RV Financing and Loans – How to Save Thousands on any Loan for Travel Trailers and Motorhomes
You’ve researched your dream RV for months. You’ve haggled with the dealer for almost as long, it seems. And after all that work, you finally negotiated the dealer down to the price you wanted.
Time to relax? No! If you let your guard down here, you can lose tens of thousands of dollars.
On the other hand, if you spend just a few hours of preparation before getting an RV loan, you can easily save $5,000, or $10,000, or even $20,000 or more, over the life of the loan.
So if you think about it, you’ll make thousands of dollars per hour during this process. (Possibly the best salary you’ll ever make! And it works just as well on a used RV as on a new one.)
The good news is that it’s not difficult at all. You just need to know what to do.
The Wrong Way to Get RV Financing (Most People Do This)
Most RV dealers have arrangements with financing sources. After you buy an RV, you’ll be “invited” to apply for a loan through the dealer.
It will be quick and easy to get a loan this way. Unfortunately, it will also be expensive.
The RV dealers make substantial profits through these arrangements. They “mark up” the interest rates you’re charged, by as much as two percent. This means you pay more, and the dealer keeps it as extra profit.
An Overlooked Way to Save when Financing a Motorhome,
Travel Trailer, and even a Tow Vehicle
A great way to finance an RV is with a home equity loan.
Assuming you have enough equity in your house, you can use it to finance the RV. You can often get a lower interest rate on a home equity loan than on an RV directly. (Even in today’s tough real estate market, a home holds its value better than an RV.)
Check back to this page soon for more information on the best sources for home equity loans and automobile/truck financing (for tow vehicles).