Buying a brand new RV can be a daunting and an expensive ordeal, but not with the right deals and financing! See below for the best deals on RVs and RV financing.
Like auto loans, many RV loans are secured by the vehicle itself. That means the vehicle acts as collateral to guarantee the loan. If you can’t make your monthly payments, the lender could repossess the RV.
Some lenders offer unsecured RV loans. With an unsecured loan, you don’t have to offer up any asset or property as collateral. But this makes unsecured loans riskier for lenders, so they often charge higher interest rates. If you have credit scores on the lower side, getting an unsecured loan can be harder because lenders may consider you a higher risk.
Dealers will typically have financing arrangements with some lenders, but you don’t have to get financing this way. Many banks, credit unions and online lenders also offer RV loans. To make sure you get the most affordable loan possible for you, compare options from multiple lenders. If you can find a lower interest rate or reduced fees elsewhere, that may be better than financing through the dealership.
Securing financing for an RV could be more difficult than getting approved for a car loan. In fact, depending on the length of your loan term and the amount you’re borrowing, qualifying for an RV loan could be similar to qualifying for a home mortgage. RV loan interest rates can range from 4% to more than 15%. Rates vary by a number of factors, including lender, your credit, amount borrowed, down payment and loan term. An RV loan is a big investment. Make sure the costs and financing make sense for your budget and financial goals. After all, you want your RV to provide you with fun memories, not financial regret.