How To Finance Your RV | Abilene, TX
Financing your new Hanner RV is very similar to how you might finance a new or used car from a dealership. However, RVs are financed through personal loans, not car loans. There are two elements to financing: determining your financing institution and securing an affordable rate. For more in-depth information, visit our finance department at Hanner RV near Abilene, TX.
Choosing Where to Finance Your RV
When you make a major financial decision, such as purchasing an RV, you should shop around for the best financing options. Always start with your own financial institution, but also consider other banks and credit unions. The dealership, like Hanner RV, will also be able to offer you financing options via associated lending institutions. In our experience, we can typically offer better rates on loans than most big banks and credit unions.
Financing through a dealer may also earn you bonuses, and you can get an even lower financing rate during dealership promotions and sales.
Getting a Good Rate to Finance Your RV
The market fluctuates, so the interest rate you can get tomorrow may be different from the one you could have last month. Pay attention to market conditions if small differences in your interest rate are important to you, and purchase when the time is right. A low interest rate can translate to big savings over the long run.
However, your credit score is a much bigger factor in the interest rate you will receive. If you have a solid credit score, expect a lower interest rate when financing your RV. You can improve your credit score by paying bills on time and lowering your credit utilization.
Making a larger down payment will often get you a better APR for the remainder of what you owe on an RV, so it pays to save before purchasing. Typically, experts recommend a down payment of at least 10% of the total purchase price.