Can I finance the purchase of an RV?

Frequently Asked Questions

Can I finance the purchase of an RV?

Yes, you can finance the purchase of an RV through various lending institutions, including banks, credit unions, and RV dealerships. RV financing typically involves a down payment (usually 10-20% of the purchase price) and a fixed or variable interest rate loan with a repayment term ranging from 5 to 20 years, depending on the lender and the RV’s price.

It’s advisable to shop around for the best financing terms and interest rates, as they can vary. Be prepared to provide proof of income, credit history, and other financial information during the loan application process. Financing allows you to spread the cost of your RV purchase over time, making it more manageable for many buyers.

Financing an RV, just like funding of any large purchase, comes with several advantages:

  1. Spreads Out the Cost: RV financing allows you to spread the cost of the vehicle over several years, making it more manageable than paying the total amount upfront. This can be particularly helpful if you don’t have the cash to pay for the RV outright.
  2. Access to Better RVs: With financing, you might be able to afford a more expensive RV than you could if you were paying with cash. This can mean a newer model, better features, and potentially a more comfortable or reliable vehicle.
  3. Maintains Cash Reserves: By not spending a large sum of money at once, you can keep your savings or emergency funds intact. This financial cushion can be crucial for unexpected expenses.
  4. Potential Tax Benefits: For some people, the interest on an RV loan can be tax-deductible if the RV is used as a second home. This depends on the RV’s sleeping, cooking, and toilet facilities.
  5. Building Credit: If you make your loan payments on time, financing an RV can help you build or improve your credit score. A good credit history can benefit future loans, mortgages, and other financial opportunities.
Yes, you can finance the purchase of an RV through various lending institutions, including banks, credit unions, and RV dealerships. RV financing typically involves a down payment (usually 10-20% of the purchase price) and a fixed or variable interest rate loan with a repayment term ranging from 5 to 20 years, depending on the lender and the RV's price. It's advisable to shop around for the best financing terms and interest rates, as they can vary. Be prepared to provide proof of income, credit history, and other financial information during the loan application process. Financing allows you to spread the cost of your RV purchase over time, making it more manageable for many buyers.

Related FAQs

Rates

  • 6 Month Term $330
  • Full Year Term $660

Pull-through stalls available upon request. Call for Availability.

Location

Our RV storage site is 8 minutes west from St. Albert just off Villeneuve Rd and Range Rd 264. Easy access to the Anthony Henday Freeway, Highway 44 and Highway #2/St. Albert Trail, St. Albert.

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