In the market for a new RV? Then you’re likely planning to finance your new model. A majority of buyers on the market prefer financing their RVs to paying out of pocket, as it often speeds up the buying process. However, while quicker than saving up, applying for RV financing can require some preparation and work, and we recommend reading our article below to ensure you’re ready for the process.
Build Your Credit
Your credit score can affect many loan factors, including term length, APR, and whether or not you qualify for RV financing at all. To ensure you get the loan you need for your new RV, we recommend taking some time to raise your score to around 650 or 700. To quickly raise your credit in a short period of time, be sure to pay off your credit cards on time, and avoid using over 30 percent of your card’s available credit.
Save for a Down Payment
An RV down payment typically costs anywhere from 10 to 15 percent of the total sticker price. More often than not, an RV loan cannot be put toward this expense, and you’ll need to have some extra cash on hand to make sure you have enough to cover the payment. While you’re building up your credit score, be sure to save up for your down payment as well.
Need more helpful RV financing advice? Then consider stopping by RVs and Boats for Less and speaking with one of our many helpful financing officers. You’re also welcome to take advantage of our amazing financing services when you visit our location here in Chubbuck, ID, and we look forward to serving those nearby in Idaho Falls and Pocatello, ID.
