RV Financing Tips:

Your RV is an investment and you want to think about the monthly payment and how it will affect my monthly expense. Check out all of our RV financing tips to ensure you understand all you need to know before you make your RV purchasing decision.


1. Understand your credit score before you go to the dealership

There are avenues to get an RV loan even if you have pretty bad credit-you’ll just pay a higher interest rate.  It is important for you to understand what your credit score is and why so you understand why your interest rate is what it is. Southeast Financial loan officers call you to go over your credit report with you so you understand your rate and why.

2. If your credit isn’t perfect, ask for a ballpark financing quote

If you have excellent credit and you know it, you can usually get the most competitive financing rates.

If your credit is only average, you can benefit from getting a quote from an online RV loan broker.

With online lenders, you complete a credit application and are presented with your lowest interest rate and max amount you can spend on the RV. The great thing is you don’t have to use this loan, but at least you can walk into the dealership or individual seller knowing that you have an interest rate.

3. Keep the term as long as possible

Longer loan terms mean lower monthly payment and with Southeast Financial RV Loans there are no prepayment penalties so you can send in checks to apply only to the principal and pay off the loan but you still have the advantage of the lower monthly payment if you need it.

4. Put 20 percent down

Southeast Financial does not require that you put 20 percent down but if you do you can avoid a situation in which you owe more money than the RV is worth by putting money down.

5. Remember you have taxes to pay for

You can always roll these into the loan but you need to research what your taxes are and decide if you would like to pay cash for these or roll it into the loan.


Other considerations when financing an RV:

RV Gap Insurance (guaranteed auto protection insurance) is something that can be purchased from Southeast Financial to cover the “gap” between what an insurance company thinks your RV is worth and what you owe on your RV loan in the event you’re in an accident and the insurer declares the RV a total loss.

Without gap insurance, your RV insurer will only pay book value for the RV, regardless of what you owe on the loan. If you crash your RV and still owe $15,000 on your loan, but the insurance company only covers for $10,000, you’re responsible for paying back the $5,000(And you’re without an RV)

Looking into RV financing with bad credit? Southeast Financial can help, contact us today to see our incredible RV loan rates and pick the plan that works best for you.