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Finance Your RV Without Breaking the Bank

Sep. 29 2023 Buying Guide By Mann's RV

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A recreational vehicle offers you the opportunity to travel with your family on the open road. These vehicles can be quite pricey, though. There are some financing options available to help you cover the cost of your vehicle. We have created this RV financing guide to help you get started. Read on to learn more!

RV loan

A recreational vehicle ranges in price from a few thousand dollars to several thousand dollars. As a result of the cost of an RV, many buyers use financing to purchase their RV.

If you are seeking a new or used recreational vehicle, you can find a loan for your purchase. To find a lender, you can check online, go to a bank, visit a credit union, or visit an RV dealership. Similar to a car loan, the recreational vehicle is collateral for the loan, so you don't need more collateral in order to secure financing. 

Mechanism of an RV Loan

Once you have chosen the lender for your RV loan, you will have to fill out an application and wait to be approved. If you are approved for the loan, you will sign an agreement to the loan terms.

The style of the RV can dictate which lender is appropriate for you. Some lenders will only finance a specific type of recreational vehicle. If you plan on using the RV as your primary residence, you will have to let your lender know.

RV Financing Terms

Compared to an auto loan, lenders will usually offer a longer term of repayment. This is because RVs cost more than regular vehicles. You can find a lender who is willing to offer you a repayment term of 20 years. If you can afford a higher monthly payment, you can go for a repayment term.

Choose the Loan You Want

You want to choose between a secured vehicle loan and an unsecured personal loan. They each come with their benefits. If you go with an unsecured loan, you can get fast funding. You also don't have to worry about your RV getting repossessed should you miss a payment.

A secured loan is easier for individuals whose credit is below average. The loan also has lower rates. You can use a personal loan calculator to find out what kind of personal loan you can afford.

We hope that these RV financing tips have been helpful! If you have any questions or want to know more about our RV financing options, call us or visit Mann's RV in Rutland, MA. We proudly serve all those in Massachusetts.