Your Complete Guide to Buying an RV and ATV

If you’re ready to purchase an RV or an ATV, the number of choices to make can be overwhelming. The price range for different vehicles is enormous. Choosing between a new or used vehicle can be tricky and securing financing can be a nightmare all its own. To help you through the process, we’ve outlined the steps to take, factors to consider, and general tips for purchasing an RV or an ATV. Let us help with this guide to buying an RV and ATV.

Determine your RV class and ATV type

When choosing an RV, you’ll need to decide between the three RV classes: Class A, Class B, and Class C.

• Class A RVs are the largest and the most comfortable. Built on big-rig platforms, these are basically rolling houses. They feature full-sized couches and TVs, full bathrooms, kitchens, and expandable bedrooms that can sleep up to 10 people. The price tags range from $60,000 to over a million for custom-built motorhomes.
• Class B motorhomes, also called campervans, are a lot more modest. Built on full-size van platforms, they include scaled-down versions of the same amenities as Class A motorhomes in a more maneuverable, cheaper package. You’ll still have the kitchen and bathroom, but think postage-stamp-size as opposed to full-sized rooms. At most, you can sleep three people in a Class B RV. These vehicles cost between $50,000 and $100,000.
• Class C RVs aim for that sweet spot between the luxurious Class A and the no-frills Class B motorhomes. These start with cargo-van platforms and extend the wheelbase until it’s roughly equal to the length of a small bus. Amenities are more enhanced than those found in Class B, but nowhere near as robust as in Class A. These vehicles run between $60,000 and $200,000.

If you’re looking to purchase an ATV, you’ll first need to choose between the two main categories for these vehicles: utility and sport. Utility ATVs have larger tires, are generally easier to ride, and have fewer bells and whistles than sport ATVs. As their name implies, utility ATVs are designed for work (though they still deliver a fun ride). While sport ATVs are more commonly used for recreational purposes only. Prices for each can run from as low as just a few thousand dollars to a whopping $65,000 for a luxury vehicle.

When choosing an ATV, it’s also important to consider factors such as weight, power, durability, and speed. Use this guide to buying an RV and ATV to weigh out your options.

Choose between new and used vehicles

Like all vehicles, new RVs will cost a pretty penny, but there are several distinct benefits to going this route. First, you’ll likely have an easier time securing financing when purchasing a new RV. You’ll also have the option of buying an extended warranty for your vehicle, which will cover any issues that may arise after the manufacturer’s warranty expires, which is generally after one or two years. Finally, you’ll have a broader range of options to choose from when buying a new RV.

On the flip side, purchasing a used RV can save you thousands of dollars and still provide all you’re looking for in a motorhome. Also, you may never recover the inflated cost of a new RV, as most will depreciate steeply during the first year of ownership, some by as much as tens of thousands of dollars. However, you may have a harder time securing financing for a used RV, be forced to pay a higher interest rate on the loan, and have limited options when shopping for your dream motorhome.

Similarly, depending on your price point, purchasing a used ATV can potentially save you hundreds, or even thousands, of dollars. However, you’ll likely have more limited options to choose from. You’ll also have a harder time qualifying for a loan, and be taking a gamble with the vehicle’s functionality and durability.

Secure financing

Once you’ve made up your mind about the kind of RV or ATV you’d like to purchase, you’re ready to move ahead and secure financing.

If you’ve been saving up for this purchase for a while and have the cash you need to make it happen today, you’re all set! However, when buying a pricey motorhome, you often have to get out a loan. You can choose between a private lender, and a financial institution, such as a bank or credit union.

Securing a loan from a private lender, such as an online lender, means borrowing money from a lender that is not affiliated with any institution. These loans generally require an excellent credit score and, sometimes, a cosigner. Interest rates vary but are often higher than a loan from a bank or credit union. On a positive note, the application process will likely be quick and easy.

When you take out an RV or an unsecured loan from Focus Federal Credit Union, you’re guaranteed a favorable interest rate with payback terms you can afford, easy eligibility requirements, and the excellent service you’ve come to expect from our team. If you’re ready to take out an RV or unsecured loan, call, click, or stop by Focus Federal Credit Union today to get started.