Is it Time to Check into RV Financing in Reno?
Now that summer is over, ready to look into how financing an RV works? To get the best results on RV financing. Here are helpful tips to make your dream of owning an RV possible.
According to an article at bankrate.com, “Tips on How to Finance an RV “
“Purchasing a recreational vehicle is very much about attaining a new way of life. The rolling homes-away-from-home let their owners pick up and roam to their heart’s content.
“It’s the freedom and the comfort,” explains Peter Scalf, RV owner and founder of RV Advice of the WWW. “It’s basically like being at home wherever you go. You can take off. You can just hit the road. You don’t have to have a real destination.”
Even as gasoline prices are pinching budgets, a study released in December by the Recreation Vehicle Industry Association (RVIA) found that more Americans than ever are hitting the roads in recreational vehicles. According to the survey, which was conducted by the University of Michigan’s Survey Research Center, nearly 8 million U.S. households own an RV. The RVIA estimates that the numbers will only continue to rise as more and more people look to RVs for their leisure-time trips.
Foremost on their vacation agenda is escaping to nature and remote locations, saving money, spending quality time with family and enjoying a stress-free trip. Today’s “RV owners cherish the control that RVing offers in today’s uncertain travel climate,” cites the RVIA.
But before you can start on that journey, there’s all kinds of financial maneuvering that needs to be done. Landing a good financing deal on a recreational vehicle takes some work.
First off, a recreational vehicle is considered a luxury item. You’ll need good credit to qualify for the best financing.
“Applying for a RV loan is more stringent than an auto loan in that you’re required to fill out a personal financial statement,” says James Barron, senior vice president of marketing and operations at Essex Credit Corporation, “but you’ll not necessarily be denied a loan based on poor credit.”
“RV financing is credit score-driven. The interest rate of your loan is really contingent on your credit profile. Many lenders will consider a C credit score, even a D profile. Although most borrowers tend to have an A or B credit score.” To read the entire article click here.