5 Topic to Address before Borrowing for an RV

Looking for your dream RV can be an exciting feeling. Something you dream about and research for weeks, coming to fruition through hard work and patience. While it can be like a vehicle purchase in some respects, it’s very independent and brings with it a unique set of topics you have to cover. Before you borrow for an RV, the following discussion points are something you should consider before accepting loan.

Proper Equipment

While this may not pertain to an RV itself, but this applies to homes that you want to pull behind a truck. First, you need to know if you have a proper vehicle to pull your newly purchase recreational asset. Nothing would be worse than purchasing your dream and not being able to utilize it. If you purchase a proper RV, ensure you have the prover hitch to pull your vehicle if you so choose.

Also, ensure you have storage in place for your RV when not in use. Since these are large vehicles you may have to store it off-site, which costs money. This should all be figured out prior to making the purchase because there’s no going back once your take your RV off the lot.

Know the Purpose of Your RV

Many times you or someone you know will envision their RV, driving down the highway with mountains in the distant. However, this may not be the case for you and it’s important to identify the purpose of your RV. If you are looking to travel the country 9 months out of the year, you may want to look at a proper RV and potentially downsizing your home.

On the other hand, if you are a weekend warrior and look to camp only a few weekends out of the year, you may not need the latest and greatest. This all comes down to self-awareness and knowing what you will realistically do with your RV. The consequence is borrowing too much for an RV you don’t fully utilize, paying higher payments then you really need to pay. 

Look at All RV Makes and Models

Piggybacking off the know your RV’s purpose, be sure to look at all makes and models. Simply moving back a year or two can save you large sums of money, while you still get all the specifications you require. Like an automobile, you can get everything you need and save by doing this.

To take this even further and ensure you borrow efficiently, negotiate price on an older model because odds are the dealership is looking to move that unit. This combined could potentially save you thousands and still allow you to enjoy your RV.

Shop for a Loan

Combine those first 3 topics and you can effectively know what you need financed to make your dream come true. This leads to the fourth topic and that is shopping for a loan. There are several lenders out there and going with your first choice may not be the best option. To find the best deal, you should look at 3 to 4 financial institutions. From there you can finalize your decision.

The approval process for an RV loan can likely be done same day, allowing you to go to multiple places throughout the day. 

Don’t Overbuy

The final topic to address is are you overbuying or not. It can be easy to get caught up in the euphoric feeling of realizing a dream and throw reason out the window. Before you begin the financing process, ensure the RV you’ve selected is what you need, but not too over the top.

Make a list of everything you need in an RV, and then a list of everything you want. This will help you find the right RV and ensure you are efficiently borrowing.

Combine these 5 topics together and you can borrow knowing you have the most efficient financing number in mind. An RV should be a blessing and a dream come true. To ensure that’s the case simply take the time to research and plan, leading you to the right decision.

Apply online now and get your RV financing as soon as tomorrow! 

Photo by Eugene Quek on Unsplash