personal loans

5 mistakes to avoid when financing an RV with a personal loan

What not to do in applying for an RV loan
Previous
1 of 6
Next
What not to do in applying for an RV loan | stockstudioX/E+/Getty Images

What not to do in applying for an RV loan

More Americans are hitting the road in style, making recreational vehicle sales brisk in recent years.

RV shipments reached their highest September total in 9 years, reported the Recreational Vehicle Industry Association last year. The number of units shipped was up 2.3% from August to September 2015, and up 12.4% percent from September 2014.

The growing number of retirees, as well as individuals and families, looking for flexible methods of travel is the force behind these increasing numbers.

"RV ownership is a lifestyle change," says Justin Haley, senior vice president and chief operating officer at Medallion Bank, a Utah-based industrial bank specializing in non-prime recreation loans. Purchasing one often leads to years of monthly payments, maintenance costs and other travel-related expenses.

The key to being satisfied with your recreation vehicle lies in making sure the purchase fits comfortably into your routine and budget.

Follow these guidelines to steer clear of common slip-ups when purchasing an RV with a personal loan.

RATE SEARCH: Find great rates on an RV loan.

Previous
1 of 6
Next

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
advertisement

Debt Adviser

Don't be seduced by this debt plan

Dear Debt Adviser, I have about $50,000 of debt on credit cards. My credit rating is still high. I am thinking about a debt consolidation loan. Will that adversely affect my credit rating? -- DT Dear DT, The cliche... Read more

advertisement

Connect with us