| Unless you have a lot of money saved up, you will | | | | on the loan. |
| most likely need to arrange some form of financing | | | | By shopping online you can usually come up with a |
| when you buy an RV or motorhome. And of course, | | | | very good financing arrangement on your own. Most |
| financing often seems like a black hole where you | | | | often dealing with a loan company that specializes in |
| know what goes in and what comes out at the end, | | | | RV loans will be a good bet as they are familiar with |
| but the whole process in the middle seems a bit | | | | the industry and the needs of the motorhome buyer. A |
| confusing. So here are a few things to consider as | | | | very popular financing option is to use the loan |
| you finance your new purchase: | | | | company featured by The Good Sam Club. When you |
| First keep in mind that this is where you can lose more | | | | join their club they offer some great financing options |
| money than anywhere else in the negotiating process | | | | that are usually very attractive to most RVers. |
| if you aren't careful. Over the life of a loan the interest | | | | Of course, how good the financing arrangement you |
| that you pay can add up to an incredible sum and | | | | get is will be determined often by how good your own |
| sometimes even rival the cost of the entire | | | | credit history has been. But unless you have a horrible |
| motorhome itself. So smart shopping is essential here. | | | | credit past you should be able to get a motorhome |
| It's usually best to avoid dealer financing if at all | | | | loan in the vicinity of 10 percent or even less. This is |
| possible for a few reasons. One is that they are not in | | | | especially true if you are putting 20 percent or so of |
| the loan business for free. They expect to make | | | | the purchase into the deal as a down payment. And |
| money on the sale of a motorhome loan to you. That | | | | keep in mind that the more of your own money that |
| means that they have worked out a deal with the | | | | you use to pay down the cost of the RV, usually the |
| finance companies that they use to get paid a portion | | | | better the financing arrangements you can get. This is |
| of every loan they write. So you are dealing with a | | | | because you are assuming more of the financial risk |
| middleman. It may be convenient, but you pay | | | | of the purchase and lending institutions like to see that. |
| something for that convenience. It is often better to | | | | So think ahead before arranging your own motorhome |
| arrange your own financing instead where you deal | | | | financing and it can save you lots of money. |
| directly with the lender and avoid any dealer markup | | | | |