Back

Tips for Financing an RV

Aug. 17 2023 Buying Guide By Mountainland RV

Share

Owning an RV can be a dream come true! The idea of having the freedom to pack up and hit the road at a moment's notice, exploring new destinations and spending quality time with your loved ones, is incredibly appealing.

However, purchasing an RV can be a big financial commitment, and not everyone can afford to pay for it outright. That's where RV financing comes in handy. In this blog post, the Mountainland RV team will outline some top tips for financing an RV and help you make the best decisions for your budget and lifestyle.

1. Set a Budget

Before you start shopping for an RV, it's important to determine your budget. This will help you narrow down your options and avoid overspending. Be sure to include all the costs associated with RV ownership, such as insurance, maintenance, and campground fees, in your budget.

2. Look for the Right Loan

Once you have a budget in mind, it's time to shop around for the best loan. Don't just settle for the first offer you receive from your bank. Check with other lenders like credit unions and online lenders to find the best rates and terms. Be sure to read the fine print of any loan agreement before signing and ask questions if you're unsure of anything.

3. Save for a Down Payment

Making a down payment on your RV can help lower your monthly payments and decrease the amount of interest you'll pay over time. The general rule of thumb is to put down at least 20% of the RV's purchase price, but the more you can put down, the better off you'll be in the long run.

4. Know About Ongoing Expenses

Remember that financing an RV isn't just about making the monthly payments – there are ongoing expenses and maintenance costs that come with RV ownership. Be sure to budget for these expenses so you don't end up in a difficult financial situation down the line.

Financing an RV can be a great option for those who are ready to purchase an RV, but can’t do so outright. Visit us in Logan, UT, to learn more about your financing options and to browse our current inventory. We proudly serve the Cache County area and look forward to helping you find your dream RV!