The road may be calling, but travelers need to figure out how to finance that recreational vehicle
Foster City, CA – July 8, 2020 – For many, it’s a dream to hit the highways in a recreational vehicle (RV) or camper, visiting friends and relatives and “living wherever your spirit takes you.” For that dream to morph into a reality, future road travelers must determine how to finance the recreational vehicle of choice, and MoneyRates.com revs up to help consumers do that.
Many who have their sails set for a new RV have never purchased one before. An RV can range from a simple “ice-fishing house” priced between $3,000 and $20,000 to a fancy, conventional motorhome worth up to $500,000. The trusted personal finance resource recently released a guide that helps consumers navigate the process of paying for an RV or camper.
MoneyRates reminds RV shoppers that being careful about financing options can save a lot of money in the long run, and explores factors including:
- What is an RV loan? The type of shelter chosen factors into the type of loan that is best.
- RV loan types: Auto loans to specialty RV lender financing can be a fit.
- Interest loan rates for RV financing: Rates are heavily influenced by credit rating, RV age, loan amount, down payment and loan term.
- How much is affordable? Most lenders don't want to see a DTI over 40%, although some personal loan providers and subprime RV lenders go as high as 50%. It’s a good idea to use a loan calculator to get an idea of what the monthly payment will likely be.
- Finding the best RV loan: There are several principles to keep in mind when searching.
- Personal loans for RV purchases: What are the pros and cons?
- How to finance an RV: Crucial first steps are explained.
See the full article here: Want to Buy an RV? Learn How to Finance an RV.
MoneyRates' spokesperson Gina Pogol is available for commentary on banking and personal finance topics. Would you like to speak with Pogol about this research?
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Since 1998, MoneyRates.com has served as a personal finance resource designed to help readers make the most of their money. In addition to a variety of financial calculators, MoneyRates.com researches and tracks CD, savings, and money market rates offered from over 400 financial institutions across the country to offer expert advice on banking, investing and retirement planning.
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