Last Updated on September 10, 2024
If you're in the market for an RV, you might be wondering what secrets RV dealers are keeping from you. In the video by Endless RVing, MJ and Izzy dive deep into the intricacies of RV financing with industry expert Chris Lizo from Into RV. This comprehensive guide is based on their insightful conversation and aims to arm you with the knowledge you need to make informed decisions when purchasing an RV. Whether you're a first-time buyer or a seasoned RV enthusiast, these tips and tricks will help you navigate the often confusing world of RV financing. So, let's get started and uncover the secrets that RV dealers don't want you to know!
1. Inventory and Demand: Timing Your Purchase
In the video, MJ and Izzy emphasize that now is an excellent time to buy an RV due to high inventory and low demand. This means dealers are more willing to negotiate prices. If you're looking for a good deal, this is the time to strike. Just remember, the early bird gets the worm, but the second mouse gets the cheese – so don't rush into a purchase without doing your homework.
2. The Importance of Financing
Chris Lizo from Into RV sheds light on the often-overlooked aspect of RV financing. Unlike traditional car loans, RV loans come with their own set of challenges and higher interest rates. It's crucial to understand your financing options before stepping into a dealership. Think of it as preparing for a first date – you wouldn't show up without knowing a bit about your date, would you?
3. Understanding Lender Relationships
Chris mentions that his company works with about 20 different lenders, each with its own niche and market. This variety allows for more tailored financing options, which can be a game-changer for buyers. It's like having a buffet of financial options – why settle for just one dish when you can sample a bit of everything?
4. The Consultation Process
One of the standout points from the video is the importance of a consultation. Chris offers obligation-free consultations to help buyers understand their financial situation better. This personalized approach ensures that you're not just another number in the system. It's like having a personal shopper for your finances – who wouldn't want that?
5. The Role of Credit Scores
Your credit score plays a significant role in determining your loan terms, but it's not the only factor. Chris explains that lenders also consider your debt-to-income ratio, loan-to-value ratio, and other financial metrics. It's like baking a cake – the credit score is just one ingredient, and you need all the right ingredients to get the perfect result.
6. Full-Time RV Living and Loan Options
For those considering full-time RV living, Chris highlights that loan options are limited. Only a few lenders offer full-time RV loans, and these come with stringent criteria. It's like trying to join an exclusive club – not everyone gets in, but those who do enjoy some unique perks.
7. The Application Process
Chris outlines the typical turnaround time for an RV loan application, which can be as quick as the same day but generally takes 7 to 10 days. This timeframe allows for thorough vetting and ensures that all financial ducks are in a row. Think of it as cooking a gourmet meal – good things take time!
8. Additional Services
Into RV offers a range of services beyond just financing, including refinancing options and assistance with purchasing new or used RVs and boats. They also provide gap insurance and service contracts. It's like having a Swiss Army knife for your RV needs – versatile and incredibly handy.
9. Current Interest Rates
As of the video's recording, Chris mentions that interest rates are around 6.49% for the highest tier, with hopes of rates dropping to 5.99% by the end of the year. Keeping an eye on interest rates can save you money in the long run. It's like shopping for groceries during a sale – every little bit helps!
10. The Benefits of Personalized Service
Finally, the video underscores the value of personalized service. Chris's approach ensures that buyers receive tailored advice and support throughout the financing process. It's like having a concierge service for your RV purchase – making the experience smoother and more enjoyable.
In conclusion, understanding these RV dealer secrets can significantly impact your buying experience. By arming yourself with this knowledge, you can make more informed decisions and potentially save a lot of money. Check out the full interview below:
