This is slightly riskier since the value of your new RV may depreciate after you drive it off the lot. Zero-Down Financing: Similar to auto loans, you can apply for RV loans with no money down. Your interest rate may be based on your location, creditworthiness, RV value, requested term, and other factors. Plus, banks have more restrictive underwriting rules for recreational vehicles. RV manufacturers do not offer similar programs. Automobile manufacturers keep rates low in order to boost sales with better financing terms. For RV financing, you aren’t as likely to find rates this low. Interest Rates: It’s fairly common to come across low interest rate automobile loans, sometimes as low as 3 percent or less. Terms of up to 120 months are fairly typical for purchasing a new travel trailer, while motorhomes and more expensive trailers may even be financed for 240 months. RV loan terms depend on various factors, including the age and value of the RV, and your creditworthiness. Loan Terms: While your typical auto loans offer financing for 12 to 84 months, you may find extended terms for RV financing. How Does Financing Work on an RV?įirst, let’s take a look at how RV financing compares to traditional auto loans. While this step might not be as exciting as other parts of the RV buying process, educating yourself with the right information will give you more confidence in your decision-making. Financing an RV shares some similarities with financing other vehicles, such as cars or trucks however, the process has quite a few differences.
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