Ride the open road! Camper and RV loans allow you to head out on the open road sooner. When it’s time to get moving, don’t let financing a recreational vehicle stop you. Start the adventure!
What are RV loans?
RV Loans, otherwise known as a recreational vehicle loan, is financing for a camper, RV (recreational vehicle), or motorhome. This type of loan includes luxury RVs, new and used RVs, campers, pop-up camper, hard top trailer, pull behind, driveable camper, or a motorhome. Basically, any RV or camper style recreational vehicle that is not a permanent structure.
The perfect down payment.
If you have a bit of savings you intend to use for your dream RV, here are a couple of ways to consider using it.
First, you can get your approved loan amount and the interest rate by getting pre-approved, then use the down payment to reduce the initial costs. Doing so reduces your overall total loan request, in turn, reducing the amount of interest you pay.
Your second option is to see what loan amount you qualify for and use the savings as a safety net as you proceed with your RV purchase. Essentially, your loan amount would cover the RV cost and you could use your savings to pay for the taxes, title, and any other additional expenses you may not have considered. Keeping this money to pay for the fees helps relieve the stress of any added costs.
Third, if you have a substantial down payment and find an RV slightly outside your loan budget, you can use it to absorb the extra cost and get the RV of your dreams.
How are RV loans and an auto loan different?
The most significant difference between RV loans and auto loans is the amount of the loan and the term lengths offered. RV loans allow for a higher purchase limit and longer terms due to the purchase price of a new RV. It is often far more than that of a vehicle.
How does my down payment affect my RV loan?
Having a down payment reduces your overall RV loan amount. You’ll save on the accrued interest over the loan’s length by reducing your initial loan amount. The savings over the length of the loan add up to a considerable amount of money.
For example, let’s say you want a loan for $30,000 and qualify for a 10-year term. With a $30,000 loan and an interest rate of 8.25%, you’ll pay $14,150 in interest over the 10-year loan term. On the other hand, if you made a down payment of $10,000, your loan amount is now $20,000. Now you are paying $9,433 in interest over your loan term. In this example, you have a total savings of $4,717.
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I’m ready for my RV adventure – apply for Camper or RV loans.
Great, let’s get you started! Apply for a Money FCU Camper or RV loan. Want to learn more before applying? Call (315) 671-4000 or chat with our friendly agents. We are ready to answer any of your banking questions.