Good Sam RV Travel Guide & Campground Directory

Financing and Insuring Your RV Lincoln NE

So you are thinking about buying a recreation vehicle? Whether you are a young family seeking the pleasures of family camping adventures, busy professionals seeking quality leisure time, or a mature couple considering RV travel to bring variety and excitement to your retirement years...there's an RV to meet your needs and budget. Your path to RV ownership will be smoother if you are prepared in advance to approach decisions about RV financing and insuring your new unit.

KUHL Insurance Agency Inc
(402) 475-2609
300 North 27th Street Suite B
Lincoln, NE
 
Dahlgren- Richard A - State Farm Insurance Agent
(402) 488-7855
221 South 66th Street
Lincoln, NE
 
American Family Insurance Tim Stewart Agency Inc
(402) 489-6211
5615 O Street
Lincoln, NE
 
Krikac- Vincon C - State Farm Insurance Agent
(402) 474-1173
1115 K Street Ste 102
Lincoln, NE
 
Williams- Karen L - State Farm Insurance Agent
(402) 434-6050
233 North 48th Street Ste O
Lincoln, NE
 
Higgins- Beverly J - State Farm Insurance Agent
(402) 483-2838
123 South 84th Street Ste D
Lincoln, NE
 
Hurlburt Daniel A III
(402) 434-0480
3325 A Street
Lincoln, NE
 
Independent Insurance Representative
(402) 730-6066
303 North 52nd Street
Lincoln, NE
 
Thompson- Raymond L - State Farm Insurance Agent
(402) 475-2345
3701 O Street Ste 101
Lincoln, NE
 
Haberman- Robert J - State Farm Insurance Agent
(402) 483-7578
7121 O Street
Lincoln, NE
 

Financing and Insuring Your RV

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Financing and Insuring Your RV




So you are thinking about buying a recreation vehicle? Whether you are a young family seeking the pleasures of family camping adventures, busy professionals seeking quality leisure time, or a mature couple considering RV travel to bring variety and excitement to your retirement years...there's an RV to meet your needs and budget.

Your path to RV ownership will be smoother if you are prepared in advance to approach decisions about financing and insuring your new unit. We'd like to share with you some of the wisdom and experience accumulated by some of the nine million RV owners who have preceded you.

Consider Your Financing Options


Self-financing. Before making an RV purchase, check your resources to determine if it will pay you to borrow from yourself. You might finance your purchase by using your retirement payout, proceeds from the sale of a residence or other "windfall" income to make your purchase for cash.

You might borrow against a paid-up whole life insurance policy. If the cash value of your policy is large enough to cover the annual interest payments, you can skip making monthly payments, if necessary. You might consider a home equity loan; however, one big advantage - the deductibility of interest - is not needed if your RV qualifies for a second home deduction (see below).

There is an offsetting disadvantage to self-financing. Your funds, if otherwise invested, could be producing dividend income for you. Also, by converting some assets to cash, you might incur taxable capital gains or (in the case of bank CDs) early redemption penalties. However, as a rule, the yield from most investments will not match the interest you would have to pay for a bank loan. So, if you have sufficient capital, it will be cost effective to borrow from yourself.

Bank Financing


Most purchasers do finance their RVs, tailoring monthly payments to fit their budget. RV loans are considered good business by banks - they suffer fewer defaults than on other types of loans. But, you'll need to shop around for the best deal. Don't assume bankers won't lend for low-cost units or used ones, if that's what you plan to purchase. In fact, they will.

Make your inquiry to the loan officer at the bank where you do your regular banking, or which issues your credit card. Likewise, you can approach a bank or financial institution where you've borrowed before. These banks will know your credit history, and you can often shop by phone.

In an annual survey of RV financing by the RV Industry Association, nearly 300 banks and financial institutions responded. They indicated the willingness of lenders to finance family camping vehicles. A typical RV loan for a new vehicle, according to the survey, averaged $16,744.00, maturing in 10 to 15 years. Down payments ranged from 10 to 20% of the purchase price.

Loan terms for used RVs usually require a 20 to 25% down payment. But, since initial outla...

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