Whether you're looking to purchase a new or used camper van, taking advantage of financing options can help you secure the van of your dreams without breaking the bank. By working with trusted lenders and following a simple application process, you can get one step closer to hitting the road.
So, if you're ready to take the next step in financing your dream van, explore the options available and start the application process today. With the right financing in place, you'll be well on your way to embarking on new adventures.
Understanding Financing Options
Based on the background information provided, there are several financing options available for purchasing a recreational vehicle:
Financing through a dealership (vehicle only): Dealerships offer financing options on both used and new vehicles in form of an auto loan. It's important to ensure you're comfortable with the loan rate being offered before committing to financing through the dealer. This is a great option for those who have enough cash saved up to pay for the conversion, but need assistance on purchasing the vehicle itself.
Financing with an RV loan (both vehicle and conversion costs): RV loans can make purchasing more affordable by breaking down the cost into manageable monthly payments . You can apply for financing through Boho Camper Vans' preferred lender, as they offer an easy online application process and the best rates we've found (starting at 7.99%)!
Financing through a credit union (both vehicle and conversions costs): A local credit union may often be able to finance your purchase through various types of loans including personal loans, equity loans or even a RV loan. It's important to understand the repayment terms to ensure you make the best financial decision possible.
Consider tax benefits: If you plan to live in your van full-time, consulting with a tax expert about potential tax deductions for deductible loan interest could be beneficial.
Overall, understanding the different financing options available, comparing rates and terms, and choosing the option that best fits your financial situation can help make purchasing a camper van more affordable and manageable.
Loan Application Process
To go about the loan application process for financing a Boho Camper Van, follow these steps:
Start by visiting our pre-qualification application found here. There are zero fees to apply!
Do your best to accurate fill out all the information, and make sure to include "Boho Vans" as the manufacturer, and the vehicle chassis as the "Model".
We recommend putting at least 10% down towards the purchase price.
Once submitted, our lending partners will review your credit score, debt to income ratio, and reach out with you to explore loan packages and financing terms. They may request a proof of income.
If an option works for you, we will work with the lender towards the loan approval and get you funded the loan amount.
Benefits of Financing a Camper Van
Financing offers several benefits, such as:
Affordable monthly payments: By spreading out the cost of the camper van over a loan term, you can make monthly payments that fit within your budget.
Access to higher-priced models: Financing allows you to purchase a camper van whose purchase price may be outside of your immediate budget, giving you access to features and amenities that you desire.
Build equity: Just like with a traditional home loan, making payments on a camper van loan helps you build equity in the vehicle over time and improve your credit score.
Potential tax benefits: Depending on your situation, you may be able to deduct the interest paid on your camper van loan, providing potential tax benefits.
Flexibility: Financing a camper van gives you the flexibility to choose the loan term, interest rate, and payment schedule that works best for your financial situation.
How Long are the Loan Terms?
When financing a camper van, there are different loan term options available to borrowers. These options typically range from 5 to 20 years. A shorter loan term, such as 5 or 10 years, may result in higher monthly payments but lower overall interest costs. On the other hand, a longer loan term, such as 15 or 20 years, may result in lower monthly payments but higher overall interest costs. Borrowers can choose the loan term that best fits their financial situation and budget. Additionally, the interest rates for camper van loans can start at 7.99% for qualified buyers, providing affordable financing options for those looking to purchase a camper van.
Conclusion
In conclusion, financing a camper van with an RV loan can make the process more manageable and affordable. Lenders offer financing options for various types of RVs and camper vans, and it's important to explore different loan terms to find the best fit for your circumstances. Whether you're looking to buy a camper van for full-time living or recreational purposes, there are financing options available to suit your needs.