You are going to make a tough decision if you buy an RV. More than just buying it, you also need to learn how to tow or drive it. It is also essential that you learn the basics of RV maintenance and you should determine the signs that the vehicle needs repair. An RV is a long-term investment, and it is not for everyone. If you like the idea of buying an RV, this guide will help you make the right decision.
Before you take the plunge, you need to ask yourself a few questions as your answers will play a vital role in setting aside a budget for the vehicle. Some important questions to ask include:
What are the features you prefer?
What are the features you need?
Why do you intend to buy an RV?
Who is going to use the RV?
Do you plan to travel with the RV?
Do you want to drive a motorhome or tow a trailer?
These questions will also enable you to narrow down your selection. It will give you an idea of what you want before buying an RV. The best thing about owning an RV is that it gives you an ability to add features or customize the vehicle. You can even turn it into a home or condominium depending on your taste. You can save money if you know how to analyze your budget.
The type of RV you need
Before you buy an RV, there are several things you need to consider: the type of RV you need and if you want to buy a new or used RV. There are also towables and motorhomes for you to consider.
The difference between a motorhome and a towable is that the motorhome can be driven while towables require a separate vehicle for the unit to be towed. The choice you make will depend on your comfort level. If you prefer towing, it is important to note that towing is as equally expensive as buying a new motorhome. If you think buying a motorhome is more convenient and practical, then you should go for it.
Towing becomes less expensive if you decide to invest in a towing vehicle such as an SUV or a truck. You need to factor in the towing vehicle if it is not yet included in your budget. Your comfort level will improve if you have your own towing vehicle. Small travel trailers, truck campers and pop up campers are some of the best ways to get used to the RVing lifestyle. If you prefer an RV with more rooms, you can also consider investing in a mid to larger fifth wheel RV or travel trailer.
Most often than not, all towables offer the same functionality and features regardless of the size. The only difference is the comfort level, which will depend on the personal preference of the buyer.
Should you finance an RV?
Once you have decided on the type of RV you want to buy, the next thing you need to prepare for is your budget. Many RV dealers like May’s RV will finance you through a lending firm. Another option you can consider is to take out a vehicle loan from a third party company or your bank. Your credit score will be important in the application process. The lender will also ask you how much you are willing to pay for a downpayment. There are also other factors that will affect the financing process. That said, financing is often deemed to be easier said than done.
If it is possible to finance through your RV dealer, you will be able to get the closest interest rates to what your bank will offer especially if you have good credit standing. If you decide to finance through a third-party lending firm, expect the interest rates to be higher. Be sure to think about the amount you can afford to pay on a monthly basis. You also need to pay for the loan as early as possible.
The Benefits of Buying A New RV
You get a full warranty from your manufacturer
The vehicle is damage-free because it is brand new
You have the option to customize the vehicle based on your preference
You can get the type of vehicle you want based on the price you can afford