Financing Your RV
Don’t spend years saving until you can get ahold of your dream RV. Make it happen now by financing the rig of your choice. This is an approach taken by over 70% of campers who are now enjoying their adventurous vacations and creating memories. Need help in starting the financing process? Well, keep on reading as we guide you through the basic things you should know.
For additional information, contact or visit us at Chesapeake RV Solutions in Chesapeake, VA. Our friendly and expert staff is happy to offer you advice and further assist you in any way possible. We take pride in offering top RV models, so come choose your model with us. Those near Virginia Beach and Suffolk are welcomed, too.
What Is Your RV budget?
Before anything else, take a moment to think about how much money you are willing to spend on your RV. Several factors come into play when deciding your budget. Consider the RV size and model that will comfortably fit your traveling group, as well as the features you want it to have. Having a clear idea of what you need will help you come up with a realistic budget and avoid falling in love with models beyond your price point.
RV Down Payment
Financing an RV typically requires a down payment of around 10% to 20% of the total cost. Of course, the figure varies on the type of financing plan you choose. Therefore, start saving up now. The sooner you have the down payment, the sooner you’ll have the keys to your RV, and the sooner you’ll be off on your first trip. It’s important to note that paying more upfront usually lowers future interest rates which save you money.
Your Credit Score
Having a high credit score facilitates the process, so we advise you to build a solid credit score to make your financing much easier. However, don’t be discouraged if your score is not as high as you’d wish it would be. Many financial institutions often work hand-in-hand with their customers to come up with unique financing options that work best for them.
Types of RV Loans
You will have to decide what type of RV loan you would benefit most from, whether it’s an unsecured or secured loan. Unsecured RV loans normally have higher interest rates, but an advantage is that the company is unable to repossess your RV if you don’t meet a payment.
On the other hand, secured RV loans take the purchased RV as collateral if payments aren’t met. However, these loans typically have lower interest rates.
Ready to start your RV selection process? If so, browse our website or visit us at Chesapeake RV Solutions in Chesapeake, VA, to choose from some of the best RV models at unbeatable prices. While here, please be sure to ask our knowledgeable staff how we can help you with the best financing options available. We take pride in serving all of our customers coming from Virginia Beach and Suffolk.