RV Loans: Redefine the Road Trip

Applying for an RV loan has never been easier or more accessible. Being able to travel and save money while staying in an RV has become a very popular way to vacation. 

 

What is an RV?

There are several types of vehicles that are classified as an RV.

  • Travel Trailers
  • Truck Campers
  • Large Motor home
  • Van Conversions
  • Bus Conversions
  • Pop-up Tent Trailers
  • Fifth Wheels
  • Varying sizes of Class A and Class C vehicles

The type of travel that one intends to do will help to determine which size RV is best. Are more bedrooms needed or more storage? What type of camping will it be used for? What are the necessary types of hook-ups needed for water, electrical, etc.?

 

Used or New?

There are a few types of loans available for an RV. A new vehicle loan, a used vehicle loan, or an RV loan refinance are the options typically available.  Before applying for the loan, it is presumed that all the ground work has been done to determine what the best type of RV is. 

Used RV’s typically give more for the money, but can be a risk depending on the condition. Whether buying an RV from a dealer or a private owner, it is always a good idea to have it inspected first. 

New RV’s come with more amenities and the latest options or equipment. Storage may be better engineered to allow for more space. A new RV will also have the most current style and colors.

Before heading out on the open road in an RV, it is also recommended to consider the costs that will be involved. Insurance, maintenance and camping fees, operating and fuel expenses, as well as finance charges need to be considered before the purchase. 

One of the most important things to check before purchasing is where the vehicle will be store. Some cities have laws that prohibit storage or parking of an RV on a private lot if the home is within city limits. There may be an expense for parking or storage of the RV offsite. 

What Lenders Offer

Just as it is important to research the RV before purchasing, it is crucial to research RV loans. Banks and lenders will offer varying options such as the following:

  • competitive rates and flexible terms
  • fixed-rate RV loans
  • online applications
  • multi-recreational vehicle loan discount
  • no pre-payment penalty

 

Determine what payment per month best fits the budget, if one is determined. Financing can be done through a private institution, or through the dealer’s plan. Comparing the rates and terms will ultimately help determine which RV loan is best.

 

 


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