It’s been a year since Coronavirus turned our lives upside down and ruined most of our spring, summer, and eventually winter travel plans. From missed reunions, weddings, bachelorette parties, baby showers, birthdays, family holidays, and just getting away, 2020 and the Coronavirus pandemic put its stamp on just about all of our lives.
That’s why so many people are turning to recreational vehicles, otherwise known as RVs, in 2021 to get away and ensure they can do so while social distancing and staying safe. In fact, RV dealers are reporting record lows in inventory heading into this spring.
Why People Are Buying RVs in 2021
Recreational vehicles (RVs) are one of the most enjoyable ways to spend time traveling alone, with a companion, with your family or friends while still ensuring you can keep your social distance. RVs create the perfect balance of connecting with your family or others and enjoying the outdoors. RVs are ideal for sightseeing, camping, over-the-road trips, and other exciting adventures.
Interestingly, it’s predicted that RV sales will jump 20% in 2021! Let’s look a little deeper at the basics of buying an RV before we jump into how Latitude 32 can help you finance the motor home of your dreams.
Basic Information About Purchasing an RV
Like any home, motor homes, or recreational vehicles can come in many shapes and sizes. They are customizable to the owner’s wishes, and depending on your budget can be fitted with just about every amenity you’ll find in a luxury home.
According to Business Insider, there are 9 types of RVs including 5 towable kinds and 4 other motorized options. Depending on what you’re planning to use the RV for, we suggest researching and identifying which type will be best suited for you. It’s also important to keep in mind the difference between campers and RVs during your search.
Some other things you may want to consider during your quest to become king of the road is whether you are going to purchase a new or used RV. Similar to purchasing a new or used car, there are pros and cons to purchasing a used RV. You don’t want to find yourself stuck with a lemon. Additionally, you’ll want to vet the vendor through which you’re purchasing your recreational vehicle. There are private sellers and dealers with benefits and cons to both.
Lastly, you’ll want to be sure to inspect your RV before buying for issues or damages. Obvious signs such as mold, corrosion, leaks, or engine problems can cost thousands of dollars. Additionally, don’t forget to verify the VIN number to review its history.
Financing an RV
Generally, for RV loans you have a handful of options. If you’re purchasing a new RV, you have an opportunity to finance through the dealership. However, just like purchasing a car, this can come with very high fees or interest rates. Another option is to secure a loan online or through a bank. But keep in mind many of those loans can be predatory and riddled with hidden costs.
As a member of Latitude 32 Credit Union, you have the option of taking out a secured loan up to 120 months, up to $100,000, at a rate as low as 4.99% (rates may vary, please refer to our RV loans page for most recent rates). Contact one of our loan experts today to learn more!