Six Tips for Financing Your New RV

Finding RV financing is no simple task. Here are some tips from us at Schwab's R.V. World to help you find financing that is right for you. If you need help financing your RV, visit our Leduc, Alberta, location, serving Edmonton, Alberta. 

Pay a Larger Down Payment

Most RV lenders ask for a down payment of at least 10%, but some require 20% down. The higher you pay on a down payment, the less interest you will pay over the life of the loan.

Build Your Credit

Don’t have the money for a larger down payment? Start saving up, and in the meantime, you can start building your credit. Most lenders require a credit score of at least 690, but the best loan terms and interest rates come if your credit score is above 750. It’s a good idea to start building your credit score while you save for a down payment. 

Set a Budget

It’s important to create an RV budget before you buy. Know how much you can reasonably afford to pay each month. Consider RV insurance and maintenance in your monthly price. Keep in mind that most people think of an RV as a luxury item, so RV insurance is more expensive than car insurance.

Shop Around

One study suggested that people who searched for at least five mortgage lenders when purchasing a home saw a savings of about $3,000. The savings for an RV loan can be as significant. Don’t be afraid to search around for the best RV loan terms. 

Haggle the Price of the RV Down

Many people don’t know that dealers expect that some will try to haggle the price down. To account for this, dealerships often price their RVs higher than what they are worth. Research the prices at other dealerships, and don’t be afraid to tell the dealerships if you found a similar RV for a lower rate. 

Know What You Are Looking For

It’s important to have a general idea of what you are looking for before you go to dealerships. Think about how many people will use the RV at once, how often you plan to use it and whether you plan to live in your new RV full-time. Even though a smaller trailer is easier to drive and park, a family of five might need a larger RV.

Financing your new RV doesn’t have to be scary. With a little bit of research and patience, you’ll be on your way to the RV of your dreams. For more information on financing at our dealership, visit Schwab's R.V. World in Leduc, Alberta, serving Edmonton, Alberta.