If you plan on financing an RV, there are a few things you should know before closing a deal with a dealer. As with most major life purchases, motorhome financing can be an expensive, exhausting, and time-consuming process.
So, you want to manage your financing wisely to avoid making any mistakes that may cause you to spend more money than necessary.
In this article, we’ll share a few dos and don’ts that should help you make the right financing choices.
- Do set a budget
When you’re faced with so many motorhome options to choose from, it’s easy to get carried away with all the fancy amenities and installations that each motorhome has to offer.
Nevertheless, you must prioritize the installations you need in an RV over those unnecessary ones that merely tickle your fancy. Naturally, the more installations an RV has, the more expensive it is.
Ultimately, setting a budget and sticking to it will help you stay within the price range of the motorhomes you can afford, so you don’t have to worry about overspending or placing more value on those unnecessary installations.
- Don’t rule out used motorhomes
RVs cost a fortune to finance. If you’re on a tight budget, you might want to consider buying a used RV instead of a brand new one. Many people believe that buying a brand-new motorhome will present fewer problems and save them the cost of maintenance, but this isn’t always true.
Buying a used motorhome might help you save a lot more money, especially because it often comes with certain installations that you would have to buy later if you were financing a brand-new model.
- Do inspect the motorhome thoroughly
Inspecting a motorhome’s amenities and features is important. But what’s more important is inspecting its interior and exterior for faults that may be hard to notice at first glance.
When inspecting an RV you’re considering purchasing, always check the interior for problems like mold, leaks, and floor damage — especially if it’s a used RV. Although if water has soaked the floor too many times, it may be difficult to see the underlying damage.
When you’re done inspecting the interior of the motorhome, check its exterior for rust. Then check the walls and tires for sturdiness and stability. All these thorough inspections are crucial if you want to avoid major regrets after financing a motorhome.
- Don’t hesitate to ask questions
Motorhome financing can be confusing if you lack the required knowledge. Therefore, if ever you’re unsure about anything, don’t hesitate to ask someone with experience who is in a good position to satisfy your curiosity.
If you have any questions about credit scores, interest rates, down payments and the like, the right person to ask would be your creditor.
However, if you have any questions or concerns about the RV you’re financing, you should inform the seller as early as possible. Motorhome financing is undeniably a huge investment. Given that, it’s best to choose the option that perfectly suits your needs and budget.