FAQ About RV Loans and RV Financing
What will my interest rate be?
Your interest rates are determined by several factors including the loan amount, finance terms, and your credit history. Interest rates do change often due to bank portfolios and changes made by the Federal Reserve. PRC RV Financing offers the lowest interest rates and most favorable finance terms on the market. Shop and compare, you will see we can save you thousands on the life of your RV loan.
Loan terms vary with the loan amount and the age of the RV. Most loans of $10,000.00 to $99,000.00 range from 8 to 15 years. Loans of $100,000.00 and over can be financed for 20 years. Click here to view finance term of your RV.
As a general rule, most RV lenders require between 10 to 20 percent down. Your donw payment may vary depending on the cost of the RV you want to purchase, and your credit history.
You can finance new and used motorhomes, travel trailers and fifth wheels.
Yes. Every precaution is taken to ensure your information remains absolutely confidential. Your personal information will not be shared with any individual or organization not directly involved in processing your loan.
It is possible that the interest on your RV loan is deductible as second home mortgage interest. To qualify, the RV must be used as security for the loan and must
have basic sleeping, cooking and toilet facilities. Many motor homes, travel trailers, fifth wheels, truck campers, and even some tent trailers are equipped with these facilities. For more information, you can contact your tax professional or the IRS.
Yes, there is no prepayment penalty on "simple interest" loans. You may choose to pay down your loan or pay off your loan at any time without a penalty. However, you must always make your regular monthly payment.
Yes, you can refinance your current RV loan at a lower rate and save thousands over the life of the loan.
Yes. Just inform us of your payment preference during the loan process and we will take care of that for you.
First, completely fill out our credit application. Call if you have any questions as you do so. Second, fax it back. Typically, you will receive a decision within 24 hours, after which, you will be offered an interest rate, finance terms and monthly payment. If you accept your loan offer, you will receive a loan contract and all associated paperwork via Federal Express Upon your receipt of these materials, they will be thoroughly reviewed with you prior to your signing. You then return the loan papers via Federal Express using the return envelope provided. They will then be sent to the bank for funding, which could take one to three days.Source: www.lowrvfinancing.com
Category: Personal Finance