Tips for Securing an RV Loan

Looking for an RV can be an exciting experience. You may already be thinking about the many travel destinations you plan to visit once you’ve purchased an RV. However, something else you may want to think about is securing an RV loan. These kinds of loans can help you finance your dream RV. Here are several tips to utilize while you are searching for the best RV loans.

 

Personal Credit is Key

 

Obtaining an RV loan is a little different than the average car loan. Even if your credit isn’t the greatest, you can often still secure a car loan. However, since an RV is often classified as a luxury vehicle, most buyers must have excellent credit scores. It is important for you to know what your personal credit is so you can figure out right away whether or not you will be able to receive financing for the RV you would like.

 

Do Your Research Ahead of Time

 

As you are looking at RVs, make sure the ones you look at are in your price range. It is important to know how much you can put down on a certain RV. Some lenders will actually require that you put down a certain percentage of money. However, it can work to your advantage if you can put more down at the beginning, as your interest rates will typically be lower.

 

Try to compare at least several financing choices. This will ensure that you get the most competitive loan interest rate. You will also want to determine what kind of loan terms you can meet. For instance, you may choose to opt with monthly payments.

 

These are just several tips that can make your search for an RV loan a little less complicated. Remember that you will mostly likely need to have a great personal credit score in order to qualify for RV loans.

How to Get an RV Loan With Bad Credit

You may have decided you’d like to get an RV to use for camping adventures with the family. If you have a lower credit score, you’re probably concerned about getting turned down for one of the RV loans. While it may be a bit more of a challenge for you to get the loan, there are still a few different ways to make it happen despite having a poor credit score.

 

Start Paying Some of Your Debt

 

If you have extra cash set aside in a savings account, consider using some of it to pay off more of your debt. While you don’t have to pay all your debt off at once, your credit score will drastically improve if you’re paying off even a small portion of what you owe. It doesn’t take long for those numbers to go up after you’ve made a payment. Even if your credit score is only increasing by 10 or 20 points, it’s still an improvement. Not only does it look better on you when applying for a loan, but it’s going to help you get closer to paying off everything you owe.

 

Provide Proof of Steady Income

 

Mistakes happen that can lead to a poor credit score, but that doesn’t mean you wouldn’t be able to afford paying back a loan you’ve taken out to get an RV. Providing proof of steady and reliable income is a great way to get approved for a loan. If you can prove you’re financially stable and earning enough to pay for the cost of living as well as a monthly payment based on the loan you’ll receive, your chances of getting approved for the RV loan may increase.

 

You may think it’s impossible to get financing when your credit score is low, but that isn’t the case. If you can work on paying off some of your debt or even provide proof of steady and reliable income, your odds of getting approved for an RV loan will increase.

5 Ways to Get an RV Loan with Bad Credit

Don’t want your bad credit to get in the way of buying that RV? The good news is it doesn’t have to. There are many things you can do to help improve your chances of procuring the RV loans you need.

 

1. Improve your Credit Score

Taking some time to work on getting that credit score up can make a big difference when trying to get your loan. Make your payments and pay off whatever you can. Most institutions will require a credit score at least in the mid-600’s, but if you can get it closer to 700, the better off you’re going to be.

2. Know the Market Value of Your Purchase

 

If you can’t pay back your loan, the RV itself would generally be held as collateral, so know what it’s worth. Remember: your investment is your lender’s investment, so make it a good one.

 

3. Demonstrate an Increase in your Income

Lenders are looking at your credit history, but they’re also interested in future income. If you’re expecting a significant raise in pay, then be sure and illustrate this to the bank or institution from which you’re requesting the loan.

4.  Make a Sizeable Down Payment

If you’re willing and able to pay a higher amount up front, this can increase the probability of your securing the loan you need to purchase your RV. So find what strategy works for you, save up, and build a sturdy down payment.

5. Agree to Higher Interest Rates

 

Chances are, bad credit is going to lead to higher interest rates. To get your loan, it may mean resigning yourself to paying them.

 

6. Display a Reduction in Expenses

 

Having fewer loans to pay off and lesser financial responsibilities will demonstrate to the lender a better ability on your part to pay back your loan. This makes you a more desirable risk.

 

Bad credit doesn’t necessarily have to hinder you from having a shot at good RV loans. If you play your cards right, you can overcome this obstacle and find yourself making that purchase.

Great Tips to Afford Your RV After Purchase

If you’re looking to make the most of your new RV without making a major dent in your finances, apply some of the preparation and research skills you probably used researching RV loans and consider these smart money suggestions.

Plan Your Travel Budget

Maximize the money you set aside for your excursions by planning a budget. This way, you’ll know the amount needed to finance fixed as well as variable costs before you’re out the door. Better to know whether you can afford the dream trip in advance than run out of cash when you’re only half way to your destination.

Savings Strategy

Temper your temptation to splurge on unnecessary items while on the road. Instead, limit the expense of restaurant dining by indulging in local farmers markets and prepare freshly cooked meals in your mobile kitchen. Plan your overnight stops at affordable RV parks and campsites instead of expensive locations offering amenities you might not use. Plus, drive at posted speed limits which is a smart way to manage fuel consumption and your gas expenses.

Money Making On The Road

Today’s virtual world makes it possible to wander and work at the same time. If you’re a writer, you can record your experiences and destinations for any of the numerous sites that cater to RVers, travelers and armchair tourists. You could also look into employment at campsites, national parks or tourist venues that need assistance. Factoring income into your travel budget is a great way to finance some of the extras you’d like to add into your trip.

 

Purchasing an RV is the start of a whole new world and like many new ventures, is best enjoyed with a little planning on your part. Beginning with RV loans, you’ll next want to assess how to manage RV ownership. Travel tips such as a travel budget, savings strategy, and income opportunities are three suggestions to increase your enjoyment while managing your money on the road.

3 Facts to Know About RV Loans

Purchasing an RV is like purchasing a home to some people. Whether you’ll be living in it full-time or if it is your home away from home, chances are you will need an RV loan to finance it. Here are three things you should know about RV loans.

 

A Good Credit Score Is Important

 

Just like it is with auto loans, a good credit score is very beneficial when applying for an RV loan. Rates for RV loans are sometimes higher than rates for car loans, which is why you credit score is so important. You definitely want to get the lowest rate possible. If your credit score is bad, work on improving it before purchasing your RV. Should there be any errors in your credit report, dispute them immediately as these errors could be the reason for your bad score.

 

A Down Payment Is Helpful

 

Keep in mind that RVs depreciate in value rather quickly. Without a down payment, you could be upside-down on your loan without even realizing it. Always put some money down if you are able to. A down payment can also get you a better interest rate and will also bring down your monthly payment and reduce the length of the loan.

 

An RV Loan Is Harder to Get

 

Not everyone who purchases an RV is a full-time RVer without a mortgage payment. Most people already have a mortgage and probably even one or two auto loans when applying for an RV loan. Based on this, lenders are often more critical and need proof that you’re able to afford an additional loan. Make sure you know exactly how much RV you can afford so you can plan accordingly. The dealership where you’re purchasing your RV can help you shop the market for the best interest rate that fits your budget.

 

Preparation is essential when making a major purchase. As exciting as getting an RV is, you want to be knowledgeable before going shopping. With these three facts in mind, you are better prepared.

 

How to Get Approved for an In-House RV Loan

Owning a recreational vehicle can be one of life’s greatest pleasures. You can drive long distances in comfort and then kick back in its cozy interior at almost any rest area, RV park or campsite. If you’re ready to look for affordable RV loans, we’d like to offer you a few tips on increasing your chances of getting in-house financing approval from your local dealership.  

 

Have a Down Payment in Hand  

 

Before you approach any dealerships to obtain in-house financing, you might increase your chances of approval by having a down payment in hand. Generally, the larger the down payment, the better your odds. If you cannot save up cash, consider trading in a vehicle instead. If you take this route, you might want to know the value of your trade in so you can get the best deal possible. Having a sizeable down payment can also reduce what you might pay monthly.  

 

Pay Off Old Debt First  

 

Even if you have a fair credit score, paying off old debt before you seek out in-house financing can increase your chances of finding affordable RV loans. The more debt you can erase, the more favorably dealerships might look upon you in terms of financial risk. Small credit card balances, medical bills and outstanding collections are all debts you can work on paying off within the space of a year or less.  

 

Calculate More Than Just Monthly Payments  

 

When you calculate what you can afford for an RV, it’s a good idea to include all costs within your budget. Add on taxes, fees, the cost of fuel, insurance and maintenance fees, and you might have a better idea of what this vehicle will cost you when you buy it and how much you will have to spend to maintain it later. The more knowledgeable you are about costs, the easier it will be to work with your lender.  

 

Even if you have fair credit, RV loans still might be within your reach. Preparing to find these loans and having your finances in order can help you find one that suits your budget and your dreams of RV ownership.  

What You Need to Know About Financing an RV

If you want to explore the great outdoors and take your family with you, an RV can be a great choice. These vehicles can provide freedom and fun. Don’t let the idea of financing your RV dampen your dreams. Once you know a little more about RV loans, you can be ready to start your next adventure.

 

What Down Payment Do I Need?

 

As with the purchase of a house or a car, RV loans sometimes require down payments. Typically, you will need between 10 and 20 percent of the purchase amount to put down. However, some lenders offer no-money-down options for people with great credit.

 

What is the Length of the Loan?

 

These days, RV loans can come in all shapes and sizes. Some are more like car loans that have three-year lengths. However, you can extend your credit to 20 years, if needed.

 

It’s important to remember that the longer your loan, the more interest you will pay. If you can take a shorter loan term, it may be prudent to do so. However, the 20-year loans can be a great option if you require a lower monthly payment.

 

What Credit Do I Need?

 

RVs are luxury items, not necessities like cars. As such, there are often higher standards for lending. If your credit is not-so-great, you may want to improve it before you purchase an RV. However, if your credit is excellent, you can get exceptional loan terms.

 

What About Insurance?

 

Don’t forget that you need to insure your RV the same way you would protect a car or a home with a loan. Many lenders will require you to have insurance before you leave the lot. Be sure to contact your insurance agent to discuss rates and what you would need.

 

An RV can open up a whole world of adventures for you and your family. Before you sign the dotted line, be sure to understand the terms of your RV loan.

What You Need to Know About RV Loans

Purchasing a recreational is much like purchasing a car or house. If you can’t pay for it with cash you have to obtain financing. Here’s what we think you have to know about RV loans so you can secure the RV of your dreams.

 

Figure Out Your Budget

 

Before you go shopping, figure out how much RV you can afford. Take a look at your budget, including income, expenses and savings. Also consider any RV-related fluctuating expenses, such as maintenance and fuel. The amount of upkeep RVs require and their gas mileage vary. If you’re in the market for a motorhome, expect to pay more for maintenance as well as keep in mind that unlike a travel trailer or fifth wheel, it runs on fuel. The RV you end up getting depends on your needs and what you are able to afford.

 

Know the Factors That Influence Your Loan Rate

 

The rate you are able to secure for your loan depends on the term of your loan, your down payment and loan-to-loan value. Furthermore, the rate also depends on your credit history, credit score and repayment history. If you want to improve your rate, you can do this with a down payment and an excellent credit score.

 

Save Money for a Down Payment

 

As with any loan, putting down money can be very helpful in getting an RV loan. A large down payment reduces your monthly payments and can even bring down your interest rate. If you have a bad credit history, a down payment might be the only option for you to secure a good interest rate.

 

Improve Your Credit Score

 

Be sure to check your credit score before getting a loan. If your credit score is bad, figure out why it is bad and what you can do to improve it. Don’t hesitate to dispute credit report errors if you notice any. Furthermore, if feasible, do whatever it takes to improve your score, such as paying off any old debt.

 

These are valuable facts about RV loans that you should know. With all of this in mind you are one step closer to purchasing an RV.

Reducing the Stress of Paying Your RV Loan

Loans can be difficult to comprehend, but we can help steer you in the right direction and help ensure your RV loan is paid off as quickly and painlessly as possible. Owning a recreational vehicle is a great way to save money on vacations and provides you the freedom of taking a trip whenever you desire.

 

The Benefits of Owning a RV

 

Having a recreational vehicle can allow you to go on spontaneous trips and adventures with loved ones at any time and makes it simple to take vacations. It can also drastically reduce the price of your trips. When you and your friends have a place to stay and cook in, you can save a substantial amount of money and eliminate three of the largest expenses associated with traveling – transportation to and from, food and lodging. All the perks aside, if the thought of purchasing a RV seems daunting, we can help with finances and show you proven methods for paying off your recreational vehicle.

 

A Few Small Adjustments

 

If thinking about your loan causes stress and uncertainty, we are here to help ensure your loan gets paid off as quickly and painlessly as possible. We can share a few of our tricks for paying off RV loans faster including making multiple payments every month and adding an extra payment when you are financially capable. Over time, your loan can be paid off quicker and you will ultimately save more in the long run.

 

We know it can be difficult to wrap your head around recreational vehicle financing. Fortunately, we can assist you financially and help you get on the road as quickly as possible. By making a few adjustments to how you pay off your loan and how quickly you make payments, you can enjoy all the perks of owning an RV without being stressed about your loans.

Avoid These Pricey Mistakes When Financing Your New RV

More and more people are heading for the open road on vacations and for many, this means purchasing an RV. While a recreational vehicle can be a lot of fun for your family, you want to make it as affordable as possible. When you come to us at your dealership, you should have a few things in mind. Here are the mistakes many people make when taking out RV loans.

 

Not Calculating the Total Cost of Ownership

 

Buying an RV is more than just the monthly payment. You need to take into consideration other costs such as gas, maintenance and insurance rates. If you plan on storing it away from your home, you’ll need to add that in too. While we can get you the best rates on a loan, RV ownership can still be expensive.

 

Not Haggling on the Price

 

There is a big markup on RVs. Because of this, we expect you to negotiate a better price. Ask us what the lowest price is that we can offer. You can often save tens of thousands of dollars this way. Why would you want to pay more?

 

Owing More on an RV Than It’s Worth

 

Like any vehicle, RVs depreciate by a huge margin when you drive them off our lot. Because of this, you could fall into the trap of owing more on your loan than you would get back if you traded it in. To avoid this money pit, you should make as large a down payment on the vehicle as possible when you buy it. This will leave you owing less over time and you should be able to make a profit towards a new one when you trade it in.

 

Vacationing in an RV with your family or friends can be the experience of a lifetime, but you want to make it affordable. Side-step the troubles above by following our tips to make the most of your money. That way you’ll enjoy your vehicle for years to come.