RV Financing Tips

Financing an RV is incredibly common. In fact, most people prefer to finance their RV models rather than pay out of pocket in order to get their hands on their new rig in a shorter amount of time. However, while RV financing is pretty standard, there isn’t a ton of information out there on how to get a good loan, or how to prepare to take out an RV loan. Thankfully, we’ve written up the helpful tips below, to help all of you first-time RV buyers get ready for your upcoming RV purchase.

Set a Budget

Many buyers assume that, because they’re applying for financing, they don’t need to set a firm budget for their upcoming RV purchase. However, this couldn’t be further from the truth. To ensure you don’t overspend on your new RV and fall into debt, you’ll want to take a hard look at your finances and see what you can really afford to pay towards a monthly loan payment. While setting your budget, don’t forget to factor in term lengths and interest rates, as they’ll also affect the price of your monthly payments.

Prepare Your Finances

Finding the perfect RV can sometimes be a long process. There are an enormous number of different makes and models for you to choose from, and finding the right model can take some time. While you search, be sure to also start preparing your finances for your upcoming RV purchase. You’ll need to save up for a down payment—typically coming in anywhere from 10 to 20 percent of your RV’s total sticker price—and try to raise your credit score as much as possible to ensure you get a good offer once you begin applying for financing.

Secured vs. Unsecured Loans

After you submit your financing application, you may be offered the choice between a secured or unsecured loan. Unfortunately, there’s no right answer on which option to pick, as both have their pros and cons. While secured loans are typically a bit more affordable, if you do miss a certain number of loan payments, your RV could be repossessed as collateral. Unsecured loans are a bit harder to qualify for and may be a bit more expensive in the long run, but don’t require any sort of collateral from you.

For convenient and affordable RV financing, be sure to visit us here at Chilson Outdoor Adventure RV and speak with one of our helpful financial experts. Our helpful staff will be happy to help you with the application process, answer any questions you may have, as well as give you a tour of our impressive selection of RVs for sale here in Chippewa Falls, WI. If you’re located nearby in Eau Claire, WI, we encourage you to stop by anytime to care for all of your important RV needs!