Recreational vehicle loans, whether unsecured or guaranteed, are repaid in fixed monthly installments, usually over a period of two to 20 years. Compare the potential benefits of financing an RV with an unsecured personal loan or a secured vehicle loan.
Advantages of unsecured loans
Advantages of the secured vehicle loan
Recreational Vehicle Loans: Questions To Ask Before You Apply
What is the true cost of the RV? Factor in expenses like gas, RV insurance, storage, sales tax, repairs, and maintenance to determine the total cost of the RV.
These costs should be within a budget that meets your needs, wants, savings, and debt payments. Try to keep savings and loan payments at 20% or less of your income.
Should I build my credit score first? Your credit score is a major factor in loan approval and impacts your rate and loan terms. Consider building your credit score before applying for an RV loan.
Can I rent an RV instead? Renting an RV can be a faster and cheaper way to hit the road. It also allows you to test a vehicle before committing to a purchase. RVs can be rented at local dealerships or peer-to-peer rental markets.