HOW TO FINANCE AN RV
HOW TO FINANCE AN RV – RV FINANCING. How long can you finance an rv? In this video, we’ll discuss the different RV loan terms and how you can get the best RV Interest Rates. Financing an RV can feel overwhelming when you are trying to secure an RV loan. I’ll teach you the Best way to finance an rv!
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?
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ABOUT ME
Hey, I’m Blogging Brandi! An Ex-Corporate Kool-Aid Drinker, Born To Be Creator, Digital Nomad and RVing Entrepreneur! 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 then Motorhome Living. Now, I help people go from feeling overworked, underpaid, and undervalued to living a life of freedom & financial security they love from the comfort of their home on wheels aka Full Time RV Living! That’s how RVersity was born! – RVersity is A University For RVers. (RVersity = RV + University)!
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Here is the transcript from the video:
Let’s just talk about how to finance and purchase an RV. I get asked a lot of questions about buying. My RV just went through the purchasing process and this unit, it has been an adventure. Why not share that with, I actually wrote this bubble chart. You probably can’t even say this. Maybe that listed like all the things I can think of that you’d possibly ask about. Buy An RV. Why would you want to buy an RV? Cash versus finance. 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 would’ve financed those in versus paying those out of pocket.
They were towels like a home. They’ll fund it. It’s these out like a house. It could be 10 1520 years. I just finance this one 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 RV some. 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 don’t wanna 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 anyways 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 like 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 they’re going to run your credit. Normally you have to have really good credit to get 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 like ten thousand thirty thousand below 50 you might be able to get finance.
If you don’t have like 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 manufacturer 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 camp euros kind of like a mega giant and they’re probably a really good place to get started. Not that you have to buy from them, but you can get a lot of information and see different models. The bigger the RV, the more expensive the RV, the more it costs to operate, more it costs to buy, the more it costs to insure. So keep all of the things that aren’t even if you can afford the big RV, there’s these other costs that are associated with it. And then online RV trader, I’d go in there and look around. Now you know the basics to purchasing an RV and why you would want to finance one versus pay for one with cash.
There’s 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 already 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 bloggin 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 Bloggin 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.
