Paul Sherry RVs works with a variety of lenders including national banks, local credit unions, and some lenders that work exclusively with RV and Travel Trailer loans. We know how to get you approved at the best rates available. All you have to do is fill out the form, and our finance manager will take care of the rest. Get started here!
Q: What happens after I fill out the Online Financing Application?
The application is securely delivered to our finance manager. Before doing anything, we always contact the customer to find out exactly what he or she would like to accomplish, and together we decide what steps are needed to get there. This process depends on what the customer's goals are. Nothing will be done without the customer's permission.
Q: What if I have bad credit due to bankruptcy, home foreclosure, medical bills, divorce, tax liens or other reasons?
In many cases, even if you have bad credit, we can still get your approved for an RV loan! As mentioned above, we have a close relationship with a wide variety of banks. Our finance manager knows which banks are most likely to approve your loan for the best rate, taking into account your individual situation. We have had good luck getting loans approved, even with credit scores as low as 550! Click here for more information on sub-prime RV loans.
Q: I have heard that pulling my credit report can hurt my credit score... Will my credit score be hurt from filling out the Online Financing Application above?
Your credit score WILL NOT be affected by filling out the Online Financing Application. Again, the application goes directly to our finance manager and no further action will take place until we contact you. That means we will not pull your credit report, send the application out to any banks, or share your information without discussing it with you first.
Q: How do I know my information is safe?
Q. Can I get an RV loan with No Money Down?
A: Sometimes, but in order to qualify the best rates, banks typically look for at least 10% down. Getting approved with no money down depends on your individual credit situation, and the RV or travel trailer that you are purchasing.
Q. What is the maximum loan term when financing an RV?
A: The maximum loan term can range from 96, 120, 144, 180 and all the way up to 240 month! This limit depend on factors such as how much money you put down, the year and type of RV that you are purchasing, and your credit score. As a rule of thumb, RVs under $10,000 can extend out to 96 month*, RVs over $75,000 can extend up to 240 months*, and everything else lands somewhere in between (*with approved credit).
Q. Can Paul Sherry RVs help me get a loan if I am buying an RV from another person?
A: No. We are not lenders ourselves, and can only help you get approved for loans on RVs and Travel Trailers that we sell. With our extensive inventory, there's a good chance you can find what you are looking for. Please browse our inventory , or contact a salesmen if you need help finding something that suits your needs!
Why Finance Your RV?When you finance your purchase instead of liquidating assets or paying cash, you maintain your personal financial flexibility. Plus, your RV may qualify for some of the same tax benefits as a second home mortgage. Of course, check with your tax advisor, but basically to qualify for these benefits, such as the deductibility of interest on the loan, the RV must be used as security for the loan along with providing basic living accommodations such as a sleeping area, bathroom and cooking facilities. Remember, the RV is considered a qualified second residence as long as you designate it for each tax year.
What Are the Advantages of Financing Through a RV Lending Specialist?Down payments are lower - Although final terms are determined based on your credit profile and the age, type and cost of the RV being purchased, financing through RV lenders usually requires down payments in the 10% range.
Finance terms are longer / Monthly payments are lower - Because RV finance specialists know that RVs maintain their value and resale appeal, they tend to offer more attractive terms. In fact, it's not uncommon to find 15-20 year repayment schedules to help you afford the RV of your dreams.
How Does RV Financing Compare With Other Payment Options?Borrowing against an owned home is not an option unless the money is used directly for that home. Home mortgage interest deduction is restricted to interest paid on mortgage debt used to purchase or improve a residence, or to refinance the remaining balance on a purchase or improvement. The purchase of an RV, therefore, does not qualify for this deduction. Home equity loans limit the amount of interest that is deductible, if your RV loan balance exceeds $100,000. Home mortgage interest deduction is limited to interest paid on home equity loans up to $100,000.
The Last Word on RV FinancingYour RV might actually cost you less in the end if you finance your purchase. By not tapping into your financial assets to purchase the RV, you can take advantage of attractive new investment opportunities that might come along and the earnings from those investments can potentially exceed the cost of your RV financing. The bottom line is that if you are thinking of buying an RV, you should check financing options to maximize your purchase enjoyment. You'll be on the road enjoying your new RV before you know it!
Disclaimer: We believe in providing accurate and up front information, and we try our hardest to provide all the information necessary for our shoppers. We cannot, however, guaranty 100% accurate information simply due to the possibility of human error. Please double check pricing, details, specs, features, and options with your salesmen before making a purchase. Thanks for choosing to shop at PaulSherryRVs.com!