5 Tips for Used RV Financing

February 8, 2010

by Keith Windlor

Purchasing a used RV usually means getting a better deal, but it also means a slightly more in depth process when it comes to obtaining the necessary financing. The fact that used RV financing is available online makes it a bit easier for most buyers to deal with…especially if they take these 5 tips to heart!

Tip Number One: Do you research. All those years of doing your homework has prepared you for this day…you know how it goes. Get the information you need to make the right decision before it’s decision time! If you’re a first time RV buyer it’s even more important. Familiarize yourself with the various types of RVs, the different models, the customer satisfaction related to each and the different aspects of the options that would suit your needs.

Tip Number Two: Choosing an RV that is no older than 5 years will make your life a lot easier. It’s just easier to get financed for a vehicle that is 5 years old or newer. Also be aware that loans and loan terms will vary per lender so make sure to shop around!

Tip #3: Be aware of your credit history before attempting to finance the RV. In depth past credit information as well as projected future information are asked for with most online lenders. Prior to filling out the application, you should know what your budget can tolerate and just exactly what your financial needs are. You will be asked for finance information such as credit history, down payments, if you want an adjustable or a fixed rate mortgage, and what type of monthly payments you are looking for. Whether it is a new RV loan or a used RV loan, the purchase of a recreational vehicle has the tendency to improve your credit score.

Tip #4: Make sure you have prepared yourself before applying for the loan. The application processes for new and pre-owned RV’s are similar. You can normally apply one of three different ways — either through the dealership, at a bank, or with an online lender. It’s important to understand how the process works for used RV loans. First and foremost, your credit score will be looked at. Also, you’ll need to provide employer information, and you may need to provide tax forms from past filing years.

Tip #5: Pay attention to the lender. Don’t let them convince you that you need to provide your bank or savings account as collateral for that used RV loan. It shouldn’t surprise you that some online lenders are not ethical and only have their best interests in mind, not yours. If your instincts tell you “NO” or if you just don’t feel right about something with a particular online lender, then by all means, walk away from that lender and find one that you feel more comfortable with. Never fall for anything that sounds out of the ordinary.

Getting your used RV financed is annoying. Getting financing for any major purchase is annoying, but if you’re prepared and well informed you can make the process much easier. Do your research and the entire financing ordeal will go much easier for you!

About the Author:

Keith Windlor studied RV dealers and lenders, and the facts about used RVs and their loans are included in these 5 easy steps.