Buying an RV is an exciting purchase for many. You can explore new places and sleep wherever you want. Plan an adventure when you hit the road in a new or used RV. Whether it is easier to finance a new or used motorhome depends on a few factors.
Differences Between Financing a New vs. Used RV
The main difference in financing a new and used motorhome is the overall cost. You need to secure a bigger loan if you purchase a new RV. When you buy a used one, the price will be lower depending on the model's age, mileage and more. The moment a new RV heads off the dealership lot, its value decreases.
Beyond price, there aren't many differences between new and used RV financing. You can find good deals regardless of what type of RV you purchase. You must navigate other factors that will impact the financing process, such as:
- Credit rating: If you have a low credit score, lenders will see you as a significant risk, whether buying a new or used RV. You have to demonstrate that you can repay a loan. My Financing USA offers people with low credit opportunities to secure financing for new or used RVs.
- Lender: Are you going through a dealership, or are you making a private purchase? When you use a dealership to buy a new or used RV, you have less flexibility. The dealership may charge higher interest rates than elsewhere because it can. By searching out alternatives, you can protect yourself and find the best loan.
- Down payment: The amount you put down on the RV impacts the monthly payment rate. When you buy a new RV, the total price will be higher, so a higher down payment can make a difference in finding the optimal monthly price. Your down payment depends on your circumstances and how much money you can put down at once.
It makes no difference if you want a used or new RV when looking over your loan options. Lenders don't set their rates based on the type of RV you purchase — they care more about your financial history when determining your risk factors.
Working with an experienced partner is helpful as you search out loan opportunities. My Financing USA can help to identify the optimal loan and make a difference in your financing process. We even aid those with low credit scores with finding RV loans. You can choose the lender that fits your needs.
Finance a New or Used RV Through My Financing USA
No matter what type of RV you want to purchase, we can help you find the right lender. My Financing USA offers assists and connects you with lenders providing the best loan options. You can fill out an application in just five minutes or learn more about RV financing from our team.