Frequently Asked Questions Regarding RV & Camper Financing
It’s no secret that the price of summer items tend to trend down as autumn approaches. Lawn mowers, grills and recreational vehicles may see a drop in their sale prices during August and into the fall.
If you’ve always wanted to purchase an RV or camper, it might be wise to start planning as summer winds down. But what does that entail?
Recreational vehicles and campers are bigger ticket items, and you may have questions you would like answered before committing to the purchase. Here are some frequently asked questions regarding RV financing that you may find helpful.
1. What Is RV Financing And How Does It Work?
RV financing is the term used for how you will be paying for the vehicle. Just like getting a car, that may consist of money you have saved for the purchase as well as obtaining a loan to help you pay for the balance. Start by comparing your income and expenditures to help you figure out your budget, and what you can realistically spend on an RV, right now. Next, we can help walk you through your loan options & qualifications for getting pre-approved, financing rates and timeframe for purchase and repayment. Knowing exactly how much you already have, plus how much your loan would be will help you shop for the RV that fits within your budget.
Use our Budget Calculator to help determine realistic monthly payments towards your new RV.
2. What Is A Recreational Loan?
First Source offers a Recreational Loan, made specifically for this type of purchase. It's great for helping finance your outdoor activities. Try our Recreational Loan Comparison Calculator to help you get a general idea of the numbers. We are happy to answer any questions you may have about getting pre-approved for a Recreational Loan and we'll help you prepare so you go in with the negotiating power of knowing exactly what you can afford.
3. How Will My Credit Score Affect My Chances of Getting a Loan?
As with other loans, your credit score can affect whether you are approved for a loan, as well as the rate you secure. Even a small difference in interest rates can create a big difference in what you pay over the life of the loan. If you are worried that a low score may prevent you from purchasing an RV, we can help advise you on how you might improve it before you fully apply for a loan.
4. What Additional Costs Should I Expect As An Owner?
Consider your destinations and fuel costs, permits to park and camp, insurance, storage during winter, supplies you stock onboard, and of course maintenance. You may also want to consider a down payment. Saving to put money down up front can put you in a stronger negotiating position on the purchase price, reduce your loan amount and help you owe less on the vehicle over time.
Begin planning next summer’s big adventure by visiting our Recreational Loans for RV's and Campers page to learn more.
If you‘re ready to start the application, click “Apply Now.” If you have more questions, we’re happy to help. Give us a call at 315-735-8571 to discuss your options.