MOTORHOME RV FINANCE RATES AND LOAN INFORMATION
Your RV financing can be an easy, straight-forward process. Recreational vehicle lenders already consider you among the 98.5 percent of RV buyers faithfully repaying their RV loans and are willing to offer you extended RV loan terms. Furthermore, current record-low interest rates allow you to save money, or upgrade your RV purchase, and make affordable monthly payments. At PRC you can get the lowest motorhome rv finance rates out there.
There are many ways you can finance a recreational vehicle. Your loan
for a new or used RV might range anywhere from 8 to 20 years, and have
a down-payment of between 10 and 20 percent. With any RV loan, the three
keys to keep in mind are: down payment, interest rate and loan terms.
After you've selected an RV lending source to finance your recreational
vehicle, you'll need to be approved by your lender. (Click
here to be pre-approved in minutes.) The paperwork required may be
called a "loan application," "finance application," or "credit
application," and provides information the lender uses to approve
your loan. Take your time accurately completing your application.
You may be concerned that your credit rating is lower than at the time
of your original recreational vehicle purchase, compromising your ability
to refinance. Prepare yourself by obtaining and reviewing a copy of your
credit report before applying to refinance your recreational vehicle
loan. This review allows you to catch and correct any errors, improving
your rating as much as possible. You can obtain a credit report by contacting
Equifax at 1-800-685-1111, Experian at 1-800-520-1221 or Trans-Union
at 1-800-916-8800. Remember: Each time you request a credit report your
rating is temporarily lowered, so if you believe your credit is good
simply forgo this step.
If you have had credit problems, be prepared to discuss them honestly.
RV loan professionals know there can be legitimate reasons for credit
problems, such as unemployment, illness or other financial difficulties.
If you've resolved such problems and your payments have been on time
for a year or more, your credit may be considered satisfactory. If you
have bad credit all other aspects of your loan need to be in order, including
evidence of equity, stability, income and assets. Late mortgage payments
or bankruptcy can do significant damage to your credit rating.
You may be interested to know that the interest on your recreational
vehicle loan can be deductible as second home mortgage interest. To qualify,
your RV must be used as security for the loan and must have basic sleeping,
toilet and cooking facilities. Virtually all RV types including motor
homes, travel trailers, fifth wheels, truck campers and even some tent
trailers are equipped with these facilities. For
more information, contact your tax professional or call the IRS at 1-800-829-3676.
You can refinance your recreational vehicle online and save both time
and money. While conveniently doing business from the comfort of your
home, you may be able to take advantage of lower interest rates and better
financing terms generally offered by online companies. Low RV Financing
offers both competitively low interest rates and friendly financing terms,
and specializes in recreational vehicle refinancing. Click
on this link to see how much you can save.
NOTES AND GUIDELINES - LEARN FROM THE PROS
- sUnits 1997 or older and under $100,000 will have a .25% rate increase
- 20 year terms (240 month) generally require a minimum of 25% down
- Loan amounts $75,000 and above may receive 20year (240 months) terms
- Loan Amounts from $25,000 to 74,999 may receive 15 to 17- year (180
-204 months) terms
- Loan Amounts from $10,000 to 19,999 may receive 10-12 year (120-144
- Loan amounts from $5,000-$9,999 may receive 7-10 year (84-120 month)
- 90 days no payment available on loans exceeding $299,000
- Approvals and rate commitments are good for 45 days from loan application
- Minimum payments will be no less than $125
- AK, AL & HI residents are not eligible for loans at this time