Ten Things You Need to Know to Get the Best RV Financing Loans
What Is An RV Financing Loan?
RV stands for Recreational Vehicle which requires a special type of loan typically known as an RV Loan. RV loans can be for financing a purchase of an RV or they can be used to refinance an RV loan a borrower currently has into better terms, lower interest rates, or better payments. RV Loans generally range from 5-20 years long and can vary widely in the interest rate and loan terms due to the credit profile of the borrower and the age, value, and type of RV being financed.
Read below to learn about loan terms, how to get an RV loan, where to get an RV loan, how to apply for an RV loan and much more.
Do RV Loans differ from Auto and Home loans?
RV loans are different than auto and home loans but resemble a mix of both. The terms are usually between 5 and 20 years long depending on the amount borrowed, the age of the RV, the credit profile of the borrower and where you get the loan from. Most RVers might assume that all RV loans are generally the same but the rate and terms can vary significantly based on these factors. Credit unions, local bank, national lenders and RV specific national lenders have very different programs. We recommend speaking to one of Eagle Vision RV’s representatives about your needs as we are paired up with the leading national lender that specializes in RV loans. It can be the difference in saving thousands of dollars or not being approved at all.
Should I get an RV loan from my local bank?
While we would always encourage you to get information from as many sources as possible we would also like to help you understand that many local banks and credit unions have an RV loan program but they do not specialize in RV loans. Typically these types of lenders will charge higher interest rates and much shorter-term loans causing your RV loan payments but be much higher than an RV loan specialist. Also, there are many different types of RVs and they can vary significantly in value so you want your lending partner to know the market and use resources to make sure you are not financing more than the value of the RV putting you “upside down” from the start. Local lenders tend to take much longer to approve RV loans and don’t work especially well with RV dealers and many won’t lend to a private party sale.
Get an RV Loan Buying From a Private Seller?
The RV industry is unique as a large percentage of RV sales (and some of the best deals) come from RV owners selling their own RV instead of using a dealership. For many reasons, lots of RV owners will sell their RV directly. This presents a challenge because these types of private RV sales do not involve a finance department from an RV dealership. We also discussed above how using your own local lender or credit union doesn’t always present the best deal for the new owner. Well, Eagle Vision RV’s lenders specialize in RV financing so you get the best deals on the market and can finance private RV sale transactions. There are specific problems like payoffs, down payments, and title work that has to be handled for such a large transaction and we will be here to guide you through the process while getting the volume dealership rates and terms. Win-Win-Win!
Does My Credit Affect My RV Loan?
Yes. Your credit will affect your RV loan terms, rates, and dollar amount approval. Your credit score will affect your down payment required and if you are approved for a loan. The higher your credit score the better your approval rate and term. If you plan to purchase in the future its always best to check your credit for any errors and pay down revolving balances. This is an article on 8 strategies to raise your credit score. Mid-700s and above will get the best rates and terms. You can also get a copy of all three credit burueaus for free every 12-monts at AnnualCreditReport.com
Financing an Extended Warranty with My RV Loan?
Protecting yourself against large unexpected RV repairs costs is a decision many experienced RVers make when getting a new or new-to-them RV. Choosing a good provider can be confusing but yes you can finance your RV extended warranty with the purchase loan of an RV. There are several benefits to this including lower out-of-pocket expenses, lower interest rates than traditional credit cards, and lower monthly payments to match the term of the RV loan. RV Extended Warranties are popular due to the benefits associated with today’s best policies. You can learn more at Best RV Extended Warranty
Do I need RV Insurance with My RV Loan?
RV lenders will require that you carry RV insurance. RVs require specific insurance to cover them separately or in addition to your current auto insurance. Just as local will lend on RVs but they are not specialized to the industry so are many insurance carriers. Yes, they will cover it but at much higher insurance rates and typically with inferior coverage. We recommend getting an RV insurance quote and learning about the differences from the best RV insurance coverage on this page. We have provided 20 questions you need to ask before purchasing your RV insurance to ensure you understand the options, get the best prices, and get the best coverage from highly rated insurance companies that specifically adjust to your needs.
Can I Refinance My RV Loan?
Yes, you can refinance your RV loan to better rates and possibly lower payments. Many RVers realize after they have purchased their RV maybe they didn’t do enough homework, got a bad deal or their terms are not the best. The good news is you can take advantage of today’s great rates and get financing from a source that specializes in RV refinancing. Each situation is different so if you think you may not have the best rates, have a short term causing your payments to be too high or you are interested in seeing what is available in today’s market please reach out to us at Eagle Vision RV to discuss. A fifteen minutes phone call could save you thousands of dollars and relieve some financial stress. No obligation or charge to have an initial conversation, we’re happy to see if we can help.
Do You Have An RV Buying Guide?
Yes we do have a comprehensive RV Buying Guide that you can download. Some of the things covered in the guide include:
What to look for when buying an RV
The First Rules to get the best deals
How to get the important things in writing and what to ask for before leaving the dealership
How to check your trade-in vehicle and see if the RV your buying is a good price
The MOST critical part of a used RV purchase
How to make sure your RV isn’t in the repair shop the moment you buy it while you’re first payments are being paid
What the “++++” means and how it can cost you thousands of dollars
How to get a highly recommended third party RV inspection
RV financing guide to save thousands of dollars and get the best coverages at the lowest prices.
