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  • Recreational Vehicle (RV) Sales on the Rise

    As the baby boomers retire, the recreational vehicle industry has seen an upsurge in sales. For many people, nothing measures up to the independence and flexibility of enjoying the open road in a recreational vehicle (RV). There is certainly much to be said for taking your hotel with you wherever you go, and the savings on hotel costs can more than pay for the initial cost of an RV.

    RV travelers realize the cost savings of this type of travel. There are no hotel rooms to book and dining in your RV can save an awful amount of money compared to eating in restaurants every day. Owning a fifth wheel or travel trailer, whereas you can unhook your RV from your truck, saves you from having to book a rental car. For those in motor homes, many travelers will tow a vehicle behind them.

    When considering the purchase of an recreational vehicle, you will be faced with three choices; a fifth wheel which is rolled by a pick up truck and attaches to a wheel inside the truck box (since its name fifth wheel), a travel trailer which is usually pulled by a truck with a rear hitch, or a motor home. All three types of RV's have their pros and cons and each point will need to be considered based upon your needs and your budget. Other consideration for the RV lifestyle is the price of gas. However, it is still more economic than staying in hotels and eating at restaurants every night.

    Traveling in a recreational vehicle or motor home is often a good choice for those who want to travel to different locations; however, it may be less suited to those who visit the same location year after year. Travelers who visit the same location every year may find it more economic to buy a vacation home. Buying a vacation home, and renting it out when it is not being used, can be a good way to both save money on renting and build equity for the future.

    Many RV travelers come to love the freedom of the open road and the easy care lifestyle. Traveling cross-country and stopping a different parks along the way is a wonderful adventure. The traveler can choose to stay a day or as long as they want at a particular location.

    A well-known fact in the RV community is the free camping at Walmart. In most states, you are allowed to camp in a Walmart's parking lot for as long as you like. I am sure you have seen recreational vehicles lined up at Walmart's parking lot at least on one occasion. This is a win-win situation for the traveler and Walmart. The traveler has a well-lit place to camp for the night, at no cost, and Walmart receives income from those RV owners who frequent the store. However, recently there has been an uprising amongst campground owners against Walmart's free camping policy. Therefore, it is well advised that you check with the local chamber of commerce before you decide to stay a week at Walmart.



    Source by David Chandler

  • RV Financing Frequently Asked Questions

    It’s that time of the year again, when many people are considering purchasing an RV. When I was a sales manager and finance manager for an RV dealership I would get asked lots of questions about financing RV’s. I organized some of these questions and included them in the RV financing section of my book, “The RV Book”. Here is an excerpt from my book on RV financing FAQ.

    Will one RV lender offer better interest rates than another RV lender?

    Interest rates change frequently. If the prime rate goes up RV finance rates will go up too. RV lenders send updated rate sheets to RV dealers whenever their finance rates change. RV specialty lenders watch each other closely and if one lender lowers rates the other lenders will generally follow suit. They will usually stay within a quarter to a half point of each other.

    Are there other factors that will determine what interest rate I get?

    Yes, there are several factors that will determine the rate you get.

    1) It depends if the RV is new or used. A used RV (normally over 3 or 4 years old) will get a higher interest rate than a new RV.

    2) Your down payment will affect your interest rate. If you finance the RV on a zero down program the interest rate will be higher.

    3) The term of the loan will affect the interest rate. The shorter the term the higher the rate, the longer the term the lower the rate.

    4) The amount financed will affect the interest rate. The lower the dollar amount the higher the rate, the higher the dollar amount the lower the rate.

    5) Your credit history (credit rating or score) will affect the rate. The higher your credit score is the lower the interest rate will be.

    Should I shop around for a better rate, or will the rate a dealer offers be the best rate I can get?

    You should be aware of what the current rates are for RV loans, and based on the criteria listed determine if you are getting the best possible rate you can get. If you think you qualify for a lower rate, by all means try securing a better rate elsewhere. There are several RV specialty lenders on the internet that would like your business and will offer competitive rates. Do not however let too many lenders run a credit check on you to try and get a lower rate. This can backfire so be selective about who, and how often your credit is being checked.

    Can you explain more about financing an RV with no money down?

    There are usually a couple of RV lenders that will offer no money down finance programs. These programs will have certain guidelines to qualify. The type of RV, dollar amount, term of the loan and your credit rating can all factor into these types of programs. The finance rate will usually be higher too.

    What length of term can I expect to get on an RV loan?

    The term of the loan will be based on the dollar amount financed and the age of the RV. Some RV lenders are offering 20 year loans on new RV’s with financed amounts over $100,000 and loans ranging from $25,000 to $99,000 can qualify for 15 year loans. Loan amounts between $10,000 and $25,000 may qualify for 10 to 12 years loan terms.

    Why would anybody want to pay the interest on a 15 or 20 year loan?

    Nobody wants to, but the biggest advantage of a long term loan is you get a lower monthly payment. Financing $100,000 for 240 months at 7% interest would be $775 a month. The same loan for 120 months would be $1,161 a month. You save almost $400.00 a month. But keep in mind you will have little or no equity if you try to trade within the first several years.

    Can I finance an RV with below average credit?

    RV’s are basically considered a luxury item, so the criteria to finance an RV are more stringent than it is to finance an automobile. There are lenders that will finance below average credit but interest rates will be higher.

    How is the interest on an RV loan calculated?

    The majority of RV loans from RV specialty lenders are simple interest fixed rate loans. What this means is you will only pay interest on the principle owed, and in most cases there is no penalty for paying the loan off early. If you choose to pay more than your required monthly payment you can shorten the term of the loan and save on interest.

    Can I write the interest off on my income taxes?

    Yes, a fully self contained RV is considered a 2nd home and the interest paid is deductible, if you are not already deducting the interest on a 2nd home. At the time of this writing an RV is considered a qualified residence if it is one of the two residences chosen by the taxpayer for purposes of deductibility. To qualify it must provide basic living accommodations; meaning it has cooking, sleeping and bathroom facilities with fresh water and waste water holding tanks. Talk to your tax advisor about what is required to write the interest off on your RV.

    Will I need a down payment and if so how much?

    Down payments will vary slightly between RV lenders but 10 to 20% down, in the form of cash or a trade-in, is usually the range. There are programs that offer low down, or no down payment but this will usually increase the interest rate. Most banks want to see your good faith commitment to the loan.

    Do I need to have insurance on the RV to get a loan?

    Yes, insurance is required when you close on the loan. The bank will not loan the money until they have proof of insurance.

    Should I finance the RV or pay cash?

    It is my personal opinion that it makes more sense to finance your RV purchase. If you finance the RV you can maintain your personal financial status without liquidating any assets. You can also take advantage of writing off the interest on your income taxes if the RV qualifies.

    These questions don’t cover everything you need to know about financing an RV, but hopefully they will provide you with a good understanding on the subject and help you when it comes time to purchase your RV.

    Happy Camping,

    Mark

    Copyright 2007 by Mark J. Polk owner of RV Education 101



    Source by Mark Polk

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  • RV Must Haves

    RV Must Haves



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  • 3 of the Best Fifth-Wheels for Full-Time Living

    3 of the Best Fifth-Wheels for Full-Time Living


    Thinking of full-timing and know that a fifth-wheel is the right RV for you? Well, you have a lot of choices. While I could spend all day going through the various bands and floorplans, I thought it better and quicker to just highlight three fifth-wheels that are an excellent option for someone thinking of full-timing.

    Here are three you shouldn’t overlook if you’re thinking of buying a fifth-wheel to live in all the time:

    1. Keystone Cougar 338RLK Fifth-Wheel

    Keystone Cougar 388RLK Fifth-wheel

    A model that’s not too large, but still gives you plenty of living, sleeping, and kitchen space is the Keystone Cougar.  While you can choose from the 11 floorplans the company offers, we like the 388RLK. I appreciate the large open living room and kitchen area. The kitchen island mounted double basin sink in the kitchen and theater seating in the living area provide a seriously homey feel.

    Keystone quality is well-known, and the Cougar has been the best-selling fifth-wheel in its class for two decades. the Cougar comes with class-leading water tank sizes, high ceilings, and residential-sized appliances in most cases.

    It’s also equipped with the latest technology like two large TVs with Key TV (the largest measuring 50 inches), an auto leveling system, and a powerful HVAC system that should keep the Cougar comfy in hot and cold weather. We’ve done plenty of video reviews on Cougars, so if you want to learn more, head over to our YouTube channel.

    2. Heartland Big Country 3965 DSS Fifth-Wheel

    Heartland Big Country 3965 DSS floorpan

    The Heartland Big Country 3965 DSS fifth-wheel offers a similar floorplan to the Cougar 388RKL shown above but with some subtle differences. The bathroom is on the opposite side of the RV with a large closet across from it and the TV and dinette are on separate slides. You still get a double-basin sink located on an island and an open floor plan that makes it a dream to live in.

    Heartland’s Big Country, specifically the 3965 DSS, is a large RV that comes with plenty of space and quality amenities and features perfect for full-timing. The spacious kitchen features a three-burner stovetop and large oven and refrigerator. The living room comes with theater seats, high ceilings, and a large 50-inch TV for easy lounging.

    Heartland RVs aren’t quite as much of a high-selling RV as some of its competitors, but it provides a whole lot in a versatile and comfortable space. If the floorplan above doesn’t do it for you, the Heartland Big Country comes in seven different floorplans, so you’re bound to find one that fits your preferences and needs.

    Keystone Montana 3701LK Fifth-Wheel

    Keystone Montana 3701LK

    If you like the Keystone Cougar but just want something with a little more of everything, then the Keystone Montana is an excellent choice. The 3701LK fifth-wheel is one of my favorites. It has a spacious bedroom space up front, a bathroom in the center of the trailer, then a spacious living area with plenty of seating and a large L-shaped countertop in the kitchen.

    I referred to the Keystone Cougar’s quality as high, but the Montana takes the cake if you were to compare the two. Everything from the basic construction to the high-quality materials sets the Montana apart. It’s a luxury fifth-wheel with 20 different floorplans to choose from.

    It offers a host of industry-leading features, including residential appliances and amenities like a seamless fiberglass shower (or a soaker tub in certain floorplans), large 12-gallon water heater, and much more. Also, Keystone will honor its warranty for RVers who full-time. That’s not true of every manufacturer out there.

    If you like the Cougar but want something a little bigger and more luxurious, then the Keystone Montana is an excellent option. We don’t have a video review of the specific floorplan I like, but we can show you walkthroughs of other versions of the Montana fifth-wheel on our YouTube channel.

    Do you have a fifth-wheel in mind you think is fantastic for full-timing? Leave a comment below!



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