Purchasing a recreational vehicle is really about attaining a whole new way of life. Mobile homes which are homes away from home, let their owners get up and travel around as much as they like, it’s really the freedom and comfort of basically being home but being able to travel wherever you want that makes people want to purchase something as expensive as an RV. But before you can start off on your journey, there’s a lot of different financial things to consider and that need to be done well in advance. One of the most common ways people consider going about doing this, is to go with an owner finance RV.
One of the initial things that you have to recognize that an owner financing motor home is considered a luxurious item, and therefore if you have any intention of doing any serious owner financing travel trailer purchases, keep that in mind. This is because luxury items accordingly require the person getting the loan or financing to have excellent credit so that they can qualify. The long and short of it is, owner finance RVs are likely out of the question if you don’t have good credit.
That doesn’t mean you can’t get an RV at all, you simply may have to go with other types of owner finance mobile home options, one of the most common ways is to either get a recreational vehicle used through local postings on craigslist or the newspaper. Or through private owner financing with a private RV owner is looking to sell their motorhome. Don’t just rely on one source though to get financing for your RV, not only can you get financing from RV dealerships, but you can also get them from banks, credit unions, and independent finance companies all of which offer an owner finance RV option.
The smartest thing you can do is to check with your bank first, but you can also find a list of RV financing companies on the recreational vehicle industry Association website. Again, unlike with regular automobiles, financing for recreational vehicles requires a more impressive credit score due to the fact that they are considered a luxury item and not a necessity. Make sure that you shop around so that you know what the current interest rates are going for, and what the value of the RV really is, do your research ahead of time.