Got questions about RV Financing and wondering what you need to know about How To Finance An RV? How long can you finance an RV? How hard is it to get approved for an RV loan? RV Interest Rates, Loan Terms and more… Financing an RV can feel overwhelming when you are trying to secure an RV loan. In this video, we will discuss the different RV loan terms and how you can get the best RV Interest Rates. I’ll teach you the best way to finance an RV! But, if you Still have questions about HOW TO BUY AN RV: How to finance an RV purchase? How hard is it to finance an RV? How many years to finance an RV? 📚 Don’t forget to DOWNLOAD my RV BUYING GUIDE after you watch this video!

Here is the transcript from the video:

Let’s talk about how to finance and purchase an RV. I get asked a lot of questions about RV buying. I just went through the RV buying process and purchasing my latest RV, and let’s just say it has been an adventure. So I thought why not share that with you? I even made a bubble chart that listed all the things I could think of that you might ask about if you want to Buy An RV.

Why would you want to buy an RV with Cash versus finance an RV? There are advantages to when you buy an RV, there’s going to be expenses. It could be the dealer fees and some type of warranty taxes. You’re not going to want to pay out of pocket because that’s your cash and you can use that to actually use the RV cause you gotta pay for all the operating expenses that come along with the RV. And you might have financed those in versus paying those out of pocket. 

RVs are Fiannced like a home. They’ll finance RV payments out like a house. It could be 10, 15, 20 years or longer. I financed my recent RV purchase out 20 years, not because I’m gonna take 20 years to pay it off.

You might be able to actually write the RV off as a second home on your income taxes or for some type of income tax purpose. Last year I had a house and I had an RV so I had two places to live. Not Really, but technically I was in the process of selling my home. That was something to keep in mind is that I can write off the interest from that potentially. So that’s another reason that you want to finance it because you’d be writing off the interest instead of a huge payment at one time. And a lot of times I used to do taxes, so do not take this as tax advice, but if you make a really large purchase, a lot of times what happened is they’ll make you amortize it out anyway over so many years to.

Finance at a dealership, a dealer can check multiple lenders for you. Now, if you haven’t really good relationship with your bank, they may be a great place to start for your RV loan. Don’t go and get pre-approved for an RV plan what you need and plan what you can afford, so what type of are you be you need and then what type of RV you can afford as far as your monthly payments. That’s what I would kind of stretch it out of. Those are a lot of the pros.

There are some cons. Of course, in your financing an RV, they’re going to run your credit. Normally you have to have really good credit to buy an RV. I don’t want to say excellent but good. If you have really crappy credit, I’m not sure that they’ll get you finance because an RV is considered a luxury item, but if it’s for a smaller purchase $10,000 – $50,000 or below you might be able to get approved and finance your RV purchase. But, If you don’t have that great of credit. Again, the dealers can shop around for you.

A lot of times what happens is they may want you to put down a down payment that could be anywhere from 10 to 20% and if you go over 100,000 in your purchase, you will have to put down a down payment for your RV unless you’re trading something in some places like camping world, which I’m not saying go there please. If you do do your research before you go there. Oh God. Don’t rely on them to help you find the perfect RV, but they will take stuff. So like I traded in a car on an RV or two, I bought this one and wrapped that into my deal. That’s something that you might be able to do and then if you’re over a hundred thousand or even under 100,000 depending on your bank and your financial situation, you might have to have some type of proof of income. 

I’ve had to have my pay stubs, I’ve had to have like W2’s or if you own your own business, you might have to have more stuff with your taxes. A couple of years of tax returns. It just depends on your bank, your situation and you really won’t know until you apply, but you should consider at any aspect. You’re going to have to have these things more than likely have a budget and find what you want and then figure out how to buy it. I have heard that you should expect to get about 30% off of MSRP, which is the RV manufacturer’s price and then you can haggle from there. But I’m just telling you, these places do not really haggle them much. You need to know what your bargaining was when you go in there cause it cut. It depends on what they got it for as well. 

Keep in mind that you’re buying a home, but seriously who bar no home. The resale value on house is the same thing because when you try to sell this, it may not be super easy to sell. I’ve tried to sell. Mine is not easy. Okay? It’s not easy. You’re going to take a loss on in most cases and it’s not something that you can flip around and just sell unless you trade it in and then you’re still going to take a loss on it. So keep that in mind when you’re buying what the resale value is on it, what you’re paying for it and kind of what you should expect. Other expenses, like I mentioned you want to keep in mind, are you going to have to pay for propane, your gas, your diesel to get around any electricity, water. All of these things come into account when you’re financing as well because you’re going to have to pay for something else on top of the monthly payment that you’re already financing. 

I remember when I got my travel trailer I would tow with it. I had to tow it. So I bought my travel trailer then of all the tow car for it cause I didn’t have one and I got weird. But I quickly discovered that towing was really expensive and I was crying every time. I probably, gosh, every time I moved that day and cost me over a hundred dollars cause I’d have to stop three or four times to get gas and after half a tank it would just drop and it was horrible. You use versus new if you’re going to buy, I would buy a couple of years old, maybe two or three just because the resell value on these, it drops. As soon as you take it off the lot that thing is going on, it’s going to drop like $10,000 immediately if not more. There’s tons of RV companies there, tons of finance companies. 

You have to do your research. That’s why I mentioned if you go to the RV dealership they can shop around for you. I hate to say this, but camping world is kind of like a RV mega giant and they’re probably a really good place to get started. Not that you have to buy an RV from them, but you can get a lot of information and see different RV models.

The bigger the RV, the more expensive the RV, the more it costs to operate, the more it costs to buy, and the more it costs to insure. So keep all of the things in mind if you aren’t calculating them in the RV cost. Beacuse even if you can afford the big RV, there are these other RV living expenses and costs that are associated with not just buying an RV but actually using it.

And then online: RV trader is one of my favorite places to look for information when it comes to buying and financing an RV. I’d go in there and look around.

Now you know the basics of purchasing an RV plus why you would want to finance one versus pay for one with cash? There are pros, there’s cons to both or we talked about the different RV types, so if you’re not sure which type of RV to get, you might want to check out a video I did about the different RV types. You’re going to be boondocking. I did a video about that and are doing this buying process. I went through this and it can be a little crazy, so I put everything into a nice little checklist that you can download in the description below. That’s my RV buying guide to answer all your questions and if you have more, make sure to put them in the comments below and subscribe. You might end up in one of my next videos. I’m Brandi of blogging brandi.com check out my story. Subscribe. Thanks for watching and I’ll see you in the next video. Maybe we’ll be going on a big adventure. Who knows? For those of you that don’t know me, my name is Blogging Brandi and I do have another successful channel other than this. This one looks new because it is, but it’s because I wanted to share my RV life with you. And people on the other channel may not want to know about my RV life because it’s about business and how I live and work in my business, not in my RV. And this is just really special to me at some that have been going through.

VIDEOS MENTIONED

• What is Dry Camping – BOONDOCKING
• RV SIZES AND TYPES
• WATCH all of MY RV TUTORIALS

Interested in the RV life, but NOT READY TO BUY? Renting an RV can help you learn the RV lifestyle. WATCH HOW TO RENT AN RV 🎥

ABOUT ME

If we haven’t officially met, Hi I’m Blogging Brandi, an EX-Corporate Kool-Aid Drinker, born to be Creator, Digital Nomad and Entrepreneur who loves RVing while running my own business on the road! Over 8 years ago, I traded my sticks & bricks lifestyle for a life on wheels. Quit my job, sold my house, and everything else, then bought an RV! First, was a Travel Trailer, then Van Life and eventually Motorhome Living!

I created RVersity out of my love hate relationship with RV Life! Because whether you’re a weekender, snowbird, part-timer, or full time RV living, RVersity Member Benefits are here to support you. Get help with everything needed to make RVing easy, affordable, safe, and most important of all fun! It’s a space where I’ve put together all my RV tools and resources, plus a tribe of like minded RV Loving individuals all in one place!

• 🔐 BECOME A MEMBER!
• 🤳 BOOK A CALL WITH ME!
• 🎓 TAKE A COURSE
• 🛒 SHOP MY RV STORE
• 🎁 [GET THE FREE GUIDE] Plan & Prepare for Full Time RV Living With My RV Life Planner!
• 🗣 JOIN MY FREE RV FACEBOOK GROUP
• 💪 [FREE MASTERCLASS] – 45min online training!] Learn My Proven 4-Step “Full Time RV Life Formula” To Get Started Fast & Easy!

WATCH MY STORY

• Part #1 – WHY I Live Full Time in an RV! [VIDEO]
• Part #2 – How I decided to Become A Solo Female Digital Nomad (NOT always RV Living) Entrepreneur!

Affiliate Disclaimer: Note this description contains affiliate links that allow you to find the items mentioned in this video and support the channel at no cost to you. While this channel may earn minimal sums when the viewer uses the links, the viewer is in no way obligated to use these links. Thank you for your support!