Are you an experienced traveler who has all the best campgrounds across your state marked on your map? Or are you new to RV travel and taking your family on their first getaway?
Either way, the one area of your trip you don’t want to be worrying about is whether you got the best RV Loan for your needs.
Finding the best lender company, getting a good RV loan interest rate, and working with a seller to buy a vehicle that will work for you and your family doesn’t have to make you dread your vacation. Here are some helpful tips to consider to help you get your mind off your loan and onto your trip.
Know Your Credit Score
The first thing to know when looking into RV financing is your credit score. The better your credit score is, the better chance you will have of getting preference for a loan and the potential for a lower interest rate.
On average, the minimum credit score needed to secure a personal loan is between 610 and 640. You can check with your bank, use a free credit score service or buy a score directly from the credit reporting companies. Keep in mind that different credit bureaus can sometimes return different scores.
If your credit score is low, you may want to consider improving it first, and use the time to save up for your down payment.
Be Prepared With A Budget
Knowing your budget is a must when shopping for higher-end products, such as an RV. Going shopping without a budget usually ends in disappointment and can waste your time shopping for things you can’t afford.
First, figure out your list of needs and wants. You may have to choose needs over wants for your final purchase if it’s a budget issue. However, if you won’t be happy without it, consider adding it to your budget since you’ll be living in your RV for extended periods.
Second, determine the low and high ends of your budget. Don’t forget to add in insurance and regular maintenance costs as well. This information will be helpful for your loan officer as they figure out your RV loan rate.
Using an RV Loan calculator is your best option for estimating your budget as you start applying for your loan.
Applying for Your RV Loan
If you are ready to apply for your loan, choose your lending company. You may want to consider a specialized RV loan company instead of a bank, as many do not offer RV loans. Your local RV dealer is a great resource and can often take care of most of the lending process for you, should you choose to use them.
If you’re choosing your own lender, make sure your chosen lender is legitimate. Check for contact information, read through online reviews, make sure they are registered and look at their Better Business Bureau Rating.
You can start applying online with most companies, which will then follow up through email and phone calls. Be prepared to spend time on your application. They will ask for information such as your social security number, past addresses, job history, bank information, and references.
Don’t Be Stuck in a Tent
When you picture yourself camping, and your chosen comfort level is in an RV, don’t let yourself camp any other way.
Not only can you secure your loan, but you can also shop for your RV, all at the same place. If you are ready to take the next step into securing the best RV loan rates now, contact us to get started.
