Right now the economy is booming. We are seeing record sales, record numbers of customers and lenders that are being super aggressive with their rates and terms. So aggressive in fact that we are even able to offer $0 down financing through two of our lenders. The rest of our lenders still require 10% down in the form of cash or trade equity.
So....if you can get zero down why in the world would you ever go another route?
Pretty simple really...if you finance your camper with no money down that means you are financing your camper plus your sales tax and title (and any applicable warranties, gap insurance, etc). You are therefore going into the loan upside down. It will take you a lot longer to ever be in a positive equity position that it would if you had put 10% cash down in the first place. If you do end up doing 100% RV Financing, we recommend that at least once or twice per year you make an extra lump sum payment on the principle. This will help get you out of that "upside down" state faster.
Also, another advantage to traditional 10% down financing is that we are often able to get longer terms and lower rates...that means a lower overall payment for you!
Ready to finance your next camper? Fill out an online credit app here...
