RV Loan—Which Financing Is Right For You?

 


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Do you need an RV loan for your new, used, or even just for refinancing your current RV? Even as an experienced RV buyer you may be overwhelmed by all of the lending choices available to you. You may be tempted to just go with your current bank or credit union for your RV loan. But, before you do, you owe it to yourself to check out the loan products offered by a specialized RV loan provider. They will not only be able to offer you a choice from many more types of loans, they will have information and tools to help make your decision much easier. You will need to look at the length of the loan, the interest rate, and also your current financial situation. Each will play a part in the type of RV loan you will qualify for.

Unlike car loans which may have terms that usually last 6 or 7 years at the most, RV loan financing terms can last as long as 10, 15 or 20 years. The length of the loan will depend on the cost of the RV as well as the interest rate, and the amount of down payment you put on your RV loan. You will usually get shorter terms for a used or refinance loan.

When you are comparing different RV loan products you have to make sure that you compare loans that are the same in length. Then, look at the interest rate. On a fixed rate loan, you can save thousands of dollars over the life of the RV loan by lowering the interest rate even a fraction of a percent.

Another way to save money on your interest payments is to put a little extra towards your RV loan payment each month. This will not only decrease the amount of interest you pay, it can shorten the time that you are paying off your RV loan considerably.

You should look carefully at your loan before you choose to refinance your RV. If you lengthen the life of the loan, you can end up paying more in interest over the life of the loan than with a higher interest rate/shorter term loan.

You may not know that if you get RV financing you can deduct your interest payments on your taxes. But, you must meet certain qualifications-it must have a kitchen, bathroom and a sleeping area; you cannot deduct interest on more than one type of home on your taxes at a time, and you must use the RV as collateral for your loan.

When you shop for a lender for your RV financing, you really need to look carefully, research thoroughly, ask questions and compare products and customer service and support to get the best possible loan for your recreational vehicle.

Margarette Tustle writes articles about Recreational Vehicles of all kinds as well as RV financing. For more information about an RV Loan as well as other RV topics, visit rvinfoarena.com

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