Good Sam RV Travel Guide & Campground Directory

Financing and Insuring Your RV Pine Bluff AR

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.

Allstate Auto Insurance
(888) 355-7971
305 E 6th Ave
Pine Bluff, AR
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Smithey- Robert F - State Farm Insurance Agent
(870) 534-5012
2900 South Olive Street
Pine Bluff, AR
 
Tucker- Judy C - State Farm Insurance Agent
(870) 535-2233
3007 South Hazel Street Ste 1
Pine Bluff, AR
 
Hale- Virgil D
(870) 534-5381
2621 S Fir St
Pine Bluff, AR
 
Harris- Donald R - State Farm Insurance Agent
(870) 535-4880
516 South Cherry Street
Pine Bluff, AR
 
Allstate Auto Insurance
(888) 355-7971
220 W Bradley Town Sq
Star City, AR
Description
Safe Drivers Save up to 20% on Auto Insurance. Call Allstate Now!
Phone Hours
SUN - SAT 12:00AM - 12:00AM

Sanders- Archie L - State Farm Insurance Agent
(870) 535-5575
1208 South Blake Street
Pine Bluff, AR
 
Allstate Insurance - Kellie Harris
(870) 534-4055
2007 W 28th Ave Suite #3
Pine Bluff, AR
 
Tim Walley Ins Agcy Inc - State Farm Insurance Agent
(870) 879-9444
3800 Camden Road Ste 4
Pine Bluff, AR
 
Ronnie G. Terrell Agency
(870) 535-1749
2221 S Olive St
Pine Bluff, AR
 

Financing and Insuring Your RV

Provided By: 

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...

Click here to read the rest of this article from Woodall's

/div>