RV Financing and Loans - Loan Applications and Rate Quotes
Financial Underwriters Network is a nationwide provider of RV financing, who offer the finest service and competitive RV loan rates to RV and Motorhome owners nationwide. They offer the finest service and competitive loan rates nationwide.
We have chosen to affiliate with Financial Underwriters Network because they are committed to providing not just exceptional customer service, but exceptional RV financing interest rates. Their national network of lenders offer many competitive RV loan programs.
Each of their staff members has the experience to understand your RV loan needs, respond to your requests in a timely manner, and earn your trust.
Click Here to complete Financial Underwriters Network's secure online RV loan application), to request a custom RV loan rate quote through their interactive form, or to submit a question. Financial Underwriters Network's RV loan and financing professionals will provide a fast response to your RV loan request - usually in one business day. You can also Click Here to apply for an RV loan from Financial Underwriters Network by phone or by fax.
Guide to RV Financing and Loans
Financing an RV or motor home can be a simple process, but for some it might become complicated. The key criteria usually making the difference is whether you've chosen an RV Lender who has the expertise and experience with RV financing and RV loans. Just as there are RVs and motorhomes to fit anyone's budget, there are a variety of lending institutions that you might choose to work with. Here are a few helpful hints to smooth the RV financing process for you:
Before Purchasing an RV or Motorhome
Most RV buyers have to rely on a lending institution to finance an RV purchase. And, for most RV buyers, an RV purchase could be one of their largest personal investments. Fortunately, most lending institutions with RV experieince will provide RV loans with loan maturities of up to 20 years, which may be critical in keeping the monthly payments affordable. By considering every possible RV loan source, from paying cash to financing the RV purchase, you can determine what is best for you and your budget. By knowing how to compare loan terms, you can greatly reduce the cost of borrowing money. If you consider yourself a cash buyer, shopping for financing may not seem to be a concern. But you still pay extra costs when you pay cash - i.e., you lose the earning power of the money you pay. Don't forget to ask yourself how much money you will not earn from your savings account, real estate, stocks or bonds because you liquidated the asset to buy an RV or motorhome. Also keep in mind that any income derived from liquidating an asset may incur a capital-gains tax. These are some of the "costs" of paying cash.
While Buying an RV
Many RV dealers use a number of banks or finance companies and can set up a sales contract with the best terms they have available for you. But, you should al so check online with banks and institutions who specialize in the RV industry, such as Financial Underwriter Network, as they frequently offer the most attractive rates and terms. If you decide to go with the dealer, the finance manager will send your application to a number of lenders in search of favorable rates and terms.
Credit approval and interest rates are dependent on four primary factors:
- Credit history, including whether you have ever had a poor or bad credit rating
- Adequate down payment (if you cannot qualify for a zero-down plan)
- The ability to make payments
- Proof of income
Most RV loans are simple interest loans with terms as high as 20 years, and many RV lenders offer tailor-made programs for special borrowers with offers such as 'No Money Down' or deferred payment programs. Also, there are no prepayment penalties for paying the unit off early, no fees, and credit life insurance and extended warranties can be financed in the loan contract.
Before applying for an RV loan consider your future RV plans. If the RV you are to buying will eventually be traded for a larger or more expensive RV or motorhome in the near future, try to finance it for a shorter period of time, or provide a larger down payment.
After an RV Purchase
Just like an other vehicle, RVs do depreciate in value, especially during the first few years. If you finance your RV over a long period of time and with little money down, you could end up with an RV loan balance greater than the fair resale value of your RV, even after years of making RV loan payments. So, if you choose to finance under a zero-down plan, keep this RV value depreciation in mind. Also, RV financing can sometimes be done in individual or business names. One benefit to consider is that interest payments on an RV loan may be tax deductible. This benefit applies if the RV is used as security for the loan has cooking, sleeping and toilet facilities on board to qualify for the federal income tax second-home deduction, according to IRS code section 280A(f)(1). You cannot take advantage of this deduction if you already own a second home or another RV. Consult with your tax adviser for more information on this finance benefit if you are interested.
