Buying an RV is a big investment — it’s a large purchase after all! It’s no wonder the majority of buyers choose to finance their camper. Financing will allow you to get the model of your dreams without having to pay the price in full all at once. If you’re considering financing, keep reading for some tips. When you’re ready to see some models for sale, contact Meridian RV in Port Coquitlam, or 100 Mile House, British Columbia. We are proud to serve Vancouver and Kamloops too!
Build a Budget
After you decide to finance, you should start by figuring out how much money you can realistically invest in a camper. This will help you avoid looking at models outside of your price range.
When deciding on a budget, keep in mind that high quality rigs will last years to come. Also remember to factor in additional costs like fuel, maintenance, and upgrades. Don’t forget that loan terms can range from a few years to twenty years! This means you’ll need to consider how your finances may change over time.
Save Up for a Down Payment
Most financing options are going to require a down payment of 10 to 20 percent of the camper’s total cost. Start saving your money now! Paying more upfront will save you money in the long run due to interest rates.
Check Your Credit
An important factor when it comes to financing is your credit score. The higher your credit score, the better off you’ll be. In general, you should aim for a score above 700.
Choose a Type of Loan
There are different loans you can choose from when financing your camper. Unsecured loans have higher rates, but the company cannot repossess your rig if you fail to pay. Secured loans will use the purchased rig as collateral, which means it can be repossessed. However, this type of loan sees lower interest rates and higher borrow rates.
Consider the RV’s Long-Term Value
When pursuing financing options, you’re going to pay interest fees. This means you need to take some time to decide what models you consider so you don’t end up paying more than the camper is worth. RVs have a high depreciation rate during the first few years. If you buy a brand new model with a long term loan, you may end up paying a high amount of interest that is worth more than your rig.
Are you ready to buy the camper of your dreams? Call Meridian RV today and we’ll walk you through our great financing options. We have locations in Port Coquitlam, and 100 Mile House, British Columbia, and we proudly serve Vancouver and Kamloops. We can’t wait to help you find the perfect RV for your next adventure!
