While Discover does not finance auto loans, there is more to motorized transportation than cars, just like there are many ways to use a personal loan. It’s no secret that personal loans are a valuable financing option for life’s large expenses or debt management. It’s not uncommon to turn to a personal loan for weddings, home repairs or debt consolidation, for example.
But if you can’t use a Discover Personal Loan to buy a car, can you use it for other vehicle-related expenses?
Let’s explore that question.
A Motorcycle Loan Option
You’ve taken the safety courses, updated your licensing and spent a lot of time cruising the showrooms window-shopping: You’re in the market for a motorcycle.
Though motorcycles can be cheaper than even the least expensive economy cars, a beginner-bike purchase (plus the personal protective gear to go along with it) might cost more than the cash you have on hand.
But when you choose a personal loan as a financing option, you can build in additional cash to cover the extras that come along with motorcycle ownership:
- Helmets for yourself and anyone who may be a passenger
- Other safety gear, including jackets, shoes, gloves and more
- Cold-weather and wet-weather gear
- Routine maintenance
- Insurance coverage — whether pre-paying for your bike or adding coverage to your existing policies.
It can all add up quickly, but with an effective bike-buying budget in place, you could get a personal loan that’s sized to include everything you need for a motorcycle.
An RV Loan Option
Is it a truck? A house? Both? RVs may not be as expensive as a typical home, but large or luxury-outfitted RVs can cost north of $100,000. And the costlier the RV, the longer the loan terms can be, sometimes stretching into mortgage-range territory with 20 or more years.
It’s a hard number to pin down, but it’s estimated that over eight million houses in America, roughly six percent of all housing, are mobile homes, as of 2018. Whether or not the goal is to pick up roots and take to the open road permanently or to have a little motorhome for weekend camping and festival trips, RV loans are serious commitments. And like the purchase of a motorcycle, the purchase of an RV comes with several additional costs:
- Cleaning fees
- Parking fees, slip rentals and campground fees
- Typical daily living expenses
Padding the initial borrowed amount of a personal loan for an RV can help defray the costs of your new road warrior lifestyle.
Financing Other Recreational Vehicles
Nature and outdoor enthusiasts know all too well the costs of their outdoor gear—which can often include some kind of vehicle.
Here are some vehicles for which a personal loan can provide purchasing power:
- Boat financing is often a barrier to entry for water enthusiasts, but a personal loan can help with paying for a boat and other major expenses
- ATVs make for hours of fun blazing new trails, but the hard, off-road usage means a lot of maintenance. You can build those costs into ATV financing with a personal loan.
- Motor scooters. City dwellers may be keen to zip around on these. They’re less costly and create less pollution than motorcycles, but require similar gear considerations.
- Electric bikes. E-bikes are taking off in popularity, and while auto financing is out of the question, a personal loan isn’t.
Secondary and recreational vehicles can be costly hobbies, but a personal loan from Discover can put you in the driver’s seat as an alternative to traditional auto lending options