Financing Your Used RV
Everything You Need to Know About Used RV Loans
RV financing is a quick & easy way for you to know how much you can borrow, and what down payment you might need. We know that buying an RV can be a complex process. With so many different RV types to choose from, some people feel more comfortable knowing what size of RV loan they qualify for before they begin RV shopping. Getting pre-approved for an RV is actually quite simple! For purchases with a Beacon credit score of 650 or more, RV loans are quite easy to obtain and are often available through your RV dealer’s RV finance and insurance office.
Loans
RV loans are structured similar to car loans, with a loan term for any type of unit–whether it’s a travel trailer, 5th wheel, toy hauler, camper or motorhome–and can be gradually paid off over a period of 10 to 20 years. With RV loans being stretched out for such long periods of time, it can be very costly if you don’t take advantage of pre-payment options. The more money you pay upfront, the smaller the amount of money you need to borrow, and the lower your monthly payments will be.
Getting a loan on an RV requires a Beacon credit score of 650 or higher. If you don’t know what your score is currently, there are websites available to help you acquire it. You may be required to pay a nominal fee for this service.
Although the process of financing a used RV is similar to financing a new one, there are a few differences:
Used RV financing usually has a shorter term than new RV financing, which can result in higher monthly payments. However, the overall cost of a used RV is typically lower, usually saving you money in the long run.
Financing rates for used RV sales may be a bit higher due to the smaller amount of money being financed. You often still have the freedom to pre-pay the RV loan or make lump sum extra payments without penalty on the RV loan.
Used RV financing will have you at loan rates from 8.99%, with your exact rate depending on:
- The purchase price of the RV
- The length of term you choose
- Your individual credit score
Qualified RV loans officers will be able to match you up with favourable RV finance rates from a variety of lenders for your RV loan. If you choose pre-approval for an RV loan, you are always best to speak with an RV financing specialist over the phone (as apposed to online) simply because they can get specifics from you and your financial commitments prior to submitting your pre-approval for an RV loan.
The more cash you have saved up for a down payment, the smaller your monthly payments will be. Depending on the type of RV, your down payment may vary:
- Motorhomes require a minimum $10,000 down payment
- Any other RV type (5th wheel, truck camper, etc.) require a minimum $2,500 down payment.
Pre Approvals
Pre-approvals are a way for a lender to give you an early indication of how much you may be able to borrow to buy an RV. It involves the lender looking at your financial situation (like your credit score, income, and other factors). Although a pre-approval isn’t a guarantee, it can help you get an idea of your budget, and it’s a good way to get the ball rolling on securing financing for your RV purchase.
Getting pre-approved is recommended because it could cut down the hours you spend on RV shopping. If you live far from our location and/or have an idea of the RV or price range you’ll be shopping in, you may want to consider a pre-approval.
Refinancing
Your relationship with your RV loan lender will be separate from the dealership. An RV loans officer’s role is to connect you with a lender who offers the best financing terms and rates for your RV purchase.
Once you sign the RV loan papers, your financial obligation is to the bank that holds your RV loan. Most RV loans are structured with a 5-year term and a 10-20 year amortization. This means that if you don’t completely pay off the RV loan within the initial 5-year term, the lender (bank) will assist you in the refinancing your loan.
You are not obligated (after the initial term) to refinance your RV with the same lender. You are free to shop around for better RV loan rates & RV financing terms from other lenders. Some RV dealers can assist with the process of RV refinance as well.
Financing Your Used RV
Everything You Need to Know About Used RV Loans
RV financing is a quick & easy way for you to know how much you can borrow, and what down payment you might need. We know that buying an RV can be a complex process. With so many different RV types to choose from, some people feel more comfortable knowing what size of RV loan they qualify for before they begin RV shopping. Getting pre-approved for an RV is actually quite simple! For purchases with a Beacon credit score of 650 or more, RV loans are quite easy to obtain and are often available through your RV dealer’s RV finance and insurance office.
Loans
RV loans are structured similar to car loans, with a loan term for any type of unit–whether it’s a travel trailer, 5th wheel, toy hauler, camper or motorhome–and can be gradually paid off over a period of 10 to 20 years. With RV loans being stretched out for such long periods of time, it can be very costly if you don’t take advantage of pre-payment options. The more money you pay upfront, the smaller the amount of money you need to borrow, and the lower your monthly payments will be.
Getting a loan on an RV requires a Beacon credit score of 650 or higher. If you don’t know what your score is currently, there are websites available to help you acquire it. You may be required to pay a nominal fee for this service.
Although the process of financing a used RV is similar to financing a new one, there are a few differences:
Used RV financing usually has a shorter term than new RV financing, which can result in higher monthly payments. However, the overall cost of a used RV is typically lower, usually saving you money in the long run.
Financing rates for used RV sales may be a bit higher due to the smaller amount of money being financed. You often still have the freedom to pre-pay the RV loan or make lump sum extra payments without penalty on the RV loan.
Used RV financing will have you at loan rates from 8.99%, with your exact rate depending on:
- The purchase price of the RV
- The length of term you choose
- Your individual credit score
Qualified RV loans officers will be able to match you up with favourable RV finance rates from a variety of lenders for your RV loan. If you choose pre-approval for an RV loan, you are always best to speak with an RV financing specialist over the phone (as apposed to online) simply because they can get specifics from you and your financial commitments prior to submitting your pre-approval for an RV loan.
The more cash you have saved up for a down payment, the smaller your monthly payments will be. Depending on the type of RV, your down payment may vary:
- Motorhomes require a minimum $10,000 down payment
- Any other RV type (5th wheel, truck camper, etc.) require a minimum $2,500 down payment.
Pre-Approvals
Pre-approvals are a way for a lender to give you an early indication of how much you may be able to borrow to buy an RV. It involves the lender looking at your financial situation (like your credit score, income, and other factors). Although a pre-approval isn’t a guarantee, it can help you get an idea of your budget, and it’s a good way to get the ball rolling on securing financing for your RV purchase.
Getting pre-approved is recommended because it could cut down the hours you spend on RV shopping. If you live far from our location and/or have an idea of the RV or price range you’ll be shopping in, you may want to consider a pre-approval.
Refinancing
Your relationship with your RV loan lender will be separate from the dealership. An RV loans officer’s role is to connect you with a lender who offers the best financing terms and rates for your RV purchase.
Once you sign the RV loan papers, your financial obligation is to the bank that holds your RV loan. Most RV loans are structured with a 5-year term and a 10-20 year amortization. This means that if you don’t completely pay off the RV loan within the initial 5-year term, the lender (bank) will assist you in the refinancing your loan.
You are not obligated (after the initial term) to refinance your RV with the same lender. You are free to shop around for better RV loan rates & RV financing terms from other lenders. Some RV dealers can assist with the process of RV refinance as well.
Financing Your Used RV
Everything You Need to Know About Used RV Loans
RV financing is a quick & easy way for you to know how much you can borrow, and what down payment you might need. We know that buying an RV can be a complex process. With so many different RV types to choose from, some people feel more comfortable knowing what size of RV loan they qualify for before they begin RV shopping. Getting pre-approved for an RV is actually quite simple! For purchases with a Beacon credit score of 650 or more, RV loans are quite easy to obtain and are often available through your RV dealer’s RV finance and insurance office.
Loans
RV loans are structured similar to car loans, with a loan term for any type of unit–whether it’s a travel trailer, 5th wheel, toy hauler, camper or motorhome–and can be gradually paid off over a period of 10 to 20 years. With RV loans being stretched out for such long periods of time, it can be very costly if you don’t take advantage of pre-payment options. The more money you pay upfront, the smaller the amount of money you need to borrow, and the lower your monthly payments will be.
Getting a loan on an RV requires a Beacon credit score of 650 or higher. If you don’t know what your score is currently, there are websites available to help you acquire it. You may be required to pay a nominal fee for this service.
Although the process of financing a used RV is similar to financing a new one, there are a few differences:
Used RV financing usually has a shorter term than new RV financing, which can result in higher monthly payments. However, the overall cost of a used RV is typically lower, usually saving you money in the long run.
Financing rates for used RV sales may be a bit higher due to the smaller amount of money being financed. You often still have the freedom to pre-pay the RV loan or make lump sum extra payments without penalty on the RV loan.
Used RV financing will have you at loan rates from 8.99%, with your exact rate depending on:
- The purchase price of the RV
- The length of term you choose
- Your individual credit score
Qualified RV loans officers will be able to match you up with favourable RV finance rates from a variety of lenders for your RV loan. If you choose pre-approval for an RV loan, you are always best to speak with an RV financing specialist over the phone (as apposed to online) simply because they can get specifics from you and your financial commitments prior to submitting your pre-approval for an RV loan.
The more cash you have saved up for a down payment, the smaller your monthly payments will be. Depending on the type of RV, your down payment may vary:
- Motorhomes require a minimum $10,000 down payment
- Any other RV type (5th wheel, truck camper, etc.) require a minimum $2,500 down payment.
Pre-Approvals
Pre-approvals are a way for a lender to give you an early indication of how much you may be able to borrow to buy an RV. It involves the lender looking at your financial situation (like your credit score, income, and other factors). Although a pre-approval isn’t a guarantee, it can help you get an idea of your budget, and it’s a good way to get the ball rolling on securing financing for your RV purchase.
Getting pre-approved is recommended because it could cut down the hours you spend on RV shopping. If you live far from our location and/or have an idea of the RV or price range you’ll be shopping in, you may want to consider a pre-approval.
Refinancing
Your relationship with your RV loan lender will be separate from the dealership. An RV loans officer’s role is to connect you with a lender who offers the best financing terms and rates for your RV purchase.
Once you sign the RV loan papers, your financial obligation is to the bank that holds your RV loan. Most RV loans are structured with a 5-year term and a 10-20 year amortization. This means that if you don’t completely pay off the RV loan within the initial 5-year term, the lender (bank) will assist you in the refinancing your loan.
You are not obligated (after the initial term) to refinance your RV with the same lender. You are free to shop around for better RV loan rates & RV financing terms from other lenders. Some RV dealers can assist with the process of RV refinance as well.