RV Loan Choices: Get a New, Resale or Refinance Recreational Vehicle Loan
Whether you are buying a home, a car, or an RV, you can generally choose from 3 types of financing: new, resale, or refinance. Choosing the RV loan type that is right for your situation is simple but choosing the perfect loan product may be a little more difficult. However, if you know a little bit more about the RV loan products it can help you navigate the process more smoothly. PRC RV Financing offers every type of RV loan and can help you with great resource for tools and information about RV financing .
New and Resale RV loan products
A new motorhome immediately turns into a used RV once it is driven off the lot by an owner for the first time. A new RV loan will generally have a lower interest rate than a resale loan, which will save you money on interest payments. When you purchase a new RV you can choose all of the features and the styling as well. But, because of depreciation, a used RV can save you a lot of money on the purchase price. When you are calculating RV loan costs on a resale RV, you should add the cost of an extended warranty so that you will be able to save on the added maintenance that a resale RV may require. Some lenders will not give you a motorhome loan for a resale RV that is older than 5 years old, so if you are thinking about buying an older RV, you should shop around for a lender that finances these types of RVs. .
Refinancing an RV Loan
If you are a current RV owner who is still paying off a loan, you might be interested in refinancing . Sometimes credit situations change for the better and you could qualify for a lower interest rate or better financing terms. Or, it may be that the interest rates have gone lower. Talk to a lender to see if the lower interest rate will save you money if you refinance your loan. An amortization schedule or an online RV calculator can help you to compare different loan products of all types to see which one is the best choice financially.