How to Buy an RV
Buying from a private seller
The number one thing I ’ d recommend when buying from a private seller is to get a professional inspection . A certified technician with experience in RV systems will come look at the RV you ’ re thinking of buying . This is typically paid for by the buyer , not the seller , and can cost a few hundred dollars . But it ’ s worth the investment to make sure you aren ’ t driving off with a lemon . Unlike a dealer , a private seller has virtually no obligation to you after the sale , and they certainly don ’ t care if you leave them a 1-star rating on Yelp .
You ’ ll also want to look into the paperwork involved , including the title , registration , and bill of sale . Title and registration rules vary by state , so go to your state ’ s department of transportation website to find out what you need to license and register your recreational vehicle .
Financing and insurance
Should you finance an RV ?
Most people don ’ t have tens of thousands of dollars in cash lying around , so financing an RV purchase is very common . Only you know what ’ s right for you and your family financially . RVs depreciate , but if you don ’ t pay rent or a mortgage , financing your primary residence might make more sense .
Set a budget and decide on a monthly payment , then stick to it . No matter how good the more expensive model smells when you ’ re walking through it . If you buy through a dealer , they ’ ll have relationships with lenders they can leverage to get you the lowest APR based on your credit score . If you already have a relationship with a bank or credit union , try to get pre-approval on a loan for a certain dollar amount and see what APR they would offer you . Bank of the West is a popular option for many RVers . When the time comes to buy , go with the lowest interest rate you can find from a reputable lender .
Buying from a private seller can be tricky when it comes to financing , since most institutions will not cut you a personal check for a secured asset . They will often only pay out to the seller , and sometimes only in-person , so keep that in mind when deciding how and what to buy . If you do have the cash to finance your purchase , have that or a money order ready to go when you inspect the RV . Most ATMs have a daily withdrawal limit , so if you ’ re going to use cash , plan accordingly .
58 E3CAMPING . COM
Total cost of ownership
One perk of buying through a dealer and financing the purchase is that you can roll certain upgrades into your loan rather than paying for them up-front . ( If you don ’ t mind paying interest on them , that is .) If you already know you want solar and slide-toppers , factor that into the total cost you ’ ll be paying . Or , look for RVs that already have these add-ons installed .
The older the used rig , the more you ’ ll want to figure into your budget for ongoing maintenance . Even new RVs will require regular maintenance like tire rotation , oil changes , etc . Use owner forums and research on your particular RV type and manufacturer to estimate the total cost before you buy . This is especially important if you have an engine . For example , the Mercedes Sprinter chassis is trickier and more expensive to service than a Ford or Dodge . Look beyond the sticker price when calculating total cost .
Buying RV insurance
The cost of RV insurance is all over the map , depending on the type of rig you buy and how you ’ ll use it . Generally , smaller and older rigs cost less to insure than newer , more expensive ones .
If you will be living in your RV full time , be sure your RV insurance covers full-time use .
Popular options for full-timers are Progressive , GEICO and Good Sam . Do your research and make sure you know what your riders will and won ’ t cover . If all of your worldly possessions are in your RV and you no longer have homeowner ’ s insurance , you want to make sure you ’ re protected .
How does the Patriot Act affect buying an RV ?
In a nutshell , the Patriot Act makes it impossible to secure a bank loan without a physical home address . So if you ’ re selling your home to move into an RV full time , you might want to get that RV loan before you lose your home address . Otherwise , you ’ ll need to work with an organization like Escapees , which provides legal domicile to full time RVers , or coordinate with a family member to establish a new legal address . This address can ’ t be a P . O . Box .