UPTOURIST

Recreational vehicle sales are on the rise and, according to financial experts, the RV market has grown by more than 200 percent since 2009. But if you’re considering purchasing one for yourself, there’s a lot to consider.

Whether or not an RV is a good investment is up to you, but if the open road calls to you, here’s what you need to think about before making the big purchase:

What will you use it for?

First things, first: What do you want to use your RV for?

For some, an RV will only be used for the occasional getaway. For others, it’s multiple weeks on the open trail. Some even pack up and leave without a set return date.

Next, you’ll want to decide what you want and need to travel comfortably. Do you want a big bed and a sizeable kitchen — or vice versa? Or both? Can you use solar power to make your travels a little more sustainable? What style is best for the type of travel I’m interested in?

Once you’ve worked through those details, you can start looking at the finances.

What kind of loan can you get?

Camping is all about getting out and enjoying nature. The last thing you want is to feel tied down by financial obligations. First, figure out your FICO Score to find out what kind of RV loan rates you’re eligible for. Then, plug the numbers into an RV Payment Calculator.

Financing a new or used travel trailer, fifth wheel, or camper should be easy. Look for loans that offer low fixed rates and no application fees to make getting a travel trailer hassle-free and budget-friendly.

How long is the financing term?

The loan term for a travel trailer or RV will depend on the amount financed and the vehicle’s age. The average term for recreational trailers between $25,000–$99,000 is 8 to 15 years.

Most lenders won’t offer trailer financing for less than $7,500 for the trailer loan. Some may even require a minimum loan of $25,000. A five- to six-year loan term is a smart financial decision, but a longer term will give you more flexibility on your monthly payment amount.

Look for a bank or credit union that offers flexible loan terms for new and used travel trailers.

What kind of maintenance will it need?

Before you buy an RV — new or used — you need to know what kind of maintenance costs your committing to.

Experts say you should expect to pay between $1,000 and $2,000 each year for maintenance and insurance.

If you do go used, ask a trusted mechanic to inspect it before you buy. They’ll be able to tell you if there’s any long-term damage you need to be aware of.

Where — and when — will you buy it?

If you’ve determined the costs associated with purchasing and maintaining an RV are worth the investment, you’ll need to decide how best to go about purchasing one.

You should start with RV shows, which happen rather frequently during the spring. Shows give you the opportunity to see a variety of models in one place. Plus, there are usually a number of sales and specials to help with financing.

If there isn’t a show coming up and your eager to buy, try a dealership or go straight to the manufacturer. They both have experts on hand to help with any questions you might have, as well.