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RV Loans

Many people dream of owning an RV (Recreational Vehicle) and taking it out on vacation for fun and adventure. However, before you can hit the road, you will need to figure out how you are going to pay for the RV. For most of us, these means considering RV loans.

Loan repayment terms for RV loans:
Most lenders offer a choice of repayment terms for RV loans (5 year, 10 year and 15 year loan terms are usually offered). For more expensive RVs, many lenders will stretch loan terms up to 20 years.

Interest rate for RV loans:
A borrower can either choose to get an interest rate that remains fixed for the entire term of the loan, or elect to get an adjustable interest rate. The introductory interest rate for adjustable rate loans will keep the payment lower initially for the loan, freeing up some money for the borrower to purchase enhancements for the newly acquired RV.

-- Credit Tip by FindLocalBanks.com
Federal law requires that all creditors must state the cost of their credit in terms of an Annual Percentage Rate (APR). This rate takes into account how the loan is repaid on a yearly basis, and allows you to accurately compare the cost of credit among lenders. For example: You borrow $1000 for one year and pay a finance charge of $100. If you can keep the entire $1000 for the whole year and then repay $1100 at yearís end, you are paying an APR of 10 percent. But if you repay the $1000 and finance charge (a total of $1100) in twelve equal monthly installments, you donít really get to use $1000 for the whole year. In fact, you get to use less and less of that $1000 each month. In this case, the $100 finance charge amounts to an APR of 18 percent.

Fees for RV loans:
Lenders will charge the borrower fees for RV loans. While the exact amount in fees will vary by lender, the fees are usually charged as a percentage of the loan amount (points). For example, if you get an RV loan for $30,000 - a lender may charge you 1 point (which would be 1% of the $30,000 loan amount). This would result in fees of $300.

-- Credit Tip by FindLocalBanks.com
The finance charge is the total dollar amount you pay to use credit. It includes interest costs and other costs, such as service charges and some credit-related insurance premiums. For example: Suppose you borrow $1000 for one year, and the interest is $100. If there is a service charge of $10, the finance charge will be $110.

Down payment requirements for RV loans:
Many lenders will want a borrower to put 10 - 20% down payment towards the RV. However, there are some lenders that will finance RV loans with 5% down or less.

Always contact a couple of lenders when shopping for RV loans. The interest rate and fees can vary widely by lender. Contacting more than one lender can help ensure that you are getting a competitive loan package and prevent you from paying thousands of extra dollars in interest charges.

You can find lenders for RV loans
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