What can we help you find?
Buying an RV is an exciting way to enjoy the open road and nature! But with so many factors to consider, where do you even begin? For starters, a well-planned financial approach is key to success – and we’ve got you covered.
Whether you’re a first-time RVer planning weekend adventures in North Dakota and Minnesota or an experienced traveler gearing up for full-time life on the road, you can find the perfect home on wheels by following some basic tips.
5 Tips for Buying an RV:
Set a budget
Before you start shopping for an RV, it’s important to know how much you’re willing to spend. In addition to the purchase price, be sure to factor in other costs like taxes, registration, insurance, fuel, maintenance, campground fees and storage. By considering the full financial commitment, you’ll be able to better budget for both the initial price tag and ongoing expenses for your getaways!
Get pre-approved for a loan
It’s also a good idea to meet with a local lender to get pre-approved for a recreational loan. The consultation is free and comes with no obligation, helping you determine how much you can borrow for your RV.
Working with a local lender can also lead to better interest rates, more flexible terms and lower fees than you might get when financing through a dealership. Not to mention, pre-approval shows sellers you’re a serious buyer – which can potentially help you negotiate a better deal.
As a general approach, try to keep the monthly payment below 15% of your monthly income to ensure affordability. Also, remember that putting at least 20% down on your purchase lowers both the amount owed and monthly payment.
Run the numbers with our quick and easy loan payment calculator. And by setting up automatic payments with a Gate City Bank checking account, you could score a 1% discount!
Find your ideal RV type
There are many different types of RVs – from fifth wheels to campervans to motorhomes and everything in between. When deciding which style is right for you, it’s crucial to ask yourself the following questions:
Planning weekend lake trips? A travel trailer could work well if there’s easy access, while a truck camper might be better for navigating rugged paths. Thinking about traveling across the country? A motorhome will likely provide the space and comfort you’ll need for life on the road. Ultimately, choosing the right RV depends on your lifestyle and travel preferences.
Consider the condition
If you’re thinking of buying a used RV, check its maintenance history. Ask the seller for records of repairs and upgrades to avoid hidden issues, and have the unit looked at by a professional RV inspector. It’s also important to take your RV for a test drive to make sure you don’t experience any problems.
Check for warranties and service plans
If you’re buying an RV from a dealership, ask about extended warranties and service plans. These can help cover repair costs if something breaks or goes wrong with your RV. Warranties usually cover issues within a specific time frame, while service plans may include regular maintenance and extra coverage. Knowing what’s offered can help protect your investment.
Buying an RV opens up a world of adventure and freedom. And by following these tips, you’ll be on the road to finding the perfect option that meets your budget and lifestyle.
We’re with you for the journey! Apply for an RV loan online, or contact one of our helpful lenders to get pre-approved today.
Affordability is key when buying a car. Shop with confidence by exploring our insights on financing, extra costs, buying used versus new and more!
When considering the best time to buy a car, explore seven key factors that could help you get a better deal.
Discover eight important factors to help you decide whether a new or used car is the best fit for your needs and budget.
701-792-4355
Email