RV Financing OptionsThe reality was, that unless I was able to get RV financing, then I may as well say goodbye to making this dream of mine a reality. There was no way that I would be able to purchase my RV outright. As much as I saved all I seemed to be achieving was a reasonable deposit, but that was all. The thought of waiting until retirement is also not very appealing. That is another scene altogether, and I want to go places that still requires a little youthful energy. I had heard that obtaining RV financing is quite easy providing you meet their loan requirements. Much like purchasing a car, albeit a rather expensive one. So I thought it was now or a long time away, I had nothing to lose, so may as well give it a go. The first thing I did was to get the exact make, model and price of the RV I wanted to purchase. This was easy, because I knew I wanted a C Class motorhome so all I had to do then was to settle on a make and model, sort out any extras that I thought were necessary and should be bought at this time, and then get them to give me a written quote so that I could begin the hunt for financing. I knew that there would be plenty of time to buy the extra supplies as time went on, but I thought it fairly sensible to get the awnings first up, being a major expense and include it in the RV financing deal. Mission accomplished, my dream RV is going to cost me the princely sum of $78,000 which includes all the extras that I wanted. It sure is a nice looking vehicle, and I know she and I are going to have some real good times together. I've been RV'ing many times before, so feel pretty confident in my choice, and I knew exactly what I wanted the interior to look like. But now I had the all important task to organize the RV financing, and with hopes high I began my search. First stop was to do an online search. Just looking in Yahoo or MSN for "RV financing" brought up more results than I could go through in a lifetime, so I settled for exploring just those on the first couple of pages. There was an enormous wealth of information, and they were all obviously very eager to give an online quote because I spent a couple of hours filling in the online applications and sending them off. What did I have to lose? Just a bit of time. I thought that when I got their answers I would be able to compare deals and see who had the best interest rate and terms. Just for the record, your interest rate will vary. As I soon found out. RV financing also depends on factors such as the loan amount, down payment and credit profile. Fortunately for me, I had a decent deposit of $12,000 which bought the amount back a bit and also lowered the interest, and my credit profile was OK. Whether they are always this fast I don't know, but in four out of the six applications I sent for the RV financing, they got back to me within the hour. This is kind of staggering when you think about it. All they knew was what I told them, and within a few minutes I had been approved for a loan of $66 thousand. What a great age we live in. To cut a long story short, I picked the RV financing company that offered the best deal, and even though they were all pretty similar there were a few differences that over a period of 10 years was going to amount to a fair bit of money. That is just when I am going to be due for a new RV, but my retirement package is going to pay for that one. |