How Long Can You Finance an RV: Terms You Should Know
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How long can you finance an RV for? This question doesn’t have a straightforward answer – there are so many variables that influence your potential financing terms that it really depends on your individual circumstances.
With the above in mind, financing a camper is an extremely common practice that can help you get your motorhome quickly and in some cases without a down payment.
In this article, we’ll go over the potential minimum and maximum terms for financing your RV, factors that impact this type of credit line, and how to choose the best length for your personal case.
How Long Does an RV Finance Loan Last?
How long can you finance a camper for? These types of loans can vary in length, commonly ranging from 5 to up to 20 years and beyond. The duration of the loan depends on the lender, loan amount, and your personal credit history.
In general terms, the longer your loans, the lower your monthly payments. The catch is that you’ll incur higher interest fees. Shorter financing terms mean less interest, but they require higher monthly payments in order to erase the debt in a shorter period of time.
Factors that Impact Your Financing
Now that we’ve answered the question “how long can you finance an RV?” let’s share some of the factors affecting your financing.
- Credit Score: Your score is a number that reflects the health of your overall credit, taking into consideration all relevant factors.
- Credit History: Often paired with your score, your credit history is a detailed breakdown of your relationship with current and prior creditors.
- Down Payment: The percentage of the RV you’re willing to pay upfront greatly influences whether or not you get the financing as well as the terms you must abide by.
- RV Price and Model: The make, model, and year of your motorhome affect the price, which at the same time has an effect on your financing terms.
Choosing the Best Length for Your RV Loan
If you’re wondering “how long can you finance a travel trailer?” the answer is similar to an RV: it depends on a huge number of factors.
Now, when it comes to loan terms, it all depends on your personal finances. Some borrowers feel comfortable paying off their RV as quickly as possible, so shorter loan terms and higher monthly payments are best. Others may find that lower monthly payments are the best way, which means longer financing deals are the better option.
Get the Best RV Financing with Great Terms
There are plenty of different financing options out there, which can last anywhere from 5 to 12+ years depending on your credit and other factors. With that in mind, everyone has unique circumstances, so your best bet is to contact a dealer and figure out what type of financing you have available.
At Kirkland RV, we have CUDL financing as one of our options, which allows for accessible financing through credit unions. Our team is glad to guide you through the process and help answer any questions!
Contact us today to learn more about getting an RV and taking advantage of our CUDL financing option.
