Financing Your RV Purchase

Very few people have the ready cash to buy an RV outright. That’s why 70% of RV purchases are made using financing options. If you’re interested in buying an RV with the help of a loan, you’ll want to be prepared. Here’s what you need to know about RV financing.

The Benefits of Financing

Using financing can take a great weight off your mind. Instead of having to pay a massive amount of cash up-front, you can pay 10% to 20% of the total cost of the RV as a down payment, then pay monthly installments towards the total purchase over a period of months or years. This allows you to get the RV you want at a rate you can afford, so you can put money towards your travels and taking care of your RV.

Know Your Loan Types

Loans for RVs are either going to be secured or unsecured. A secured loan will use the RV itself as collateral, which means the RV can be repossessed if you default on your payments. An unsecured loan doesn’t use any collateral, but you may still find your wages garnished or other punitive measures if you fail to stay on top of your payments. Secured loans tend to have higher borrowing amounts and lower interest rates, but they can be more challenging to obtain than unsecured loans.

Improve Your Odds

Finally, if you can, you should try to improve your credit score so that you have better odds when it comes to obtaining a loan. Of course, there are always options for getting a loan that doesn’t require perfect credit, so don’t be afraid to talk through your choices with your local RV dealer.

If you need financing assistance from us as your local RV dealer, you can apply for financing via our website or discuss your options with us in person. Come see us at our California dealership location in El Cajon to tour our available inventory of new and used RVs for sale. MYRV is proud to serve the city of San Diego, CA.