It’s summer, the time when many of us think about cruising around the lake or hitting the open road. If that sounds like you, and you’re in the market for a boat or RV, you may want to head to your local credit union for the best rates. Credit unions offer rates that are downright embarrassing to the competition.

When you join a credit union, you become a member, and thereby become a part owner. For this reason you will receive a higher level of service and will not be treated like just a number. They are non-profit organizations. All profit made by a credit union goes right back to its members as dividends, yet another advantage to choosing a credit union over a competing service.

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Credit unions exist in contrast to banks who are always looking to maximize their profits, often at the expense of their clients. This explains why credit unions can pay higher rates on deposits, and charge lower rates on mortgages, auto loans, and boat or RV loans.

Credit unions are not subject to most taxes due to their non-profit status, and it represents one reason why they can keep fees lower and offer better rates to members. Banks do not like credit unions since they threaten their market share, and they will go to great lengths to discredit the services they offer.

For example, credit unions have membership requirements. While this is true, virtually anyone can qualify to join based on their place of residence, their employment or other associations they may belong to.

They will also often claim that credit union ATM access is limited. In reality, most credit unions are part of large ATM networks or at the very least reimburse their members for fees associated with using ATMs that are not part of their network.

Credit unions actually have their own insurer, the National Credit Union Administration. The NCUA functions for them much like the FDIC does for banks. Many credit unions insure their own accounts privately to give an added level of protection.

How much can you save on a boat or RV loan? A recent survey shows on average that credit union rates are typically one to one-and-a-half percent lower than bank rates for boat/RV loans. This small percentage difference really adds up to a lot of money over the term of a longer loan. So, if you’re looking for a loan to finance that new boat or RV purchase, remember to check with your credit union for the best rates around.

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