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Deciding to buy an RV is a big moment. The thing is, most people will not just have the cash lying around that they need to buy something quite as expensive as a recreational vehicle.

RV loans can be confusing. To get the best RV loan rates, read on.

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The solution lies in RV financing, but where do you get loans? What do they cost? Do you qualify? There are countless questions you probably have, and in this article, we will try to answer as many of them as possible.

What Kind of RV Loans Are There?

The first thing you should understand is that there are different types of RV financing agreements. You will find loan options for new RVs, loan options for used RVs, and refinancing options out there. You will also find several bad credit RV loans on the market.

All of these options offer varying degrees of benefit to you, as a client.

If you are not sure whether you are going to be buying new or used, it is a good idea to find out about both options when you make your inquiries, to determine which is the best fit for your particular needs.

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Before You Apply For an RV Loan

Who Offers Loans to Buy RVs?

The good news is that banks, credit unions, and private financiers all offer RV financing. Some are more likely to offer you a bad credit RV loan if you need it, and RV loan rates can vary quite a lot from one to the other.

The best idea is to approach several different finance companies, ask each of them for a financing deal on the same vehicle, and compare their loan offers when they make them. That way, you can be sure you are getting the best possible deal.

What You will Need When You Apply

One of the biggest factors in applying for RV loans is your credit score, and while you will not necessarily be denied RV loans for bad credit, having a bad credit score can increase the cost of financing considerably.

It is therefore a good idea to ensure that you work on your credit score before you apply for what is, essentially, a luxury purchase loan.

You will of course also need proof of identification and residence, details of your earnings or financials, your driver's license and other relevant information. Take the time to enquire about exactly what is required before you apply, so you can arrive with everything you need in hand.

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RV Refinancing Criteria

When it comes to RV loans, refinancing criteria may also differ from company to company, but there are a few common criteria that many will share. Those include:

  • Dictating the age and condition of the vehicle you plan to buy
  • When you are refinancing an RV, there may be restrictions on how long you can have had your previous financing deal

Refinancing is a good idea, however, if you managed to qualify for one of the RV loans for bad credit out there, but your financial situation has since improved.

You may be able to get a better interest rate, which will reduce the amount you have to repay over time.

Investigating RV Financing Rates

When you know exactly how much you need to borrow and the right kind of RV finance deal for you, your next stop should be the institutions that offer RV financing in your area.

You do not necessarily have to complete an application for financing to shop around for rates: you can make inquiries based on what you already know – the approximate cost of the vehicle, your credit score, your earnings and financial situation and so on.

Refinancing your RV loan is a smart move if the original deal was unfavorable.

How to Reduce RV Loan Rates

Getting a loan, even an RV bad credit loan, is not as difficult as it may first seem. The problem is, you will still find that interest rates can be quite high – especially if you are applying for bad credit RV financing.

(Your credit doesn't even have to be that bad for you to be considered "bad credit" by cautious lenders – just not great!)

The first thing you should do is attempt to dicker on the published rates. Don't waste anybody's time though: be certain you have found the loan you need, from at least two RV finance companies, and play them off against one another to get the best rate you can.

If you have a little extra cash on hand, then the good news is that there is a simple way to reduce the amount of your RV finance rates. By putting a larger deposit down on the vehicle of your choice, as a down payment, you're reducing the risk to your lender.

The less a financial institution has to finance, the smaller the amount that will generate interest will be, and the less you will end up paying. Your chances of loan approval will also be increased when you apply.

Another good idea, if you are thinking of applying for RV financing, is to budget paying a little more than the official repayment rate every month.

Even if you put an additional ten percent into your repayments every month, you will repay the loan much faster, and you will pay less interest.

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Loan Terms For Buying RVs

Buying an RV is not a cheap exercise, and you are going to be making a big investment when you do, probably the biggest after your house.

It is therefore understandable that many RV finance packages have available long-term financing terms of 17 years – sometimes going up to 20 years, or even more in special cases.

It is always a better idea to take a slightly longer loan term than you think you might need, and if you find that you have extra money, put it into the repayments anyway.

That way, you will keep the amount you are obliged to pay down, but still pay off the loan faster if you can afford to.

Do Your Homework BEFORE You Sign

Getting RV finance may seem simple, but it is actually more complex than regular car financing, mainly due to the size of the average loan amount, and the longer repayment terms.

Keep a clear head at all times. Rushing into buying a vehicle is a decision you could regret for decades. Signing the first loan agreement you're offered, because you have RV-shaped stars in your eyes, could be locking you into a crippling arrangement.

As in regular loans, finance companies can sometimes be cut-throat. You should be especially careful if you have bad credit; the worst bottom-feeders prey on people who have less choice of company to borrow from.

When you take any of the RV loans out there, it should only be after you have explored every available option, and considered every possible aspect of the deal. Look into RV blue book values, finance options, and finance companies themselves.

The more you know, the better equipped you are to make informed, money-saving decisions.

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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