RV Refinancing Tips!

How much can I save by refinancing my existing RV loan?

The answer to this question depends upon several factors. It would depend on how much you could reduce your interest rate. It would also depend on your unpaid loan balance. You would need to weigh the potential savings against the closing costs... if any.

For example: If a loan with $57,000 remaining to be paid at 8.5% interest could be refinanced at 6.87%, you could save over $5,000 in finance charges. You could also choose to lower your payments, or lower your repayment term. The choice is yours, but in the case of RV refinancing, there are NO closing costs which means that virtually any savings in interest rate make a refinance a smart move.

What's your RV Loan percentage rate?

Finance is a tricky business that can help you save thousands of dollars, or can sneak up and bite you in the behind. There are many aspects of financing your vehicle other than percentage rate and payments, although these are the two things that people usually focus on.

Obviously these two points are of major importance in your decision to purchase your RV, and also if and where to finance it. We will focus on these two points first, but then we will go deeper into the hidden secrets behind financing your RV like a pro.

The first factor to consider is obviously interest rate. A savings of even a quarter to a half percent in interest rate will translate into thousands of dollars over the course of the loan. This will be one aspect of comparison between your dealer's financing and your bank.

The second aspect you must consider is term. In other words, how long will they finance the loan. This will directly effect your monthly payment amount.

Best Rate RV Loans vs. Local Bank Financing

Most banks are set up primarily to finance auto loans with maximum terms of only 5 to 6 years. Because of constantly rising car prices, some banks and credit unions are now offering longer terms. Rarely however, will they go any longer than 7 years. Even if you are financing an RV, the same terms will apply. This can make for an extremely high payment.

This is where the RV dealer has an advantage that you can use. RV dealers are set up with lenders who finance recreational vehicles on a daily basis. In order to fit the payments into your budget, you can easily finance for 10 or even 15 years. This can mean the difference between an affordable payment, and one that is difficult if not impossible. (In higher price ranges some dealers are offering 20 year terms!)

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