HOW TO FINANCE AN RV - YouTube

let's just talk about how to finance and purchase an RV.

I get ask a lot of questions about buying my RV.

I just went through the purchasing process of this

Unit and it has been an adventure.

Why not share that with you.

I actually wrote this bubble chart.

You probably can't even see this, but I listed like all the

things I could think of that you possibly asked about buying an RV.

Why would you want to buy an RV cash versus

finance?

There are advantages to both.

When you buy an RV there's gonna be expenses it could be the dealer fees,

some type of warranty, taxes.

You're not gonna want to pay out of pocket because

that's your cash and you can use that to actually use the RV because you gotta pay

for all the operating expenses that come along with the RV and you might want to finance

those in versus paying those out of pocket.

Amortize like a home they'll finance these things out like

a house.

It could be 10, 15, 20 years.

I just financed this one out 20 years not because I'm gonna take 20 years to

pay it off you might be able to actually write the RV off as a second home on

your income taxes or for some type of income tax purpose.

Last year, I had a house and I had an RV so I had two places

to live not really but technically I was in

the process of selling the home.

That was something to keep in mind is that I can

write off the interest from that potentially so that's another reason

that you want to finance it because you'd be writing off the interest instead

of a huge payment one time.And, a lot of times (I used to do taxes so do not take

this as tax advice but) if you make a really large purchase a lot of times

what happens is they'll make you amortize it out anyways over so many

years.

To finance at a dealership, a dealer can check multiple lenders for

you.

Now, if you have a really good relationship with your bank they may be

a great place to start for your RV loan.

Don't go and get pre-approved for an RV.

Plan what you need and plan what you can afford.

So, what type of RV you need and then what type of RV you can afford as

far as like your monthly payments etc..

I would kind of stretch it out like that.

Those are a lot of the pros there are some

cons.

Of course when you're financing they're going to run at your credit.

Normally, you have to have really good credit to get an RV.

I don't want to say excellent but good.

If you have really crappy credit, I'm not sure that they'll

get you financed because an RV is considered a luxury item.

But, if it's for a smaller purchase like ten thousand,

thirty thousand, below fifty you might be able to get financed if you don't have

that great of credit.

Again the dealers can shop around for you.

A lot of times what happens is they may want you

to put down a down payment that could be anywhere from ten to twenty percent.

If you go over a hundred thousand in your purchase, you will have to put down

a down payment for your RV unless you're trading something in.

Some places like Camping World which I'm not

saying go there please if you do do your research before you go there.

Oh Gosh don't rely on them to help you find the

perfect RV but they will take stuff.

So like I traded in a car on an RV or two

before I bought this one and wrapped that into my deal.

That's something that you might be able to do and then if

you're over a hundred thousand or even under one hundred thousand, depending

on your bank and your financial situation you might have to have some

type of proof of income.

I've had to have my pay stubs I've had to have like w-2s

or if you own your own business you might have to have more stuff with your

taxes - a couple years of tax return.

It just depends on your bank your situation

and you really won't know till you apply but you should consider at any aspect

you're gonna have to have these things more than likely.

Have a budget and find what you want and then figure out how to

buy it.

I have heard that you should expect to get about thirty percent off

of MSRP which is manufacturer price and then you can haggle from there.

I'm just telling you these places do not

really haggle that much.

You need to know what you're bargaining with when

you go in there because it kind of depends on what they got it for as well.

Keep in mind that you're buying a home but seriously!

You are buying a home!

You are buying a home!

The resale value on house it's the same thing because when

you try to sell this it may not be super easy to sell.

I've tried to sell mine is not easy okay it's not easy.

You're going to take a loss on it in most cases and it's

no something that you can flip around and just sell unless you trade it in and

then you're still gonna take a loss on it.

So keep that in mind when you're buying what the resale value is on it,

what you're paying for it, and kind of what you should expect.

Other expenses like I mentioned you want to keep in mind...

Are you gonna have to pay for propane?

your gas?

your diesel to get around?

any electricity?

water? -- all of these things come into account when you're financing

as well because you're gonna have to pay for something else on top of the monthly

payment that you're already financing.

I remember when I got my travel trailer I

would tow with it.

I had to tow it so I bought a travel trailer then I bought

the tow car for it because I didn't have one.

Kind of weird I know!

But I quickly discovered the towing was really expensive and I was

crying every time.

Probably gosh every time I moved that thing it cost me over

a hundred dollars because I'd have to stop three or four times to get gas and after

half a tank it would just drop and it was horrible.

Used versus new.

If you're going to buy I would buy a couple years old

(maybe two or three) just because the resale value on these it drops as soon

as you take it off the lot.

That thing is gone it's gonna drop like ten thousand

dollars immediately if not more there's tons of RV companies out there.

There are tons of finance companies.

You have to do your research.

That's why I mentioned if you go to the RV dealership, they can

shop around for you.

I hate to say this but camping world is kind of like a mega

giant and they're probably a really good place to get started not that you have

to buy from them but you can get a lot of information and see different models.

The bigger the RV the more expensive the RV the more it costs to operate and more

it cost to buy, the more it cost to insure, so keep all of those things in mind.

Even if you can afford the big RV there's these other costs that are

associated with it.

Then online RV Trader - I'd go in there and look around.

Now you know that basics to purchasing an RV why you would

want to finance one versus pay for one with cash.

There are pros and cons to both.

We talked about the different RV types so

if you're not sure which type of RV to get you might want to check out a video

I did about the different RV types.

If you're gonna be been boondocking, I did a

video about that.

If you're doing this buying process, I went through this and

it can be a little crazy.

So, I put everything into a nice little checklist

that you can download in the description below.

It's my RV buying guide to answer all your questions and if you have more make

sure to put them into the comments below and subscribe you might end up in one of

my next videos.

I'm Brandi of www.BlogginBrandi.com Check out my story,

subscribe, thanks for watching and I'll see you in the next video!

Maybe we'll be going on a big adventure who knows.

For those of you who don't know me my name is Brandi aka Bloggin Brandi

and I do have another successful channel other than this one this one.

This one looks new because it is, but it's because I wanted

to share my RV life with you and people on my other channel may not want to know

about my RV life because it's about business and how I live and work in my

business not in my RV and this is just really special to me.

It's something that I've been going through.