Financing your RV - How To Avoid The Pitfalls Of RV Loans
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- เผยแพร่เมื่อ 7 ก.ย. 2024
- Financing an RV is a necessity for most RV buyers. That's because RVs cost so much to buy now that very few people are able to just pay for it in cash. But RV loans can be tricky. Especially if you get it from an RV dealership. In fact, you can often negotiate savings on the cost of the RV, only to lose those savings and more when the dealer finances your new purchase. So this video shows you how to finance an RV the right way. And get the best RV loan financing every time!
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In many states, for loans of 60 months or less, it's legal for the finance company/bank to charge a "prepayment penalty" if you want to pay the loan off early. Sometimes it's better to contract for a longer repayment term and then make double payments or simply pay an additional amount each month to pay it off, either in 60 months or less. Before signing, read the finance contract carefully and specifically ask about prepayment penalties.
Whenever I buy a big ticket item I always tell the salesperson that I'm not discussing finance options before I know the "out the door price." Once I know that price, then we'll see if their finance department can earn my business. I also do my research and know the terms from both my credit union and bank, before I even walk into a dealership. I don't play games with the dealers, and I don't let them play games with me.
Whenever I finance a car, I always go for the longest term possible, as long as it doesn't impact the interest rate. That way my monthly debt to income ratio is lower, there's less monthly pressure with a lower required payment, and if I'm paid ahead and disaster strikes and a payment is skipped, there's no impact on my credit.
Love your channel, always great advice.
Thanks for sharing those tips and ideas here. And thanks for supporting the channel too!
I got a hell of a deal on my RV buying used. A mid nineties Holiday Rambler class A diesel pusher. Spartan chassis, Cummins engine with 30k mile. Problem is it looks like an out of date RV . It cost me 8k in cash. and I have one thing most new RVers don't have... a title.
Sounds great. There's nothing like owning your RV outright. Thanks for watching!
I'm looking into doing the same thing myself! I'm thinking about getting a wrap done on it so it looks more modern. At least it won't have the old paint look. Can't do much about the grill and such. Cash is King! Ha
Once again, thanks for the advice! it's straightforward, easy to understand.
That's awesome. I'm glad the video was helpful!
thank you sir, on behalf of everyone without a dad for this kind of advice lol. I went through this this process with my car I've just paid off but I've since forgotten the steps. Got my eye on my dream camper. 🙏
That's great. I hope you find the perfect camper for your needs!
Thanks for the step by step process. I hear that some dealers will give you "good" financing but will also roll in a bunch of extra fees on top of the price of the RV. Go slow is the best advice.
Yes, "Go slow" is great advice Julie. I'm glad the video was helpful for you!
Buy with cash ? Are you rich ? Hey life moves on . I’m just riding this out until the end of my road . Little by little, the loan gets paid off
That sounds like a plan Kris. Thanks for watching!
Duane you had me going for a bit. I figured that if I financed that Superstar long enough everything would be FANTASTIC! I had better keep fertilizing the money tree and hope that it will bloom soon! LOL
SAFE TRAVELS
Ha! Ha! Actually, the Super Star may be one of the few RVs that are made well enough to easily outlive a 20 year loan. Uh Oh! Now I've given you even more to think about! :-)
What are the average rates for someone with 800+ credit?
It looks like they are mostly around 5% at this time Jeffrey.
How do you "shop" for a good rv loan without taking multiple hits on your score? Also, is the Camping World zero down loan legit? Thanks in advance!
I'm not a loan or financial expert so I can't advise you on maintaining your credit score. I know that we shopped with the lending companies that I mentioned in this video and it did not negatively affect our score at all. Also, I can't comment on the Camping World loan offerings. I just know that one of the biggest sources of profits for RV dealers is the finance department because people rarely get a good deal there.
Hello, I was looking to buy an older model diesel pusher from the 2000-2007 era. But I realized it might be very difficult to finance a $100k RV that's over 15 years old. Am I doomed to save up $100k cash (not feasible) or buy a newer RV? I really like this time period and the price.
It becomes more of a challenge to get financing for older RVs. But we have heard that Alliant and Lightstream (mentioned in the video) have been good companies to work with for these older units. I hope that helps.
It certainly does, thanks!
If you’re going to go full-time and looking at getting a used Country Coach Magna around 2008. I need to use the sale of my house for down payment, but I heard you should have a home address in order to get an RV loan. Any suggestions on how to finance a used RV when you need to use the home equity for the down payment?
Sorry David, but I'm not a financing expert. I know how to get the best deals on financing an RV but when it gets into the particulars of how to manage your personal finances to get it done, that is outside my area. BTW, the Country Coach magna is a beautiful coach. Thanks for watching!
@@RVInspectionAndCare
Thank you. For those looking and are in my same situation, I found someone this morning, “HBRV Lifestyle” down in his TH-cam page about a year ago. He has many videos and financing. He’s been in the RV finance for industry for many years. That might help out others. I’ve just watched several videos and has great tips!
You get the bugs worked out in theory
Thanks for watching!
Don't do it
LOL ... Thanks for watching Rick!