Before shopping for a motorhome loan, the first and most important thing to do is to decide which type of RV you will finance. This can, however, be daunting, as there are so many options to choose from that you may not know where to start.
Fortunately, to help you make the right decision, we have compiled a list of questions to ask yourself before diving into your RV financing.
1. How much space do you need?
If you are a solo traveler, you may get away with financing a small camper van. However, if your family and pets will be traveling with you, it is more ideal to opt for a motorhome that has more room, like a bunkhouse style motorhome.
Consider the ages, needs, and lifestyle of your family and pets. Will your kids need a playing space in the RV? Will you need an area set aside for your work? And how much space will you all need to sleep comfortably?
Keep in mind that the more people occupying your RV, the more space it should have.
2. What RV features do you need?
Life in an RV is similar to life in a small house: you have ample space to accommodate you and several amenities designed to make your life more comfortable.
Some of these amenities will be more important to you than others, which is why you should always decide which amenities are essential to you and which ones aren’t.
You should note that a feature you consider essential might be considered unnecessary by someone else. So, if your RV isn’t for you alone, be prepared to make some compromises.
3. What is your budget?
Even after deciding the RV size and features you want, you still will have a variety of RV models to sort through, and some more expensive than others. This is where setting a budget comes in.
Setting a budget before shopping for a motorhome loan will make you less likely to get carried away with those RV features you don’t need.
When you place more value on an RV’s functionality over its aesthetics, you are bound to save some money on your RV financing, which can later be invested in upgrades and other important projects.
4. Will you buy a new or used model?
Your budget, among other factors, will largely determine whether you should finance a brand new RV or a used one. Both options have their advantages and disadvantages, although most people are wary of buying used models.
Contrary to popular belief, financing a used RV doesn’t always mean you will have more problems to deal with.
When you consider how quickly brand new RVs depreciate, buying a used RV may seem like the better option—especially since used RVs often come with several amenities you might have had to buy later had you financed a new RV instead.
In the end, the right RV for you will depend on your budget and preferences. So, take your time to ask the right questions; trust the process and enjoy this part of your RV financing experience
