As the weather heats up, some of us are looking to spend more time outdoors. Whether you want to go camping and need an RV, or you want to explore the mountains in a side-by-side, you might consider a loan to purchase your recreational vehicle. Here are some things to consider while shopping for your RV loan:

Credit Score

Make sure you have the highest credit score possible. Check your credit and if needed, do some credit repair. Click HERE for some quick tips for repairing your credit.

Down Payment

Save up for a down payment. You will get a better loan rate if you have more to contribute from the beginning. An ideal down payment would be 20% of the purchase price. 10% is usually what most lenders require.  Loans are available without a down payment, but it could significantly increase your interest rate and monthly payment.

Budgeting for Monthly Payment

Consider your monthly spending and see if it is feasible to add another monthly expense. You could check your debt-to-income ratio to make sure you have enough extra funds each month.  For more information on how to calculate your debt-to-income ratio, click here.  A good way to prepare yourself is by practicing to make the monthly payments several months before buy.  Deposit an extra amount to a savings account, or an account that you won’t touch for a while, and see if it works with your spending habits.  This will also add to your down payment amount.

Shopping for Interest Rates and Loan Terms

It is a good idea to shop around for the best financial institution for your needs.  Check interest rates, loan terms and easy payment options.  Ascent Credit Union offers competitive rates on auto and RV loans. Whichever financial institution you choose, make sure it benefits your personal budget and needs.

Set a Budget When Shopping

After you have determined what amount you could spend each month on a payment, it is a good idea to calculate what your budget would be for the loan.  Determine how much you are willing to spend and make it clear to any sellers you talk to.  Click here to use the Ascent Loan Calculator to determine how much you want to borrow. Be very picky about your budget, and don’t let anyone talk you into getting into something that puts your financial situation at risk.


Determine exactly what you’re looking for.  What options do you want on your RV? Which year, make and model has the options you’re looking for? Spend some time doing research on the internet, talking to friends or checking out different sellers before you make your final decision.  Purchasing a recreational vehicle is a big commitment.  Don’t settle for something you will not be happy with.

We hope you are excited to get out and enjoy nature! Contact us if you have any questions about RV, ATV or any recreational vehicle loans.