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Will An RV Dealer Get Me A Better Interest Rate On A RV Loan?

by Cheryl

If we have found an rv financing institution with (we think) fair interest rates, how do I know that a dealer cannot find a better interest rate?

ANSWER Greetings Cheryl, let me first thank you for submitting your question through our free Ask An RV Question Page.

The first thing you need to know about financing an RV is that the number of lenders that will give a loan for an RV has dwindled over the past couple of years, due to the current financial crisis.

The other fact you need to keep in mind is that you are going to have to have a very good to excellent credit history to even qualify for an RV Loan. Lending institutions are becoming very strict on who will or will not receive a loan for an RV, because it is considered a luxury purchase not a life necessity purchase such as a car or a home.

You state that you have found a lending institution that will give you a fair interest rate on a RV loan, unless you have actually been pre-approved for a loan at this interest rate you are not assured that you will get that fair interest rate.

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You may come across advertisements for RV loans that show low interest rates, but you need to pay close attention to these ads. They are usually worded for example "RV Loan interest rates as low as 7.0% OAC". The OAC stands for On Approved Credit. In other words you may qualify for this low loan rate if they have run your credit history and it is perfect.

Now to address your question as to whether an RV Dealership can get you a better interest rate then you could on your own. There is no simple Yes or No answer to this question. Some RV dealerships may be able to get you a better interest rate, depending where they are getting their loans from.

I would suggest that you get with the dealership that has the RV you are looking for and let them know what interest rate you can qualify for and ask them if they can beat it. The only way that a dealership can find out if they can get you a better interest rate is by you allowing them to run your credit history and getting with their lenders.

RV dealers are now in a situation where they must sell their inventory quickly and are willing to do almost anything to get you into an RV shy of giving it to you free. So, most, not all RV dealers will be willing to hunt for a better interest rate loan for you if that is going to be the deciding factor on you purchasing the RV from them. But, again there is no guaranty that they can get a better interest rate for you.

The bottom line the only way you are going to find out if they can get you a better interest rate is by asking them and letting them know that their answer is going to determine whether you buy the RV from them or not. Now, you have just motivated them to get you a better rate.

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We have some information on our site that I suggest you read. First search the internet and see if there are any RV Shows that will be going on in Mississippi in the next couple of weeks and also search for RV shows in adjoining states. Even if an RV show is several hundred miles away from you, it will be worth the trip and could save you thousands of dollars off the price of an RV depending on what type of RV you are looking at. Read the answer to this question that was recently submitted to us by one of our visitors.
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I would also suggest you review our Need An RV Loan? Plan First Before You Sign Anything and My Wife's Negotiation Tips For Buying An RV pages.

I wish you luck on your RV search and I hope we were able to provide you some information you could use to get the best interest rate possible.

If any of our visitors would like to leave comments or suggestions on this topic they can click on the Click Here To Post Comments link at the bottom of this page.

Happy RVing

RVing Al

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