How Does RV Financing Work
There are three main types of RVs, each one of them falling in a distinct price range. Travel trailers are the cheapest type of RV because you must tow them with another vehicle. Class C homes have an extended cab, but they still need to be towed. Class B and A RVs are going to be the most spacious and have their own ability to be driven wherever you’d like them to, thus making them much more convenient than other campers that need to be towed.
These are the ideal class of RV – B and A – for those who want complete freedom and convenience with no hitching and towing involved. Unfortunately, these types of RVs are also much more expensive than travel trailers and class C RVs. Before applying for financing on an RV, you want to make sure you have a clear idea of which RV you want to truly buy and which RV is going to give you your best chance to be approved for financing. Knowing your credit rating is a big step toward finding out which type of RV you can afford.
Main Types Of RV Financing
Your RV dealer is going to be able to help you tremendously to get financed for the RV you want to buy. Dealership financing is sometimes available, as this will be financing that is directly from the dealership. The dealership itself can sometimes offer auto loans to help their customers buy the RV they want.
Secondly, banks and credit unions sometimes will finance an RV. You’ll need to have all of your paperwork handy and be ready to show it, as this can take a lot of time to be approved for. In some instances, the dealership itself works with certain banks or credit unions to help their customers get approved.
A private loan, such as what you might get from a line of credit, can also help you finance an RV. This type of financing is less common, but there are people who want to live the RV lifestyle so much that they are willing to take out a line of credit for the sole purpose of buying the RV they want. Auto loans are sometimes given out by credit card companies as well, so you can ask specifically about this kind of financing if you decide to go with a private company apart from the dealership.
Most dealerships work very closely with a bank or other lending agency so that their customers will be able to finance right on the dealership lot without having to do the busy work themselves. A great dealership will almost always inevitably work with a lending agency to help customers afford the right RV for them.
Want More Information?
You can always call the dealership to get more information about financing options on RVs on the dealership lot. You may already have your eye on a certain type of RV and be ready to get down to business or you may just want to make an appointment to come in to discuss financing. Whatever you need, it’s always advisable to call the dealership for answers so that they can help you with your financing questions.
