RV Loan Refinance: How to Pay Less on Your RV Loans


In this article, we look at what RV loan refinance is, and how it can help you to pay less every month.

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If you took an RV loan when your credit rating was not all that fantastic, then there is a good chance your insurance rate was not very fantastic either.

RV loan refinance: save $$$s against your current pay

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Chances are, you have been paying slightly more than you should for your loan every month, for however long you have had it.

The thing is, it does not have to stay that way.

If your credit score has improved (which it will have, if you have made your RV loan payments regularly) then you are probably eligible for a better interest rate.

What Is RV Loan Refinance?

RV refinance, in a nutshell, is a new loan that replaces an existing RV loan. When you refinance RV loans, you approach a loan company, they consider how much you still owe on the RV loan you already have (which will be the new capital amount) and your latest credit score.

They then offer you a second finance agreement, which basically settles the original loan in full, and you then owe the second company for that loan.

Think of it as transferring the loan service to a second company, because that is usually what it is.

How Can You Get RV Loan Refinance?

There are several ways to go about getting RV loan refinance.

If you already have a loan with a company, and you’d like to revisit the terms of that loan (for instance if the interest on the loan is high) you can talk directly to the company in question, and ask them to revise the terms of the loan based on new information – for instance, a better credit rating.

The alternative is to approach a different finance company, and find out about RV refinance through them.

Your third alternative is to approach a company that specializes in RV loan refinance deals. These are usually companies that offer only RV finance, and that have several different types of deal structures to choose from.

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What Do You Need to Have to Apply for RV Loan Refinance?

RV refinance is like any other type of finance: there are certain things you need to provide to a finance company in order to qualify to apply.

You will need to have a copy of your original loan agreement for the RV, and a recent statement from the loan account, that indicates what the outstanding amount is.

You will also need to have proof of identification, and you will need to have your recent credit score, proof of earnings, and other financial and personal documents and information.

These can vary from loan company to loan company, so you may find that asking for the information before you apply saves time.

Your credit score will still be a factor for RV loan refinancing, and if it has not improved, or it has got worse since you applied for the original loan, you probably should not try to apply for RV loan refinance until you have improved it – you will not get a better deal if you do!

How Can RV Loan Refinance Save You Money?

There are two ways RV loan refinance can save you money, and we will look at both.

First, there is the saving on interest. If you can negotiate to refinance RV loan agreements at a lower interest rate, even if your loan term remains the same, you will be paying less per month, and over the full term of the loan.

The second way RV loan refinance can save you money is if you have already paid a significant portion of the original loan, and you take the loan on the smaller capital amount over the standard RV loan term – which would mean smaller monthly payments, even if you get the same interest rate.

Stop dreaming about affording the RV lifestyle, and explore RV loan refinance options

Who Should Consider RV Loan Refinance?

You are probably wondering whether RV loan refinance deals are a good option in your case. You cannot say definitively unless you have applied for them, and taken a look at the actual numbers involved, but there are a few cases where it is probably a good idea.

The first is that you have dramatically improved your credit score in the months or years since you took the original RV loan. If that is the case, then there's a good chance you will get a much better interest rate on your new finance agreement, and that could save you a significant amount of money over time.

Another good time to apply for RV refinance is if you need to reduce your monthly costs. RV refinance agreements are often based on the full loan term for a standard RV agreement, which can reduce your monthly installments.

For instance, if you have already paid five years or twenty percent of your loan back, and you refinance your RV for the remaining amount or 80 percent of the original capital amount, over the same loan period, you will pay less every month. This can be helpful if you want to reduce your monthly expenses.

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Is RV Refinance for You?

The truth is, no one can tell you if RV refinance is the right solution for you. If it is going to save you money, then you should definitely go for it.

If you have improved your credit score, and you can definitely get a better deal, then you should also go for it. But you will not ever know what you could be saving if you do not ask.

You should also bear in mind that most RV refinance deals only apply if you owe more than a certain amount on the vehicle in question. Finance companies also want to make money, and they usually only refinance vehicles that have significant capital amounts outstanding on them.

Find out as much as you can, shop around to find out what deals are on offer out there, and make the choices that will put more money in your pocket. If you cannot find any great deals now, leave it for a few months. Essentially, you should only opt for RV refinance if it is good for you.

What Next?

Need finance? Apply for RV financing or loans. We'll connect you with our trusted lenders and get you the best deal for your dollar.

Need insurance? Get one of our RV insurance quotes.

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