You can get a loan for Tiffin Motorhomes through many lending sources, such as banks, credit unions and independent financial lenders, either at a local business or over the Internet, advises Bankrate. Loans for RVs are typically for 10 years, but they can go as high as 20 and often have similar rates to car loans, depending on your credit rating, the cost of the vehicle and the size of your down payment.
The first step to finding an RV loan is to check with your bank, according to Bankrate. The bank tells you how much their loan costs, and how much the vehicle you want is actually worth. Many people pay too much for RVs by not getting true valuations before they purchase them, especially when applying for credit at the dealer. Check with several lenders before you begin the buying process, and you might save thousands. Good Sam Finance Center lists RV lending professionals, so you can shop for better rates with several lenders online.
To apply, you have to fill out a detailed financial statement, explains Bankrate. A poor credit rating means you have to pay more in interest rates. Several things can lower your interest rate, such as automatic withdrawal of payment or, surprisingly, a lower down payment, as many lenders prefer larger loans. The loan is simple interest, so you can make a low down payment, then pay the loan faster without penalty. Also, if you use the RV as security for the loan, you can take a tax deduction on the interest as a second home. Check with your tax professional to be sure, suggest Bankrate.