FINANCING YOUR RV

When it comes to purchasing an RV, whether you’re a first-time RV owner or not, the vast majority of our customers choose to finance.

What Does it Mean to Finance Your RV?

Financing your RV is when you apply and are approved for a loan that you use to pay for your RV. A lender provides a loan in the amount of the RV and you pay them back (with interest) in monthly installments.

Since RVs aren’t necessarily included in the typical automobile category and are often used as a home while on the road, they can sometimes be significantly more expensive. RV loans help outdoor enthusiasts finance this type of purchase so the adventure can begin right away.

Should I Finance My RV if I Can Pay Cash Instead?

Yes!

Even if you can afford to pay for your new RV in cash upfront, the option of financing it should still be one you explore. By having the cash on hand and still financing your purchase, you’re able to handle any issue that could potentially pop up later since your cash remains liquid. If you pay cash upfront, any repairs or renovations down the road would likely come from your travel budget instead.

A few additional reasons it’s wise to finance your RV purchase:

• RV loans are simple interest. All things being equal, you’ll come out ahead by paying simple interest on your RV loan while compounding your investment dollars. (Check with your financial planner to run specific numbers and scenarios.)
• If you get GAP (guaranteed asset protection) insurance with your RV, you’re covered for any deprecation if your RV is totaled. If you pay cash, you can’t get a GAP policy, and would only receive the actual value of your RV at the time of the incident. (Check out our tips for getting the best RV insurance and why you should always choose RV-specific insurance.)
• Financing a purchase of this size keeps your credit current, which is useful if you’ve paid off other major purchases like your home or automobiles.

Should I Get an RV Loan from My Bank?

You could, of course, but many banks and credit unions don’t offer true RV loans.

Often, banks and credit unions tend to offer traditional auto loans under the disguise of an RV loan. The downsides of this practice include:

• Auto loans typically max out at 72 months. Terms on true RV loans can be pushed to 180 or even 240 months in some cases, which significantly lowers your monthly payment.
• The interest on an auto loan is not tax-deductible. Interest on a true RV loan is seen, in many cases, like a second home which is tax-deductible. As always, check with your tax professional to discuss the specifics of your financial situation.

Why Should I Finance My RV Purchase Through Camping World?

The short answer — we do all the work of loan shopping on your behalf.

With experience spanning decades, Camping World has developed relationships with most financial institutions from national banks to local lenders in an effort to help our customers get the best financing available when shopping for their RV.

We know which lenders are RV-friendly and, as a result, we pitch your specific finance needs to several of those lenders to make sure you get the finest terms possible. We take care of all the details, so you can get in your RV and on the road as quickly as possible.

Good Sam RV Loans

The perks and possibilities that come with a Good Sam Membership are endless. The friendly team of experts at the Good Sam Finance Center can help you buy a new or pre-owned RV from a dealer, broker, or private party. They can refinance your existing loan or even get full-timer financing if your RV happens to be your primary residence.

Finance your RV purchase with Good Sam in 4 easy steps:

1. Choose your RV and loan terms. Financing is based on the specific RV your purchase or refinance.
2. Apply and get a credit decision. Apply online and receive a credit decision on your application. In some cases, additional information may be required. If approved, you’ll receive details about your loan offer and the next steps to take.
3. Sign loan documents and get funding. After credit approval (approximately 7-10 business days), work with the Good Sam Finance Center to submit required information about your RV, coordinate delivery of loan documents, return signed loan documents, and fund your loan.
4. Title and register your RV. The timing of this step varies by state, but typically takes 8-10 weeks (for used purchases) and may involve Good Sam’s collateral team for tags and title.

Apply online or calculate your payment today, free and without obligation, using the tools available from the Good Sam Finance Center.

Ready to start shopping? Browse Camping World’s RV inventory!