Financing an RV? Avoid These Common Loan Mistakes!

It’s always exciting to buy a new motorhome or travel trailer, but if you’re not careful you can make some costly mistakes. You should always assume that the seller is operating in good faith and that the RV is in thecd71a63f-b352-4cb4-ae02-a8c66e002240 stated condition, but you owe it to yourself to be vigilant when it comes to negotiating the sale and financing the RV. Here are a few tips to help you make good decisions when it’s time to sign the deal. For more information, visit us at Day Bros. RV Sales in London, Kentucky or Lake Park, Georgia. We serve RV lovers in Lexington and Louisville, Kentucky and Valdosta, Georgia.

Paying the Sticker Price

You should have enough experience buying vehicles to know never to pay the asking price. A motivated salesman will tell you that several other prospective buyers have already expressed interest and pretend that he’s getting in trouble with his first counteroffer. Don’t fall for it. It also doesn’t matter how many people have already looked at the RV if you can’t get it for the right price. RVs depreciate quickly, and you don’t want to wind up upside down on your loan. Be sure to also avoid telling a salesperson what you can afford to pay each month because a creative loan professional can offer you that payment on an overpriced rig if you agree to a long enough loan term.

Not Researching Loans Before The Sale

You should monitor your credit score at least annually, and be aware that excessive credit checks can adversely affect your score. If you’re already financially strapped and have some credit problems, your debt to income ratio will increase.

If you shop around, you can find a number of different financing options even if you have some bumps in your credit history. Joining your local credit union is a great way to get favorable terms, and you’ll know how much you’re approved for before you walk onto the lot. Most dealerships offer their own in-house financing department, but you can’t always be sure that they have your best interests at heart if they work on commission.

Buying at the Wrong Time of Year

Late summer and fall are great times to shop for RVs because dealerships need to reduce inventory to make room for the next year’s models. Be patient, take your time and don’t fall in love with anything overpriced. If you see something you like, be sure to price out similar models and other dealerships. Most salesmen are more than happy to beat any offer they can, and you should never be afraid to play them against each other.

Visit Day Bros. RV Sales in London, Kentucky or Lake Park, Georgia, serving Lexington and Louisville, Kentucky and Valdosta, Georgia for more information and to see our current inventory of RVs for sale.

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