RV Financing Tips

While financing an RV is a common practice, it can actually be a rather difficult process. While the application itself is fairly simple, learning how to budget for an RV, and qualifying for financing, can be tricky. For tips on how to handle the more complicated aspects of financing an RV, check out our advice below. 

Setting a Budget For Your Loan

Setting a budget for an RV you plan to purchase with a loan is very different from budgeting for an RV you plan to pay for out of pocket. Rather than looking at a single price, you’ll need to come up with a rough calculation of how much you’ll owe based on your model’s sticker price as well as the interest rates and term length listed in your loan agreements. This math can get complicated pretty quickly and we recommend taking advantage of some of the helpful loan calculators available online if you’re struggling to come up with the numbers yourself. 

However, a simple way to figure out what you’re working with when first setting the limits of your budget is to subtract your monthly expenses from your monthly income. Once you have this number, create an estimate of how much monthly spending money you’d like to have, as well as how much money you plan to put in your savings. This, subtracted from the cash you have left after paying monthly expenses, is what you can afford for your monthly loan payment. 

Improving Your Credit Score

To ensure you get the best loan available, we recommend taking some time to raise your credit score before you apply for RV financing. To raise your score in a short amount of time, consider reading over your personal credit report and checking for any old debts or reimbursed bills that you could have removed now that they’re paid off. However, you can also quickly raise your credit score by using a line of credit regularly—such as a credit card. Just make sure to use around 10 percent of your available credit limit at a time, and pay the bill on time. 

Having trouble finding a loan for your new RV? Then take advantage of our amazing financing services here at Schwab's RV World! Conveniently located in Leduc, AB, we offer a number of expert staff on-site to help walk you through the application process, as well as answer any questions you may have. If you’re located nearby in Edmonton, AB, we encourage you to stop in anytime to speak with one of our helpful employees or browse our massive selection of RVs for sale.