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To ensure a smooth purchase and get a good rate, there are a few things you can do before applying for a RV loan.

Game a budget

An RV is a big purchase. You can find a retractable, towable type of RV at the lower end for as little as $ 5,000. At the high end, recreational vehicles can cost as much as $ 500,000 or more.

First, consider what size you need for your RV - a smaller RV is cheaper and easier to park, but it might not be the right choice if you have a large family.

The repayment terms are also an important factor. On average, RV loan terms vary from 10 to 15 or even 20 years. Make sure the monthly payment is right for you in the long run. A 10-year RV loan will have higher monthly payments, but you will pay off the RV loan faster. 

In addition to the monthly RV loan payments, you should also plan for:

Record a down Payment

Most RV companies require at least 10% of the purchase price as a down payment, and many prefer a 20% down payment. Current interest rates on RV loans range from around 4% to 25%, depending on your credit status and other factors.

Check your credit score. You will need a high credit score to qualify for an RV loan with low-interest rates. A credit score in the mid-700s or older will likely help you secure the best rates.

Compare different lenders

Shopping around for the best financing deal could save you money every month. A little smart shopping could save you thousands of dollars over the life of your RV loan.

How to qualify

Often, lenders will want you to provide collateral in the event of a default. As with auto RV loans, your RV itself can likely be used as collateral.

Your RV finance rate may be higher than the rate you got for your auto RV loan. Recreational vehicles are considered luxury items, and lenders are more careful when lending money for luxury items as they are considered consumable in times of financial crisis.

Remember, you can use the Internet to your advantage when shopping for an RV loan. With some RV loan markets, you can complete a single application and potentially receive multiple offers from different lenders.

You can also search for credit unions, banks, and lenders online. If neither of these options appeals to you, the RV dealer will likely have financing that you can consider as well.