Four things to know before getting an RV

by Derryl Jack
Zions Bank Monticello Branch Manager
It’s about to be prime time for outdoor adventures with your family and friends. It can also be prime time to think about purchasing an RV, a new one or your first one. Here’s a few of my tips for navigating and understanding RV loans before taking one on.
RV means recreational vehicle. An RV isn’t just a motor home. RVs encompass a lot of different machinery including motor homes, travel trailers, boats, ATVs, motorcycles, and even snowmobiles. This means that RV loans can help you purchase these items as well.
Learn to negotiate. Never take a price at face value and practice negotiating. Often times, vehicles, especially recreational vehicles, can be marked up as high as 30 percent or more. Talk to the dealer about your budget and try to work toward a price that is reasonable for your situation.
Check your credit score before shopping. Great credit scores can help you obtain a lower interest rate when you make a loan for your RV. Some experts suggest that a credit score of 650 or higher will allow you to access the best interest rates available.
Be realistic about what you can afford. It’s easy to look at a price tag of a vehicle and say, “We can afford it.” When the taxes, the insurance, the upkeep or the fuel are all a necessary part of the equation.
I suggest talking to insurance agents about pricing before jumping into an RV loan. Always be sure to do your homework before taking on more debt.
RVs can make your outdoor adventures more fun, but debt isn’t always fun. Be informed and stay smart about RV loans, and your outdoor adventures are sure to be memorable.