Thinking about buying an RV? According to RV Industry Association, 11 million U.S. households now own an RV so trust me when I say, I understand the appeal.
Owning an RV allows you to embrace the outdoor lifestyle and fully appreciate the simplicity of living on the road, and with My Financing USA, you get to enjoy the experience with minimal stress.
Whether you want a camper for a short vacation with family or you’re planning an extended cross-country trip with friends, you’re bound to have an exciting time in an RV. If you’re new to this, here’s a breakdown of all the important things you need to know.
In this post, we’d explore everything from different types of recreational vehicles to the best ways to get financing when making a purchase.
Types of RVs: motorized and towable
There are different types of recreational vehicles available in the market. They are usually categorized as motorized and towable RVs.
These are single-unit motorhomes. Motorized RVs are categorized by class;
- Class A Motorhomes
- Class C, and
- Class B which are usually the smallest.
Motorized RVs don’t need to be attached to another vehicle to move. You also have the option of towing a small vehicle behind it when traveling. However, it’s considerably more expensive than its towable equivalent.
Towable RVs are less expensive than motorized RVs, and they also cost less to maintain. With this type of RV, you have a wider array of options to choose from. Types of towable recreational vehicles include:
- Fifth wheel campers
- Toy haulers
- Travel trailers
- Pop-up campers
- Teardrop campers
Steps to take when financing a recreational vehicle
1. Do your research
You need to have a good idea of the current market for RVs before you set a budget. It will also help you assess what vehicles fit your demands as well as what you can comfortably afford. Don’t limit yourself.
Whether you’re considering a used or new RV, be sure to get as much information as you can on the pros and cons of either option.
2. Set a budget
There’s more to an RV purchase than the initial cost of the vehicle so you have to consider registration costs, insurance, maintenance, storage, and other additional fees when making your budget.
3. Inquire about financing
Financing is one of the most important aspects of an RV purchase. You can get an RV loan from banks, dealerships, or online lenders. Compare the different loan terms and rates offered by different financers and choose the most preferable option. Doing an SEO search for financial services can be a great way to find lenders to research.
4. Schedule an inspection
This step is particularly necessary if you opted for a used RV. You need to assess the condition of the vehicle to be sure that it’s worth the money you’re paying for it. Be sure to examine the exterior and interior thoroughly to identify potential areas for repairs.
Be wary of major wear and tear and other signs of damage.
5. Make arrangements with your dealer
Once you get the loan to finance your purchase and you’ve found your dream RV, arrange to pick it up or have it delivered to your home.
When you finally get your RV, set it up as soon as you can and take it for a test drive. Congratulations. You’ve joined the clan!