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USAA leisure vehicle loans review — Motorcycles, boats, RVs and more

Military members can take advantage of low rates to finance inexpensive vehicles.

  • Best for smaller leisure vehicle purchases.
  • Pick something else if you don't qualify for USAA membership.
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$5,000

Min. Loan Amount

$35,000

Max. Loan Amount

Starting at 5.75%

APR

Details

Product NameUSAA leisure vehicle loans
Min. Loan Amount$5,000
Max. Loan Amount$35,000
APRStarting at 5.75%
Interest Rate TypeFixed
RequirementsUSAA member and good to excellent credit
Best of 2020
Finder experts pick USAA leisure vehicle loans as a 2020 best pick for car loans.
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Review by


Aliyyah Camp is a writer and personal finance blogger who helps readers compare personal, student, car and business loans. Aliyyah earned a BA in communication from the University of Pennsylvania and is based in New York, where she enjoys movies and running outdoors.

Expert review

USAA is a good choice for current members who don’t plan on spending more than $35,000 on a motorcycle, boat, RV or other leisure vehicle. Its rates start low, and with its 0.25% APR discount, you may be able to get under 6% if you have excellent credit.

But there are a number of drawbacks. USAA gained a bad reputation these past few years, and you’re limited to how much vehicle you’re able to finance. With most boats and RVs costing more than $35,000, you may be hard pressed to use USAA for anything more than a small purchase. And if you don’t have the current or past US military experience needed to qualify for membership, you won’t be able to apply.

To make sure USAA is the right choice, compare more vehicle loans before signing up.

What do vehicle loans from USAA cost?

USAA offers loans for RVs, motorcycles and boats — but the amount you can finance varies by vehicle.

Loan amountStarting APRLoan term
RV loans$5,000 to $35,0006%1 to 15 years
Motorcycle loansStarts at $5,0007.09%1 to 6 years
Boat loans$5,000 to $35,0006.05%1 to 15 years
Other leisure vehicle loansNone stated8.09%Up to 15 years

How it works

The rate you receive will be partially based on your credit score and finances, but USAA also takes the size of the loan into consideration. To qualify for a 10-year term on a boat loan, for example, you need to borrow USAA’s maximum amount of $35,000. And five-year terms are only offered on loans of $10,000 or more.

Because of this, it’s important to determine how much you can afford each month — if you don’t finance enough, you might not be able to extend your loan term and take advantage of lower monthly repayments.

What do I need to qualify?

USAA doesn’t have strict credit or income requirements, but you will still need to meet these criteria to be eligible for a loan:

  • USAA member
  • Good to excellent credit

What information do I need to apply?

When you apply, you’ll need to enter some information about yourself:

  • Social Security number
  • Date of birth
  • Details about your income
  • Details about you or a family member’s military service

Pros

  • Competitive rates starting at 6%
  • Minimal fees
  • Autopay discount of 0.25%

Cons

  • Must be a current or former member of the military to qualify
  • History of poor customer reviews
  • Low maximum loan amount of $35,000 for boats and RVs

USAA receives plenty of negative reviews from its customers. While the recent reviews don’t comment on its leisure vehicle loans specifically, a history of poor customer service and complaints about its process for dealing with problems left many people unsatisfied with their banking experience.

USAA found in violation of Electronic Fund Transfer Act

According to the BBB, USAA reached a settlement with the Consumer Financial Protection Bureau (CFPB) in January 2019 for $15.5 million after failing to honor its customers’ stop payment requests. It was also found guilty of reopening deposit accounts without authorization from the accountholder.

How do I apply?

You can get started online by following these steps:

  1. Visit USAA’s website and click Motorcycle, RV & boat loans under the Products tab.
  2. Select the category of leisure vehicle you plan on financing, then select the Apply now or Finance button.
  3. Log in to your USAA account or join USAA if you aren’t currently a member.

From here, you will need to complete the application and may need to submit additional documents, such as proof of income, to finalize your application.

What happens after I apply?

Once you’ve submitted your application, a specialist considers your loan request against. USAA typically notifies borrowers of a loan decision within one to two business days.

How do repayments work with USAA?

To take advantage of USAA’s 0.25% APR discount, sign up for autopay using your USAA checking account. For other payment methods, check your loan agreement. And if you opted for a longer loan term, try to pay more than the minimum each month to cut down on the total cost of your loan.

USAA is one of the few major banks that offers financing for leisure vehicles — but the actual amount you can borrow is limited. You may want to consider a personal loan for larger purchases instead.

See other loan options

Name Product Filter Values APR Min. Credit Score Loan Amount
Best Egg personal loans
5.99% to 29.99%
600
$2,000 - $50,000
A prime online lending platform with multiple repayment methods.
SoFi personal loans
5.99% to 18.85%
680
$5,000 - $100,000
A highly-rated lender with competitive rates, high loan amounts and no fees.
Credible personal loans
2.49% to 35.99%
Fair to excellent credit
$1,000 - $100,000
Get personalized rates in minutes and then choose an offer from a selection of top online lenders.
Monevo personal loans
3.49% to 35.99%
None
$500 - $100,000
Quickly compare multiple online lenders with competitive rates depending on your credit.
Tally+ Express
7.9% to 29.99%
660
$2,000 - $30,000

Only available for Line of Credit and Debt consolidation

Upgrade personal loans
5.94% to 35.97%
600
$1,000 - $50,000
Affordable loans with two simple repayment terms and no prepayment penalties.
LendingClub personal loans
8.05% to 35.89%
640
$1,000 - $40,000
A peer-to-peer lender offering fair rates based on your credit score.
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USAA reviews and complaints

BBB accredited No
BBB rating A-
BBB customer reviews 1.2 out of 5 stars, based on 538 customer reviews
BBB customer complaints 1,414 customer complaints
Trustpilot Score 1.4 out of 5 stars, based on 513 customer reviews
Customer reviews verified as of 16 October 2020

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