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If You Want An RV, You May Want An RV/Camper Loan

August 18, 2020

Driving down the road on an RV adventure.Frequently Asked Questions Regarding RV & Camper Financing

It’s no secret that the price of summer items tend to trend down as autumn approaches. Lawn mowers, grills and recreational vehicles may see a drop in their sale prices during August and into the fall.

If you’ve always wanted to purchase an RV or camper, it might be wise to start planning as summer winds down. But what does that entail?

Recreational vehicles and campers are bigger ticket items, and you may have questions you would like answered before committing to the purchase. Here are some frequently asked questions regarding RV financing that you may find helpful.


1. What Is RV Financing And How Does It Work?

RV financing is the term used for how you will be paying for the vehicle. Just like getting a car, that may consist of money you have saved for the purchase as well as obtaining a loan to help you pay for the balance. Start by comparing your income and expenditures to help you figure out your budget, and what you can realistically spend on an RV, right now. Next, we can help walk you through your loan options & qualifications for getting pre-approved, financing rates and timeframe for purchase and repayment. Knowing exactly how much you already have, plus how much your loan would be will help you shop for the RV that fits within your budget.

Use our Budget Calculator to help determine realistic monthly payments towards your new RV.


2. What Is A Recreational Loan?

First Source offers a Recreational Loan, made specifically for this type of purchase. It's great for helping finance your outdoor activities. Try our Recreational Loan Comparison Calculator to help you get a general idea of the numbers. We are happy to answer any questions you may have about getting pre-approved for a Recreational Loan and we'll help you prepare so you go in with the negotiating power of knowing exactly what you can afford.


3. How Will My Credit Score Affect My Chances of Getting a Loan?

As with other loans, your credit score can affect whether you are approved for a loan, as well as the rate you secure. Even a small difference in interest rates can create a big difference in what you pay over the life of the loan. If you are worried that a low score may prevent you from purchasing an RV, we can help advise you on how you might improve it before you fully apply for a loan.


4. What Additional Costs Should I Expect As An Owner?

Consider your destinations and fuel costs, permits to park and camp, insurance, storage during winter, supplies you stock onboard, and of course maintenance. You may also want to consider a down payment. Saving to put money down up front can put you in a stronger negotiating position on the purchase price, reduce your loan amount and help you owe less on the vehicle over time.


Camp Smarter

Begin planning next summer’s big adventure by visiting our Recreational Loans for RV's and Campers page to learn more.

If you‘re ready to start the application, click “Apply Now.” If you have more questions, we’re happy to help. Give us a call at 315-735-8571 to discuss your options.

Apply Now

Did You Spend Too Much During The Holidays?

January 17, 2020

Reviewing billing statement after the holidays.What To Do If You Over Spent

Don’t Panic

If the holidays put you in a financial pinch and credit cards, loans, and other debt are beginning to be difficult to pay off, you’re not alone. It's simply a sign that it may be time to consider a proactive solution and possibly a debt consolidation plan.


Re-Evaluate Your Finances

While it may be more difficult to control debts like medical bills and home, vehicle, or college loans, it can be easier to start by deciding where and when to rein in our spending on non-essentials. This can help credit card debt. Credit cards also typically come with higher interest rates, so paying them down first is a good start. Along with paying them down, reconsider any unnecessary purchases for the time being, allowing time to catch up on those bills. Experts suggest unsubscribing from retail email lists, and deleting your credit card information from websites where you commonly make purchases. Evaluate your monthly spending, especially on credit, and consider choices to spend less going forward.


Create A Budget

Creating a budget goes hand-in-hand with getting spending under control. Debt is simply a sign that you are spending more than you are earning. A smart budget lists all your income and expenses, making it easier to understand where your debt is coming from, and where you can make changes, both large and small. Take advantage of our budgeting tools, from online education, tips, and calculators, to easy-to-use budgeting tools within our online and mobile banking applications. You can also sit with us to make a plan. 

About Budgeting


Getting Started

A smart debt consolidation plan will include accommodating your lifestyle and goals, so that you can keep your finances on track long term. In addition, your budget can include a line item for holiday savings, giving you most of the next year to plan and save. We can help you evaluate all of these factors, and work with you on a plan to lower your debt and better manage your finances.

If you have any questions, we are here to help. Visit our Debt Consolidation page for more information or call 315-735-8571 to discuss your options. If you are ready to get started click below.

Get Started

Popular Projects for After the Holidays

January 9, 2020

Multi-ethnic group of family members work together in a crowded kitchen to prepare dinner for a family Christmas celebration.Need more space to entertain?

Was your kitchen just a little too crowded? Were you feeling cramped in your own home? Holidays often remind us that our space may be adding to our stress. When we can’t comfortably accommodate all our guests, a renovation or addition may be in order. After the holidays is a great time to make those improvements uninterrupted.


Popular Improvements

It’s no surprise that the most popular post-holiday home improvement projects are remodels of kitchens and bathrooms. They are among the most-used rooms when we host visitors, and improving them is high on homeowners’ lists. We spend more time indoors during these weeks and months, with more awareness of the updates we want, and more time to think about how we want to make them happen. Even when we’re not managing party crowds, smart improvements can affect our own enjoyment of these spaces by enhancing their convenience, flow, and beauty. These upgrades can also help increase the value of your home, so the money spent is more likely to pay off if you ever decide to sell. 


Home Improvement Loan

There are smart financial reasons to consider a Home Improvement Loan for your kitchen or bathroom, and getting pre-approved can make the process even easier to navigate. You get the advantage of competitive rates, a fixed term, and you’ll know ahead of time what your budget can handle, so you can make good decisions during the design and estimating process.  


Working With First Source

Working out the financial details can be daunting, which is why we’re here to help make the entire process more manageable. Not sure if your project is right for a Home Improvement Loan? Give us a call at 315-735-8571 to discuss your financing options. If you‘re ready to start the application, click “Apply Now.”

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How to Lower Holiday Spending

October 18, 2019

Stay thrifty while keeping the holiday spirit

Holiday spending is often a budget-buster. The expenses can be numerous: presents, wrapping paper, cards, decorations, food, and travel, to name a few; and very few people have an unlimited holiday budget. If you don’t have the funds to buy everything you want, not to worry. A little bit of creativity and energy can get you through the holidays without draining your wallet.


Homemade Gifts

If you have the skills, making your own gifts is a great way to save, since supplies usually cost less than the finished product. Not only are homemade gifts cheaper, but many people appreciate them more than store-bought gifts because of the effort that goes into making them.

Not an experienced crafter? Write a letter or make a collage representing what the person means to you, or frame a memorable photo. If you can bake, standard cookies or brownies can be dressed up with sprinkles and ribbons in holiday colors. You can find great ideas on sites like YouTube or Pinterest. 

Offering your services is another great cost-saving gift, since it only costs time. Offer a free night of babysitting, or a month of lawn-mowing. Create a coupon the recipient can redeem at a later date.


Give the Gift of an Experience

Plan an outing with your family members or friends instead of a gift exchange. Everyone pays their own way, and you can keep the experience as simple and fun as the group’s budget can handle. Outdoor activities, or a local play or museum are a few examples. If you don’t want to strain anyone’s expenses, have a cozy potluck gathering at home. Remember to take fun photos, which can make great framed gifts in the future.


Gift-wrapping

People underestimate the cost of wrapping gifts. Skip the fancy wrapping paper and bows, and find alternatives. Newspaper (especially the comic section) can work, as can computer paper, or paper shopping bags. Use inexpensive craft supplies, such as glitter, paint, or pattern stamps, to add decorative touches.


Cards

Store-bought cards can cost $4 or more each. Sending them to 20 people would cost you $80, not including postage! Create your own cards using simple supplies, or create and send cards electronically to avoid additional costs. Make your own or use one of the many free services online. If you want to send physical cards, consider trimming your mailing list to save, or hand delivering them for a personal touch.  


Decorations

Save on store-bought decorations by seeing what you can use from around the house. Make a garland out of popcorn, and use local natural supplies like pine cones and acorns. To save on store-bought decorations, plan ahead for next year and only buy them after the holidays, when they’re at a deep discount. Garage or yard sales and thrift shops are also a great place to find discounted seasonal decorations throughout the year.


Food

If you host holiday dinners or parties, you may find yourself spending significant money on food. Potluck dinners are an easy way to shift some of the burden of buying all of the food yourself. If you don’t want to ask your guests to bring food, consider options like eliminating a full dinner and having only appetizers and desserts. Shop for less expensive food, available in some bulk-food stores.


Travel

Airfare is generally more expensive during the holidays, since that is when everyone flies. To save, consider having a “holiday” dinner during an off-peak time of the year, when airfare is cheaper. Whenever you do fly, being flexible can usually help you save; you probably won’t have to spend as much if you fly at night or have a layover.


You can have a great holiday season without spending a great deal of money. Be creative with your purchasing and avoid straining your finances, so you can celebrate during the holidays, and afterward as well. Still need some assistance with your seasonal finances? Start by learning about a Holiday Loan.
 

Learn More: Holiday Loan
 

Article adapted from BALANCE Financial Fitness

Posted in: Holiday Loan

ATV Financing: Get Pre-Approved

May 29, 2019

Estimating The Right Cost

Putting together an accurate estimate and getting pre-approved for a Recreational Loan for your new ATV or UTV provides you with a number of benefits before and after your purchase. 


Budget For Extras

Whether you’re exploring country trails, snow blowing in the winter, or getting work done on your farm, most times you'll want accessories and extras. 

When you estimate how much you’ll need to pay, consider everything from safety equipment and tools, to repair and spare parts add-ons, upgrades, and usually a trailer for towing.

Insurance can also add to your out-of-pocket costs, so think about that as well, to help you budget more accurately. 


Why Get Pre-Approved?​

Once you have considered everything you plan to purchase, we will examine your options.

  • We can help you understand what you may or may not be able to afford

  • If you can’t afford everything now, we can help you make a plan to save for future purchases

  • Getting pre-approved puts more purchasing power in your hands when talking with the sales rep

Finally, consider how much you can put down up front to reduce your loan payments. If you’re unsure, we can help you budget. 


Explore Smarter 

Learn more about financing your ATV and UTV, and Live Smarter. If you‘re ready to start the application, click “Apply Now.” If you have more questions, we’re happy to help. Give us a call at 315-735-8571 to discuss your options.

Apply Now

Posted in: atv financing, atv loan

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