RV financing on a fast track

On January 22, 2016 in Recreation & TravelRV

RV financing on a fast track

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Whether you’re a recreational vacationer or a full-time RV enthusiast, it’s important to remember that your next refinance or purchase of a motorhome does not have to be a difficult, time-consuming process.

Before applying for RV refinancing or a loan, first check your credit score. A higher score will give you a better chance of approval and may save you money with a lower interest rate.

Then, set a budget. Since RVs are typically used for pleasure, you do not want to feel pressured to purchase an item that costs more than you can comfortably afford.

Often, people only consider the actual cost of the RV when seeking a loan, not the necessary products and services associated with RV ownership. But there are associated costs, including:

  • fuel
  • maintenance and repairs
  • insurance
  • ark hookups
  • off-season storage and more.

All of these expenses can be wrapped into the loan, depending on the lending institution. Determine the total amount you may need upfront so you don’t come up short later.

Make a point to shop around for the lowest rate. Dealer financing may be convenient and offer special manufacturer discounts. Other lenders may offer lower rates, as well as the ability to finance additional RV expenses beyond the vehicle costs. Also, if you’ve purchased from a dealer using their financing, check to see if you can get a lower rate on an existing RV loan by refinancing. Research online to see if there are fees associated with financing or refinancing your loan.

As you plan your RV loan roadmap, make sure the company or bank you choose has a streamlined process, from application to funding. Wading through paperwork and long approval processes can add weeks to the financing effort. Make sure your time is spent shopping for the RV you want, not getting over speed bumps to get its financing!