You have done all of your homework, you have looked at your Credit Report and also evaluated and determined what you can comfortably afford in monthly loan payments. You have done all of this right? If not go back and do this now. Don't worry I'll wait for you right here.
OK now that you have done the research, it is time to look for a loan. Here are some things to consider when seeking a loan for an RV.
Whether you are planning to buy a new or used RV, you should secure the loan in advance of your purchase. Why? you ask. Because you will know exactly how much you will have to spend. This way you won't waste your time looking at RVs that are not in the price range that you can get a loan on.
Having a loan in advance will also help you when negotiating a price on the RV. During the negotiating process let the seller know that you already have a loan approved. This way they know that you are serious about purchasing an RV. They will also know that they won't have to wait around while you go through the loan approval process, with the possibility of not being approved for the loan.
Speaking of Negotiations, if you haven't done so already, now would be a good time to review My Wife's Negotiation Tips For Buying An RV. She is a Expert on buying things at a discount.
Let's say you are buying a new or used RV from a dealer. Sure, they can arrange financing for you, but the percentage rate and the terms of the loan may not be as good as they should. Remember, the RV Dealer wants to sell you an RV as quickly as they can, so they may not take the time to search for the best loan for you, they just want to get you a loan so you can drive that RV off of their lot.
Searching for an RV loan is just like
searching for an RV. You want to get the best deal possible. Don't
just apply to the first financial institution that you come across.
Remember you want the best interest rate and terms available for you (based on
your Credit Score of course).
* If you are currently employed or even if you are retired from a company, you might want to check out the companies Employee Discount Program. Quite a few companies offer some sort of discount to their employees on loans.
* Are you over 50 years old? We're not getting personal here, but if you are over 50 years old, you might want to join AARP (The American Association of Retired People). They have an RV Loan Program that offers discounts (age does have it's advantages). By the way you don't have to be retired to join AARP, you just have to be over 50 (sorry all of you kids under 49 are just out of luck).
* Join an RV Club. This option only works well if you already own an RV. So, this option is for you folks that are moving to a newer model or type of RV. RV Clubs such as FMCA (Family Motor Coach Association) and The Good Sam Club offer discounted RV Loans. Both of these clubs offer many other benefits as well.
* Search the Internet. RV loans come in all shapes and sizes. Interest rates may vary by different financial institutions. The length of the loan varies too. Obviously if you are buying a Used RV the interest rate could be higher and the number of months you have to pay off the loan can be shorter than if you were buying a New RV.
By searching the internet, all of this information is at your fingertips. It is a lot easier than driving from one financial institution to another. Some loan companies will even give you a cut on the interest rate when you apply on-line.
What are you still doing here? Go out there and get your RV. Once you get your RV it is time to Go RVing and Camping. I know you won't regret becoming an RVer, there are so many things to see and do and it is time for you to go out there and see it and do it all, after all you deserve it.
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