RV Loan Basics: New, Used and Refinance
There are basically three types of RV loan financing, much like any other type of financing. If you are looking to buy a recreational vehicle, you might need a new or used RV loan. If you already have your RV financing, you may want to change the terms of your financing by getting an RV loan refinance. Understanding how each type of RV loan functions will give you a head start on your recreational vehicle purchase. At D RV Financing you will find a lot of information about financing any type of RV loan along with tools and resources to make it simpler.
A new RV loan
A recreational vehicle considered “new” until it is driven off of the lot the first time with an owner. This is important, because the RV starts to depreciate in value from this moment on even if someone only owned it for one day. So, if you want to own a new RV, you will need to visit a dealer or RV wholesaler to purchase an RV. There are definite advantages to purchasing a new RV over a used RV. You can choose the exact features and styling that you want in the RV. You can get a lower interest rate on your RV loan. The RV will come with full warranty protection to give you an added sense of security.
A used RV loan
Many people choose to buy a used RV because they feel that they can get more for their money. The best value on a used RV is usually realized if you purchase it when it is less than 2 years old. The rate of depreciation slows after this. The interest rate on a used RV loan is usually a little bit higher than for a new RV, but you will most likely save more than that on the purchase price. You should seriously consider getting an extended warranty for any used RV to protect your investment. Not all lenders will give you financing for a recreational vehicle that is over 5 years old and you may need to have any used RV inspected before you get a loan approval to make sure that it has retained its value.
Refinancing your RV loan
Many people who already have RV financing choose to get a refinance loan in order to take advantage of lower interest rates, to change the length of their financing or to lower their monthly payments. If your credit situation has changed for the better and you feel that you deserve a lower interest rate, this is something that you might want to consider. Most lenders require a minimum loan amount and some have a limit on the age of the RV, so make sure that you meet those criteria.Apply for our used RV financing, new rv financing or rv refinancing - all from our easy, secure, online rv financing application. There is no obligation for you to see if you qualify for our low rates. We have operators standing by to answer your questions 1-877-628-4616. Contact D RV Financing today!