RV Financing Terms
For some families, especially those with limited financial resources, flexible financing options are crucial. Many families need to economically graduate into the RV lifestyle in order for the transition to be a sound financial decision, which they will be able to fit into their budget. Families across America are finding that many financial institutions in the United States offer flexible payment plans. This is done to meet the specific needs of as many buyers as possible.
Today's RV terms are better than ever with numerous options available to fit almost any buyer. Usually, a loan for the larger sized RV's (new) can have terms ranging from 10 to 12 years in duration. Some financial institutions will even extend the terms in this case for up to 15 years depending on a number of qualifying factors. Most lenders require less than 20 % of the total purchase price down, and 0 % down is not unheard of, when the loan seeker has found a willing institution and has proven to be worthy of such options. There are also the in betweens which tend to be slightly more available. One example of this is 10 % of the total purchase price down. Used RV's however, are a slightly different ballgame. The norm in this case would consist of a finance package with terms extending from 4 to 8 years.
Mike Clegg, a 37 year old grocery store Manager had no idea that an RV payment could fit into his budget. A younger co-worker brought in pictures of his new motorhome, and as Clegg admired the pictures, he wondered to himself how his co-worker could possibly afford an RV. "I finally broke down and asked him how he managed to finance such a big motorhome, my colleague told me that due to his excellent credit history he qualified for extended financing. The extended terms had enabled him to make the purchase. "Shortly thereafter, Clegg financed his first motorhome by taking out an extended terms loan.
Clint Ethington, Manager of PRC RV Financing states that shopping for an RV loan is similar to shopping for a mortgage loan, with better benefits and options. "Today's financing options are fantastic; there are terms and options available to fit almost any budget." The terms that are available including zero down loans, extended loan terms, and in some cases extended maintenance agreements, play a huge part in what has made RV's increasingly popular. The loan options are making them much more affordable.