RV Financing

When most people think of RV financing a lengthy trailer loan is the first thing that comes to mind.  And why not, a brand new unit can range from around $10,000 to more than $1,000,000.  Today, lenders are offering payment terms of up to 20 years on new travel trailers, fifth wheels, and other recreational vehicles. 

Unfortunately, RV repossessions are as common as home foreclosures.  Nobody wants that to happen to them, so exploring all your options is a "must do" if you're planning on purchasing a travel trailer or other recreational vehicle.

What Type of RV Financing is for You?

Melissa and I do not like having a loan on anything, and we feel very strongly on this subject. We prefer to pay cash as much as possible. If we do need to take out a loan, we do a short term and pay it off as quickly as we can.  We realize not everyone feels the way we do on this subject, which is why we're going to lay down some options for you. 

Our Experience

When we purchased our Keystone Cabana, or Cabbie as we like to call her, we put down as much as we possibly could and the rest was a very small loan.  We were able to pay her off within six months of owning the trailer.  It takes a lot of discipline and hard work, but it is doable and well worth it.

We wanted to share our story so others know that this is possible and can be done.  Our prayer for you is to enjoy your trailer as debit free as possible.  It feels so great to be able to take our camper out and not worry about any payment or think about it when your camping.  That's the benefit and it is truly a blessing.  Again, we realize not everyone feels this way or has the means to do this; this is our passion and gift from the Lord.

We have a saying from a very well known mentor that we apply to our life that we'd like to share with you...

"If you live like no one else, then later you can LIVE like no one else."

Thank you for reading our story and may God bless you on your journey!

So, What are My Options?

Probably the best, but hardest RV financing option is to pay cash.  You own the coach right off the the bat, can often negotiate a better deal, and no one can take it away from you. 

This means having to be very patient as you save for your purchase.  If you're anything like us, you will need to purchase a slightly older used trailer.  So be sure to take your time and really inspect the unit thoroughly.  Check out our "Buying a Used Travel Trailer" page for helpful information on what to look for when purchasing a used unit.

Part Cash & Part Finance

This was our option, we opted for some cash down and financed the rest.  Paid it off in six months and the trailer was ours, what a blessing! 

We also knew by doing this, that it would be easier to save up for any maintenance issues that have to taken care of in the future.  Instead of putting all of our money into a loan, now we save for anything that may be needed. 

We knew we had to store our camper off site, so all this adds up when deciding to finance or not.

RV 100% Financing

There are many different directions for RV financing.  You can check into your local back, credit union, Good Sam Club, or even the RV Dealership you are considering.  This comes down to your comfort level and who you trust and want to give your business to.  

Here is a link to help you decide if this type of financing will work for you budget.

With that being said, you have three different choices to make when it comes to RV financing with a no money down loan.   

  1. Finance 100% through the dealer
  2. Finance through a credit union (which you must be a member)
  3. Fiance through your bank
  1. Financing through the dealer:  They make all the decisions on site, you sign the paperwork and take off with your new RV.
  2. Financing through a credit union: If we had to fiance 100% I would say this is the route to take.  You will get a much better interest rate than any where else.  Credit unions are great, but you must be a member first.  Check with your local credit union about  the membership process.
  3. Financing through your bank: Banks are all different and have all different rates.  This is something you would need to look into if you wanted to go this direction.  Having a relationship with your bank can help too.  If you've been with your bank for a long time, this is one time you may want to check into, which could be a benefit for you.

Do Your Research

Be sure to do your research first and find the route which is best for your financial situation.  Check out Good Sam's website for additional information on this subject.

*Please Note: we are not financial pros or financial advocates.  The above mentioned is only from our experience.  Please follow what's best for your interest and financial situation*

Written By: Melissa & Scott

Exploring Travel Trailers> Travel Trailer Basics> RV Financing

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