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How To Finance an RV Over 10 Years Old

Feb 20, 2024 | RV Loans

Exploring your RV financing options is easy—call (343) 308-1593 or connect with Canada Powersports Financing online!

You want to own an RV, but you’re tight on budget. A new one could be a pipe dream, so why not look into a slightly older vehicle? You’ll have some great options, but be aware that it’s often challenging to figure out how to finance an RV over 10 years old. 

Countless financing institutions only help out with RVs under ten years old; others charge higher interest rates, have stricter credit score requirements, and require down payments of at least 20%. 

Is it worth it? Yes, you can still realize your dream of owning an RV. 

Here are three steps to help you find the right RV financing.

STEP 1: Before You Buy an RV Secondhand

The first step to securing RV financing is meticulous preparation, including some calculations.

Create a Budget for Your RV Financing

If you haven’t done so before, create a spreadsheet to tabulate your income and expenditure. This will help you determine the camper models and loan terms you can manage month to month. 

Save Funds for the Down Payment

Most lenders will finance an RV over ten years old if you raise 20% of the purchase price. Why not save toward it starting right now and get that down payment as high as possible for better repayment terms? If your desired RV costs $15,000 and you need at least a $3,000 down payment, saving just $50 each week will get you there in around 15 months!

Step 2: Important Checks Your RV Financier Will Require

Once you know the figures, dig a little deeper into your options.

Check Your Credit Score

Since unsecured auto loans are riskier, lenders often stipulate a higher credit rating. If you’re a client of Equifax, TransUnion, or Experian, you can obtain a free credit report at 

Check the Fine Print For Type of RV Loan You Want

Exploring the outdoors is within your reach. Consider these common funding sources for older RVs:

  • Banks with more ATMs and branches countrywide
  • Credit unions offering lower fees and interest rates

Step 3: When You’re Ready to Look at RVs

Are you ready to move forward? It’s time to pick a vehicle, a financing partner, and a new adventure.

Compare Used RV Lenders

Knowing how to finance an RV over 10 years old includes choosing the right lending institution. When comparing lenders, consider the following:

  • Minimum and maximum loan amount
  • Interest rate
  • Repayment terms
  • Loan approval requirements
  • Extra fees

Customer reviews also provide helpful insight into the best RV financing for your situation.

Negotiate the Used RV’s Price

Have you talked to various reputable RV dealers? Select one that’s willing to chat about a friendly price on your desired RV model. 

Partner With a Trusted RV Financing Company

You know how to finance an RV over 10 years old, so why not reach out to Canada Powersports Financing for a flexible loan term? Call (343) 308-1593 or visit our webpage and see how old RVs can be a good investment with memories for a lifetime.

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