FINANCING YOUR RV
The vast majority of our customers finance their RV purchase. That said, the number one question we get…
Should I finance my RV if I can just pay cash?
The short answer is yes. Here are a few reasons:
- Keep your cash liquid in case of emergencies—sure, you could sell your RV on short notice, but the value will definitely take a hit.
- RV loans are simple interest, while any investment you would make with a financial planner is compound interest. All things being equal, you’ll come out (far, far) ahead by paying simple interest on your RV loan while compounding your investment dollars (but be sure to check with your financial planner to run those numbers).
- If you’re getting GAP insurance with your RV, you’re covered for any depreciation 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.
- Financing a purchase of this size keeps your credit current—which comes in handy if you’ve paid off other major purchases like your home or autos.
Why should I finance through Camping World?
Simply put, we do the loan shopping for you.
Over decades helping our customers get financing, we’ve developed relationships with most financial institutions—from national banks to local lenders.
We know which lenders are RV-friendly. We pitch your specific finance needs to several lenders, and leverage our relationships to make sure you get the best financing terms possible.
Let us take care of all the details, and we’ll get you in your RV as quickly as possible.
Can’t I just get an RV loan from my bank?
Many banks and credit unions say they offer RV loans, but the majority of the time, they’re not true RV loans.
Most of the time they’re traditional auto loans, just disguised as RV loans. There are a couple downsides to this:
- Auto loan terms typically max out 72 months. Terms on true RV loans can be pushed to 180 or even 240 months in some cases, significantly lowering your monthly payment.
- Auto loan interest is not tax-deductible. Interest on a true RV loan is seen, in many cases, like a second home, and is tax-deductible. Of course, you should check with your tax professional to discuss your specific financial situation.
Ready to start shopping? Browse our inventory here.