Getting Started
RV Finance 101: Making Your Vacation Dreams A Reality
Are you dreaming of owning your own RV, but are not sure if it is within reach? Did you know that if you finance an RV, your payments can be as low as $100 bi-weekly? We believe that your dream of owning a home-on-wheels is within reach, and we are here to help you every step of the way. Whether you are a seasoned RV enthusiast or a first-time buyer, the finance process might seem a bit overwhelming at first. But fear not, we are with you. Our goal is to make this journey as smooth as your scenic drive, guiding you through the steps so you can be that much closer to driving home your dream RV.
Step 1: Assess Your Budget and Research
Before you start shopping for an RV, it is essential to assess your budget realistically. Consider your monthly income, expenses, and how much you can comfortably allocate to RV payments. Once you have a budget in mind, research different RV models to find one that suits your needs and fits your budget.
Step 2: Financing Options
There are various financing options available. RV loans are similar to traditional car loans with a home mortgage spin. You borrow a specific amount, and then you will make payments which includes the interest until the loan is paid off. We can shop around for the best terms and conditions for you to have successful full ownership experience of your RV right from the start. RV dealerships leverage strong relationships with a variety of lenders to get you the best possible terms and conditions. The dealership does the heavy lifting, and you get the convenience of purchasing and financing all at one place.
And, unlike a home mortgage, you can pay out your RV loan in full/part at any time. Penalty free!
Step 3: The Application Process
Regardless of which financing option you choose, you will need to complete a credit application. This application requires personal and financial information, such as income, employment history, and expenses. If you prepare these documents ahead of time, you will likely find the process to be quick and easy!
If you would like to assess your likelihood of financing approval before heading into a dealership for financing, you can perform a soft credit check right here on our website.
Soft credit checks do NOT affect your credit score and allow Financial Services Managers to review your credit history quickly without making a formal credit decision.
Step 4: Loan Approval and Terms
After reviewing your credit application and determining your eligibility, the Financial Services Manager will inform you whether you have been approved for the loan. If approved, you will receive the loan's terms and conditions, including the interest rate, loan duration, and monthly payments. When you choose to finance through the dealership of choice, this process will be conducted right at the dealership.
Navigating the finance portion of purchasing an RV may seem overwhelming, but by following these simple steps, you can make the process smoother and more enjoyable. Remember, our Fraserway team is here to assist you every step of the way, ensuring you find the perfect financing solution for your new RV adventure. Happy travels!
Disclaimer: While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability. Any reliance you place on such information is therefore strictly at your own risk. The inclusion of any suggestions does not necessarily imply a recommendation or endorse the views expressed within them.
