A Simple Guide on How to Finance Your RV

Is owning an RV on your wishlist? Well, with some great financing options, you can make your wish come true sooner than you thought. In fact, over 70% of RV buyers get ahold of their dream rig through financing. To help you familiarize yourself with the steps of RV financing, S&S Apache has come up with a basic guide that will get you one step closer to your long-awaited adventures. 

We are your local and trusted RV dealer in Jackson, Mississippi, providing our customers with the best prices on the best RV models. We also take pride in serving Vicksburg and Meridian. 

Come Up With a Budget 

First and foremost, it is important to have a budget. Having a realistic budget will help you avoid falling in love with models beyond your price point, which saves you time and speeds up the process of selecting the right rig for you. Many buyers who enter the RV market without a budget end up spending thousands of dollars more than they should have spent. 

In your budget, make sure not to only include the RV’s sticker price, but also the extra expenses that come with RV ownership, such as insurance, taxes, registration fees, and upgrade costs if you are planning to personalize your rig. 

Evaluate the Types of Loans

After you have an idea of what your budget is, start thinking about the type of loan options available to you. Basically, there are two types of loans, and depending on some factors, one will be more favorable for you. 

Secured RV loans use the purchased rig as collateral, which means it can be repossessed to make up for missing payments on the loan. These types of loans see lower interest rates and higher borrow rates. On the other hand, unsecured RV loans usually have higher rates, but the purchased RV is not considered collateral if you miss payments.

Check Your Credit

As with other types of loans, your credit score influences how smoothly your RV loan will be. RV buyers with higher credit scores usually experience an easier and more favorable loan. So, it is a good idea to focus on building a solid credit score. However, if yours is not on the higher end, don’t let that keep you from getting your rig. Many financial institutions work hand in hand with customers and try to come up with a reasonable loan plan specifically designed for each borrower’s circumstances. 

Save Up for a Down Payment

Once you have chosen the most favorable loan and negotiated with your financial institution, start saving up for the down payment. Most financing options require an upfront down payment of 10% to 20% of the RV’s total cost. Keep in mind that paying more upfront will save you money in the long run due to lower interest rates. 

To save even more, make your RV purchase at S&S Apache in Jackson, Mississippi. We carry models from the best makers and guarantee you the best prices on the market. Our friendly and knowledgeable team is here to help you select the perfect rig to satisfy your traveling and long-term needs. We are proud to also serve those from Vicksburg and Meridian.