If you’re looking for a 2023 RV loan, UTV loan, boat loan, snowmobile loan, or any RV loan – spring is a great time to enjoy a new RV. In 2023, as prices for RVs decline both the new and used sectors, 2023 will very likely be a great year to save money on an RV, per Camper Report. Prices will likely not be going up as they did for the last two years.
“Spring is always a good time to buy these vehicles as this is the time they will get the most use,” said Jerry Litwaitis, VP of Lending at Marshfield Medical Center Credit Union (MMCCU).
Camper Report adds that dealers are already marking down 2022 RVs to clear space on their lots for incoming 2023 models. Although there will always be a demand for good quality RVs, the market for RVs is nowhere near what it was in 2021 and early 2022.
Whether a travel trailer, 5th wheel, 4-wheeler, UTV, snowmobile, or boat, there are several factors to consider when searching for an RV loan..
When financing an RV, start with these steps:
- Set a budget
- Save a down payment
- Check your credit score
- Decide which type of loan you want
- Compare lenders
- Negotiate with your RV dealer
“Make sure the RV fits your needs and budget,” said Litwaitis. “If you are purchasing a RV for camping, how many people will it comfortably hold/sleep? Can your vehicle tow or pull the camper you need?”
As most RV’s cost anywhere from $10,000 to even upwards of $100,000, some type of financing is often used to facilitate the purchase.
“Check with the credit union to see how much you can afford to spend,” said Litwaitis, adding that it’s also important to consider what insurance coverage will be needed.
“Most of these vehicle can be placed as a rider on your homeowners insurance policy or you may need to get a separate policy if you do not own a home,” he said.
Other factors to consider before purchasing include function and purpose.
“Will a 4-wheeler meet your needs or do you need seating for two or more people? Will you be hauling anything?” said Litwaitis. “A 4-wheeler and UTV can be used year round, but a snowmobile can only be used in the winter time.”
Recreational vehicles provide a means for travelers to see the country, vacation comfortably, visit relatives or even establish a permanent residence. When considering options for how to pay for these vehicles, be sure to contact MMCCU! Give Jerry, Tiffany, or Shelly a call at 715-387-8686!
