1st TIME BUYERS Guide into RV Loans and Financing in 2024

Welcome to the channel if you are first timer. Welcome to the RV Loan and Financing Basics. We are going to teach you RV loans really work. Financing a RV and be very complicated with a bunch of data that may be untrue. This will be real and very transparent in how the financing works.
Financing Terms on RVs are different then most other loans. Terms are determined by the dollar amount you finance.
$50,000 loans of higher can go 20 years or 240 months. There are exceptions to this rule. I'll go over those in a future video. RV loans and interest rates are all determined by down payment, dollar amount financed, and credit. Banks and lending institutions always make the final decision on loans. I do not; quick disclaimer.
Here are some helpful Video Links for more depth
Bad Credit RV Financing will be
• Buying a RV with BAD C...
Fair Credit
• Discover the BEST RV L...
Jumbo Loans over $100,000
• Simple HACKS financing...
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[@HBRVLifestyle]

If you would like to support the channel check out this Scrubber we use to clean the Motorhomes and Trailers/Toyhaulers when we sell them. It is an affiliate link that I do get a commission if you buy it www.amazon.com/Electric-Waterproof-Adjustable-Extension-Replaceable/dp/B0B6HFSQ46?&_encoding=UTF8&tag=hbrvlifestyle-20&linkCode=ur2&linkId=3170aa54a315c3e758f27a42ea0f6a88&camp=1789&creative=9325

[@jocelynb8935]

Perfect timing I’m seriously looking to buy in Jan/Feb so I’m preparing myself to know how to negotiate and what to expect. I’ve been looking for 2 years and doing as much research on finding the right RV and now I’m preparing for finally buying. I’m soooo excited.

[@kalebstout7673]

In the same boat, what class rv are you thinking?

[@sewdutch2]

Me too, but how do I learn about negotiating?

[@stv111play]

mee too class b. this is informative stuff. love this guy

[@eyeamphoenixluv717]

So grateful for you!

[@HBRVLifestyle]

Thank you for the all the support

[@stv111play]

great breakdown, 62 and looking for Rv. nice info to have in understandable language. happy , class B used in my site

[@HBRVLifestyle]

Thank you. Good luck on the hunt. It’s always fun to search and discover Class B

[@AngusScobie]

Thanks for the information. When I buy I’m sure it will be helpful.

[@HBRVLifestyle]

Glad it was helpful!

[@josephleblanc7048]

I just subscribed to your channel and appreciate your professional approach and content. I am looking to purchase a Super C motorhome later this year likely in September or October and will be financing. My wife and I want to purchase and finance through our real estate LLC that my wife and I own 50/50. Have you heard of or seen dealers finance in cases like this? Our LLC has been in existence for over 20 years and recently completed payments on a 15 year real estate mortgage.

[@HBRVLifestyle]

They do not do loans under business names any more for RVs. That stopped about 10 years ago. It must be personal only. However I have seen folks lease the RV back to the company

[@josephleblanc9869]

This is great information and something I need to investigate. I hope it helps other KZbin members reading it as well. Thank you!

[@kalebstout7673]

How much proof of income do you need? I haven’t been working for a couple months and now healing from two fractures and just enjoying the time off work. My credit fluctuates between 730-770 and I’m only 25 years old with about 6-10k for a down payment.

[@leveragecomics5067]

I have upper 7’s credit, not sure the smartest way to play it for a travel trailer.

[@HBRVLifestyle]

Take the longest term possible. And then you have to decide what type of buyer you are after that. Are you an interest-rate buyer or a down payment buyer? If you’re an interest, buyer try to put between 20 and 25% down and you’ll get the best interest rate possible at the time you purchase.

[@kalebstout7673]

Also do you have contact information you can be reached at? I’ve been living full time in an rv for the last two years and working on my rv as well as apprenticing under a mobile rv tech. I keep going back and fourth between going to tech school to become a rv technician or get into RV sales. I’ve worked a few different sales jobs and truly loved them but never anything automotive. Curious your thoughts on the careers differences

[@HBRVLifestyle]

In the description box below there is my Instagram and Facebook. You can contact me through there

[@Low_Keyy223]

Do previous installment loans count for the amount of years I've had one? Like does my previous vehicle I paid 2 years of and the one before that of 1 year add to my most recent vehicle of 1 year as a total of 4 years? Or is it only my recent vehicle of 1 year they see?

[@HBRVLifestyle]

You have a good shot at a loan, they typically look for 2 years on 1 car payment. They want to see you carry a loan for at least 2 years when they consider a RV loan. Since you have 2 loans you still have a chance at a loan, the dealer will probably use a credit union in this case

[@lyfandeth]

VERY interesting. Do they charge prepayment penalties for paying a loan off early?

[@HBRVLifestyle]

Nope

[@RobertHasty]

How about financing an RV loan to an LLC for a write off? Financing available?

[@HBRVLifestyle]

Negative. There is no available financing for companies. They can only be done on a personal basis.

[@KinseyKrutzler]

Also, if planning on going full time in RV, but currently pay rent, is there a way to explain that once I stop paying rent, the DTI would be less (lot fee + RV loan payment would be around $700 less than I currently pay for rent).

[@HBRVLifestyle]

Lenders do not give loans to Full Time RV. That will not help. Never tell a bank or lender you are going to live in the unit. I do actually have a guide to help you with full time. Here is the link kzbin.info/www/bejne/hKrCZomwnM5kgZY

[@tmfp84]

Can I get your opinion on pricing. Looking at a new 2023 Flagstaff 5th wheel vs a 2024 Flagstaff 5th wheel. Same model and specs. Same MSRP after factoring in freight, just the 2024 is a factory order how we want. The 2023 has a couple things we don’t want and missing things we want. Price difference between the two as it stands is about $7k out the door. MSRP is $88-89k on both - 2023 OTD price $60k could squeeze another grand or so. 2024 OTD $67k Different dealers but dealer on the 2024 says he’s only making a couple grand and won’t budge anymore. Thoughts?

[@HBRVLifestyle]

dealerships are going to hold full pricing and full profit margin on 2024 inventory to incentivize buyers to buy 2023. The reality is this Flagstaff hasn’t changed a damn thing between 2023 and 2024 year models. Dealers may have ordered things with a different option setting. I would bet you that you could get more than $1000 off of the 2023 if you use their financing. The old-school methods of negotiating out the door price first does not give you the best deal possible. Use a dealerships, financing and negotiating a payment gets you a better deal in the RV business. People will disagree with me and that’s OK. now is one thing you really said they at home is that the 2024 has everything you’re looking for options wise. so the discussion really is this if you’re financing or the options worth the extra $40 a month are you willing to pay the extra $40 a month over the course of the loan to have everything you’re looking for? If you’re paying cash is seven grand going to break the bank? MSRP is all relative. There are two ways in this economy you get the best deal. Using dealer financing and buying a 2023 year model. But if it does not have all the options are looking for then you have to consider allowing the dealership to make its profit margin to stay in business to sell the 2024 that checks all the boxes

[@tmfp84]

Thank you for this info, that’s the debate the wife and I are having. Is it worth the extra for what we want on the 2024 at the local dealer or the 2023 from a dealer 300 miles away. I appreciate the advice.

[@HBRVLifestyle]

@@tmfp84 no problem. Anytime!

[@KinseyKrutzler]

Is it better to finance with the RV dealership or through a 3rd party? How do they look at Parent Plus loans that are currently deferred as student is still in college?

[@HBRVLifestyle]

I would start at the dealership. If they cannot get you approved then I would seek 3rd party. They will count your deferred loans against your DTI. All lenders including 3rd part lenders calculate your payment on those deferred loans.

[@KinseyKrutzler]

@@HBRVLifestyle since it has been deferred, there are no payments being made at this time.

[@javieroneill1916]

So if I finance $85,000 for 20yr paying 682 a month the total amount will be 163,680

[@javieroneill1916]

Is that normal

[@HBRVLifestyle]

That is normal if you made every single payment. The majority of the time people pay the loans off early with no prepayment penalty, or they sell/trade them in way before they reach 20 years. An essence in 15 years I have not met very many people that make all 20 years of payments.