Purchasing a Used RV is not as simple as purchasing a new one. There are many issues that you need to consider both regarding the actual recreational vehicle and also regarding the financing of the used RV purchase. In the following article we address some of those issues and all the basics on the topic of Used RV Loan approval to help you purchase and finance your RV.
Where Can I Obtain A Used RV and Used RV Loan?
It is possible to get an RV and the financing at the same place. RV dealerships across the country provide financial solutions for those seeking to fund the purchase of an RV. However, when it comes to used RVs it is not that easy. The number of dealerships offering used RV is reduced when compared to the dealerships offering new vehicles. Yet, almost every single dealership selling used RV offers some sort of financing.
We generally do not advice to get financing at the same place you purchase the RV but sometimes it is possible to find good deals. Therefore, the places where you can obtain an RV loan are: Common Lenders and banks or financial institutions, credit unions, RV dealerships and some specific online RV lenders that may deal exclusively with RV loans or other kind of Vehicle financing.
Used RV Loan Terms
Sadly, since used RV financing is not that widespread as used car financing, the loan terms are not as competitive when the money is used for purchasing a used RV. With cars, there is little difference between a new car loan and a used car loan but with RVs the differences are more significant. Thus, expect to pay a higher interest rate and obtain a repayment program with a shorter term.
Because of the above, it is advisable to analyze your financial situation prior to applying and deciding which type of payments you will be able to afford. Used RV loans are not so flexible and if you are on the verge of affordability it is advisable to rethink your application. Sometimes waiting a couple of months and raising more money for a higher down payment can improve the terms significantly.
Quick Tips For a Great Deal
Used RV online lenders are available and they will save you the time and effort of traveling from one dealership to another searching for the right loan for you. Their costs are lower and thus, their offers are much better. There are also online RV loan brokers that offer comparisons and online software to calculate your payments and loan terms so you can decide which loan configuration best suits your needs and budget.
Applying for a used RV loan with bad credit can be a disappointment if you expect a quick approval. If you have bad credit, try applying with the aid of a cosigner with a higher credit score or raising a higher down payment to boost your chances of approval. Do not go for the first offer you receive, contact several lenders and ask them about their used RV loan terms. Request loan quotes and compare what they offer. Negotiate with them by showing the other offers you have received and you will get a much better deal.