How to Finance an RV

Financing an RV is a lot like financing a car and the most important thing to know is that usually RV financing rates are tied to auto loan rates, so when auto loan rates are low, chances are RV rates will be low as well.

Things You'll Need

• Good credit
• List of banks, credit unions and other financial institutions in your area

Instructions

1. Have good credit and a good credit score--the higher the better.

2. Know that you don't have to finance your RV through an RV dealer. Often local banks, credit unions or other financial institutions offer better, more competitive financing rates, so check around before you sign any financial contract.

3. Consider that there are also many nationwide companies that specialize specifically in financing RVs. They often offer special incentives if you finance with them, such as lower interest rates, longer financing terms or other special offers to urge you to finance with them. Check out a few of these companies before you settle on your lender.

4. Check with your tax accountant as well. In some cases, the interest on your RV purchase can be deducted from your taxes, so you should take that tax savings into consideration when you finance your RV, as well.

5. Don't buy an RV on impulse. Before you decide to drive away in the motorhome of your dreams, make sure you find the best financing for your needs, to save you money and headaches before you buy your RV.

Resources

• RV Financing
• Good Sam Club