RVs and motor homes are a great way to explore the country. Whether you want to take a road trip, a family camping trip or are ready to change your lifestyle and become a full-time RV resident, it is important to look into financing options for your RV.
Rather than paying for an RV in cash or taking out a secured loan, look into a personal loan to finance your recreational vehicle.
Camping is one of the most popular outdoor activities in the United States. But why pitch a tent when you can stay comfortably in a RV? Demands for RVs have increased year after year and will only continue to grow.
RVs feature just about every amenity you would want for traveling across country, or for your next family getaway.
There are many benefits of using a personal loan for the purchase of an RV.
- Consider financing all or part of your RV with a personal loan. You can get rewarded with a great interest rate for a history of responsible credit usage and a good debt-to-income ratio.
- With a personal loan you can get low, fixed rates with a set payment schedule. You can make extra payments any time or pay off the loan entirely without any penalty.
- You can also use a personal loan to refinance an existing RV loan into a shorter term, lower payment or a better interest rate. It’s possible your credit score could have improved since taking out the original loan. In that case, you should check your rate.
- Unlike a home equity loan or line of credit, a personal loan is unsecured, meaning your RV or another asset will not be used as collateral.