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Friday, May 26, 2006

RV Financing Considerations for the RV of your Dreams

While I am waiting for the weather to cooperate with my pending camping plans, I thought I would explore RV financing for anyone who may be starting to contemplate a new addition to thier camping experience this year.

It is highly advisable that, prior to purchasing a recreational vehicle, you need to really take a good look at the options available for financing an RV. This and your RV insurance should be your top concerns.

Generally, a good way of looking for the best option in financing a recreational vehicle is with whomever is offering the lowest interest and the most convenient monthly payments. Plus, it is best that you also have the choice of whether to go through a self-financing option, a finance dealer option, online financing or through a loan from the bank.

The following are some of the basic types of financing you could do when purchasing – or at least when planning to purchase an RV.

Through the bank

Typically, most people immediately consider the bank when thinking of a good source of recreational vehicle financing. This usually works if you already have an established relationship with the bank of your choice. If such a relationship exists, chances are, you will probably be given a good deal. However, banks usually have little flexibility to offer and generally provide little or no financing for those recreational vehicle buyers who do not have a relationship with them.

Self-RV-financing

Another option is via self-RV-financing. Cash can be used in this transaction as well as a life insurance policy, a line of home equity type loan, among others. Be aware though of tax from capital gains as well as on penalties for early withdrawing of money.

Believe it or not, once you have purchased a recreational vehicle, you should consider it as your second house wherein you could bathe in, sleep in and cook in as it has all the basic amenities as your own home – with wheels though. This should qualify as a second home on your taxes.

Self-RV-financing is one of the better ways to purchase a recreational vehicle. You have the control of the interest rates and the options to make larger payments.

Financing through a recreational vehicle dealer

Dealers are basically able to offer many financing options since they have a slew of companies that offer loans that the usual bank does not offer. Fortunately, dealers have flexible rates as well as terms which could prove to be an advantage to you. Just be sure though that you are able to read the fine lines and you understand the RV-financing terms. As well as what insurance limits the financing set to get the loan.

All in all, the option to finance a recreational vehicle is your choice depending on what your needs and wants are. The choice depends on you and your own unique situation.

Now, all we need is about a week that doesn't drop below freezing overnight and I might finally be able to start draining the fluids and getting this camping season underway!

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