All You Need to Know About Financing an RV
Financing an RV is a strategic decision that helps you bring home your dream camper without breaking the bank. However, if you are opting for this strategy for the first time and are apprehensive about this, we can help. Lakeside RV Sales is your local RV dealership in Anderson, SC, and we know a thing or two about financing an RV. That’s why we’ve created this guide to help you select the perfect financing plan for your camper!
Consider Loan Types
Loans can be secured or unsecured. Secured loans are for RV buyers with a lower credit score. These have a higher interest rate, and the lender will use your camper as collateral, meaning any payment defaults can result in the lender repossessing your RV.
If you have a higher credit score, you can apply for an unsecured loan because this financing option offers better terms and conditions and won’t need you to use your camper as collateral.
Figure Out Your Credit Score
Your credit score can influence your loan—higher scores can secure more favorable terms than lower scores.
Usually, when you approach a lender, they will check your credit score and history before approving a loan. A sound credit history and high scores can help you secure the best financing solution. So, improve your credit score before opting for an RV financing plan.
Set a Realistic Budget
No matter which loan you choose to apply for, you’ll be required to make a down payment and monthly installment payments for the entire tenure of your loan when financing an RV. That’s why you should know how much money you can spend upfront and then on monthly installments with interest without making too many financial adjustments. Planning a realistic budget helps you narrow your options quickly at the dealership to models you can afford.
Save for Down Payment
The down payment is a one-time payment for buying a recreational vehicle. Try to stretch this as far as possible because that’ll help you save money in the long run. Ideally, a higher upfront payment means a lower interest rate and pay-off amount. This can help you enjoy your vacations without worrying about paying off your debt.
Are you ready to contact our finance experts? Visit Lakeside RV Sales to speak to our friendly staff in person and let us help you create a customized financing plan that fits your budget and unique requirements. You’ll find us in Anderson, SC, happily welcoming those from Charlotte, NC, and Greenville, SC, so reach out today!