A+ R A-

Can You Finance the Purchase of a Used RV?

It’s finally time for you to buy that Winnebago that you have been eyeing. You want to see everything there is to be seen in your country and road tripping seems to be the best way for you to do it. You’re probably excited and ready to hit the road, because after all, you’ve most likely been planning on this trip for years.

Of course, there is just one small detail. You need the purchase financed, but the Winnebago that you want is used. Can you finance the purchase of a used RV? The answer is yes but there are some things to take into account beforehand.

For example:

  • The used RV will most likely mean a higher interest rate. You can get a loan for a used RV, but depending on the age of the vehicle, you may need to expect to pay a higher interest rate due to decreased value, etc. If that isn’t a problem for you, you could find some places willing to finance you.

  • Most banks won’t want to lend for an RV that is older than 10 years. Because of the fact that older vehicles are typically more apt to break down and may not be resold so easily, you may find it hard to finance a used RV that is over 10 years. If you are set on buying one that is a little over 10 years, you could get lucky, but it will take some hunting.

  • You’ll have to spend some time looking around to ensure that you get the best interest rate. If you really want a good interest rate, you’ll need to look around a bit. You may not get the best rate at the first bank that you go to. Realize that it can take time-especially with a used RV-but with patience and research, you could actually get a very fair rate. Just because you’re buying a used RV, you shouldn’t settle for paying a super high rate.

  • A loan for a used RV will be quite a bit less than if you were buying a brand new RV. The good thing about financing a used RV is that used RVs are typically cheaper than new ones. This means that you could possibly get a loan in no time—of course, depending on several factors.

  • Make sure that you can get a loan for used RVs that have high mileage already. If you are considering an RV that has seen a lot of use and has a lot of mileage on it already, you could find financing to be a challenge. With luck and a lot of patience, you could get a loan, but it’s not the easiest.

  • More important than how old the vehicle is how your credit score is. Even if the vehicle is brand new, if you don’t have good credit, it could be a challenge to get a loan, no matter the year of the RV. How is your credit score?

  • Are you ready for the type of payments that you’ll have to make on a regular basis to pay back your loan? Many people can go into the idea of purchasing a vehicle thinking that the monthly payment won’t be much. Consider the cost of paying it off over a few years before you make the commitment. It isn’t something to take lightly. Make sure that the ROI is worth it to you.

  • How much is the down payment on the used RV that you want? Be sure to consider if you really want to borrow the kind of money needed to put a down payment on the RV that you’re interested in. Is it something that you can pay off? If so, go for it, if it’s going to be tight, consider shopping until you find that is cheaper and easier to pay off.

How exciting would it be to travel your country in an RV? Especially if it’s your own motorhome. Are you ready to make this big decision of committing to a loan to buy one? If you’ve saved up money for the purchase, good on you. If not, you’ll need to take some time looking for financing for the used RV that you want.

Many people want to buy used RVs over new ones, as they tend to be cheaper. It is a possibility, but you’ll need to have patience to find the right financing and avoid high interest rates.

Before shopping for a Winnebago, make sure to check a few of the important things above. For example, you may want to take some time to build up a credit score if yours is currently not the best. Don’t be discouraged if it takes time, be patient and soon that RV can be yours and the road tripping lifestyle your lifestyle.

Page 1 of 947