers motorbike financing with an APR of 5.25 percent as a starting point. You don’t even have to put down a deposit on your motorcycle to qualify for financing.
The one disadvantage to applying for a USAA motorcycle loan is that you must have a military connection to qualify.
USAA will not deal with you unless you can establish that you or a member of your immediate family — such as a parent or spouse — is or was a member of the military.
What do vehicle loans from USAA cost?
RVs, motorbikes, and boats may all be financed via USAA, but the amount you can borrow varies per vehicle.
Loan amount Starting APR Loan term
- RV loans $5,000 to $35,000 6% 1 to 15 years
- Motorcycle loans Starts at $5,000 7.09% 1 to 6 years
- Boat loans $5,000 to $35,000 6.05% 1 to 15 years
- Other leisure vehicle loans None stated 8.09% Up to 15 years
How it works
Your rate will be determined in part by your credit score and financial situation, but USAA will also evaluate the loan’s size.
To qualify for a 10-year term on a boat loan, for example, you must borrow the maximum amount available from USAA, which is $35,000. Only loans of $10,000 or more are eligible for five-year periods.
As a result, determining how much you can afford each month is critical – if you don’t finance enough, you may not be able to prolong your loan term and benefit from lower monthly payments.
What do I need to qualify?
Although USAA does not have rigorous credit or income requirements, you must fulfill the following conditions to be considered for a loan:
- USAA member
- Good to excellent credit
What information do I need to apply?
You will be requested to supply the following information when you apply:
- Social Security number
- Date of birth
- Details about your income
- Details about your military service or a family member’s military service
Pros
- Competitive rates start at 6%
- Minimal fees
- Autopay discount of 0.25%
Cons
- You must be a current or retired member of the military to be eligible
History of poor customer reviews
For boats and RVs, the maximum loan amount is $35,000
Customers have a lot of nasty things to say about USAA. While the newest ratings do not directly mention its recreational vehicle loans, the bank has a history of poor customer service and concerns about its problem-solving procedure, leaving many customers dissatisfied with their banking experience.
How do I apply?
Follow these steps to get started on the internet:
- Under the Products page on USAA’s website, click Motorcycle, RV, and Boat Loans.
- Choose the type of recreational vehicle you want to finance, then click the Apply Now or Finance option.
- Log in to your USAA account or sign up to become a member if you aren’t already a member.
- After that, you must complete the application and may be required to provide other papers, such as proof of income, to finish it.
What happens after I apply?
Following the submission of your application, a professional evaluate your loan request. A loan decision from USAA is usually communicated to borrowers within one to two business days.
Also Read: USDA Loan Income Limits
How does USAA handle repayments?
Sign up for autopay using your USAA bank account to take advantage of the 0.25 percent APR reduction. Check your loan agreement for more payment options.
Also, if you choose a longer loan term, strive to pay more than the minimum payment each month to reduce your loan’s overall cost.
What types of loans does USAA offer?
Military members and their families can apply for several loans via USAA.
Individuals are given personal loans.
USAA provides fast approval with maturities ranging from one to seven years and interest rates ranging from 7.24 percent to 18 percent.
Loans for automobiles. With cheap APRs, you may finance your next new or used automobile, albeit the specific terms will depend on your credit. You can even get an 84-month refinancing on your current vehicle.
Loans for motorcycles, RVs, boats, and recreational vehicles. You may make the most of your free time by taking out a recreational car loan. Term lengths can be as long as 180 months.
Mortgages on homes. Learn about the advantages of USAA’s VA loans, Conventional 97 loans, and conventional mortgages for military and non-military members, including fixed rates and as little as 5% down.
Why should I think about getting a loan from USAA?
Discount if you pay with autopay. When you set up autopay from a USAA checking account, you may be eligible for a 0.25 percent rate reduction on most of the company’s loan alternatives.
There are no hidden costs. With USAA, there are no prepayments, application fees, or other hidden costs.
APRs are low. APRs for loans in almost every category is competitive.
USAA provides debt protection. You can pay a charge to safeguard yourself against unanticipated financial issues with USAA.
All credit scores are taken into account. You won’t be turned down because of bad credit, but you won’t be able to receive the best prices if your score is low.
Where does USAA fall short?
It is currently undergoing government intervention. According to the Better Business Bureau (BBB), the Consumer Financial Protection Bureau (CFPB) has ordered USAA to pay $12 million after it failed to heed stop payment orders on electronic transfers; according to the Better Business Bureau (BBB).
The best prices are reserved for those with excellent credit. You may be offered a higher APR if you have less-than-perfect credit, or you may not be accepted at all if you have less-than-perfect credit.
Membership is required. Only current or former members of the US military, or members of their families, are eligible to borrow from USAA.
Are USAA loans safe?
Yes. USAA takes every step to keep your personal information safe and secure from unwanted access. Its site employs multilayer protection, including onsite security and antivirus software, to safeguard your financial and banking information.
Only you and USAA staff whose duties demand it access your information during the loan process. To top it off, the United States Department of Veterans Affairs backs USAA.
What does a loan with USAA cost?
USAA has a low pricing structure for its loans, with no origination, application, or prepayment fees. If you’re late on a payment, you’ll usually be charged a penalty equivalent to 5% of the amount owed.
You’ll have to return your loan with interest in addition to costs. While USAA offers cheap rates, it may not be the most excellent option for folks with good credit who may be able to get a better deal from another lender.
Consider your selections carefully, and read our dedicated review sections to learn more about the rates you may anticipate from a USAA loan.
