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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

The Top 7 Snowmobile Trails in New York

January 18, 2018

Snowmobilers on a trail in the Adirondacks stop briefly to plan their routeExplore them all

New York State is full of great trail systems for snowmobilers. While dedicated sledders will debate which are best, we offer a short list of some of the area’s best to try. 

The Adirondack Park alone sports some 1,800 miles of trails on both private and public lands, just a small part of upwards of 10,000 miles in the New York State Snowmobile Trail system. Trails are maintained mostly by snowmobile clubs, and administered by the NYS Office of Parks, Recreation and Historic Preservation.

  1. Tug Hill Plateau

This region, known for some of the heaviest snow fall in the state due to its location in the virtual “bull’s eye” of the lake effect zone, is partly in the western part of the Adirondack Park, and part on state and private lands. There are hundreds of miles of groomed trails in addition to ungroomed wilderness for the more adventurous. There are also plenty of restaurants, lodging, and attractions for those staying longer. 

  1. Moose River Plains

This less developed area contains plenty of backcountry trails, entry to which can be found through two state-owned entrances. This is also considered the largest single area of Adirondack public land that is accessible by snowmobile. You can access this area from Inlet, off State Route 28. Inlet itself contains groomed snowmobile trails connecting many of the longer trails in the region.

  1. Letchworth State Park

Billed as the “Grand Canyon of the East,” this beautiful park covers more than 14,000 acres, and attracts nature lovers year round. In the warmer months, its breathtaking gorges are the main attraction. In winter, the snowmobile trails (in addition to cross-country skiing and tubing) draw outdoorspeople. 

  1. Lake George

Did you know the Lake George Region features more than 200 miles of trails, with a wide variety of sledding? The Thurman Trail system is one of the largest, and many start at Prospect Mountain to enjoy the full range of the area’s extensive reach. It also doesn’t hurt that great restaurants, accommodations, and shopping are nearby.

  1. Old Forge

Long a haven for sledders who enjoy the area’s off-trail conveniences, the Old Forge region is close to the Tug Hill Plateau and its record snow, and sports easy access to restaurants, shops, and hotels. With more than 500 miles of trails (and most town streets open to snowmobiles), this is an ideal area to bring the whole group sledding.

  1. Speculator

More than 600 miles of trails in the Speculator area, featuring beautiful lake and mountain views, are a snowmobiler’s paradise. As one part of the popular Hamilton County trail system (part of the largest system in NY), Speculator is an accessible and widely traveled system.

  1. Madison County

Check out the fantastic trail system to our West and South. This region has more than 300 miles of picturesque and well-maintained trails for all skill levels. Your rides will take you along woodlands, hardwood and coniferous forests, waterfalls, and farmlands. Many towns cater to sledders with warm meals, pubs, and accommodations along the way.

Keep Exploring
While we limited ourselves to 7 snowmobile trail systems here, there are still thousands of miles of trails to ride throughout the state, from the Adirondack Seaway in St. Lawrence County, to Saranac Lake, Lake Champlain, the Lake Placid Region, Tupper Lake, Malone, Cranberry Lake, Blue Mountain Lake, and so much more. Check out the state trail map on the NYS Parks website. Remember to contact local clubs or trail system managers ahead of time about fees and more.

Considering a new sled or big vacation? Live smarter by making an appointment today to meet with one of our Financial Services Representatives about your winter vacation financing.


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How to Finance Your Ski Vacation

December 22, 2017

Skis, boots, and poles rest against a Jeep as family prepares for their financed ski vacation
Saving and planning ahead

A family ski or snowboarding trip to a popular resort can be an experience to remember, and it can also be expensive. From accommodations to lift tickets, gear rental, meals, and entertainment, the costs for your winter getaway can quickly add up. This list may help you enjoy the full experience without the highest costs. How can you save, and decide if a personal loan is right for you?


Saving Money

  • Book Ahead
    Your biggest cost savings could be achieved by planning ahead. Decide how you want to finance the trip, and book your trip in advance. Almost every aspect of your trip, from accommodations to lift tickets, cost the most when paying “at the desk”. Most resorts offer discounts for those planning ahead.

  • Avoid Peak Dates
    While this isn’t always possible, planning your trip in the early or late season, during the week, and during times that most people aren’t on vacation, can save you on almost all your expenses.

  • Choose Hidden Gems
    The most popular winter destinations are in highest demand, and so can demand the highest prices. Look for highly rated resorts that are just a bit less popular, but offer a great experience. We’re also close to Canada, home to many amazing ski resorts.

  • Shop for Discounts
    Look for promotions, package deals, and discounts online before you book. You might be surprised at the sizable savings. Don’t forget to check travel sites, which offer savings on airfare, lodging, and rentals. Consider booking your accommodations through a trusted home- and apartment-rental site, or even a home swapping service.


Paying for Vacation

If you’ll need financing for your trip, there are some solid recommendations, and some decisions to make about how you finance.


Personal Loan

A personal loan may be a good option to cover reasonably large expenses.

  1. It’s often less costly than other forms of borrowing. Check online or ask us about current rates.

  2. Budgeting can be easier. You’ll know up front what your monthly payments will be, and how long they’ll last.

Meet with a First Source Representative first, and make sure all the terms, any fees, and the payments all work with your budget and financial standing.


Credit Cards

We generally recommend using your credit cards to pay for some of the day-to-day vacation costs, especially if you earn rewards, and can pay them back over the short term. One option: secure your personal loan, use your credit cards for expenses (to earn your rewards), and fully pay them down using your loan; then all you have is a low-rate loan to pay back.


Plan Ahead

Vacations are some of the most rewarding ways to spend our money. With our help, you can plan ahead and manage your finances in a way that makes your vacation a little more enjoyable.

Live smarter by making an appointment today to meet with one of our Financial Services Representatives about your winter vacation financing.

Get started
 

How to Finance a Snowmobile

December 7, 2017

A man rides his snowmobile, financed through First Source, across a snowy field
Start with these helpful steps

If you want to get your first snowmobile—or upgrade to a newer model—and your credit isn’t ideal, can you still get financing? And just as important: should you finance? It might be best to plan and save first. Whether you want new or used snowmobile financing, we offer smart, sensible ways to help guide you in what’s best for getting what you want, while still keeping your finances in check. 

Know Your Options
We recommend that you sit with us first to discuss your options before considering financing solutions. Our Member Representatives can look at your options, and the effects a loan may have on your credit and financial standing.

Determine What You Want to Spend

  • Determine the type of snowmobile that will fit the kind of riding you want to do; ask your friends who ride for their help

  • Decide if you want a new sled, or are willing to consider a used one

  • Do some initial research into pricing—both new and used—for the sled you want

  • Include other relevant costs in your total: insurance, typical maintenance and repairs, a trailer, storage, trail fees, clothing and accessories, etc.

  • Arrive at a total for your initial costs and ongoing monthly expenses

Evaluate Your Financial Standing
While your First Source representative will help you determine your current financial standing, you can do some of your own research, including checking:

  • Your credit standing

  • Your cash flow (monthly income and spending)

  • Your current savings

You can check your own credit before an appointment, and we’ll take a look during the loan process. The kinds of factors that can affect your credit standing:

  • Have you always (or almost always) made loan payments on time?

  • Do you keep your credit within practical limits (avoid over-extending yourself)?

  • Do you have a limited number of loans you are currently paying?

  • Do you have high balances on any credit cards?

How Much Can You Afford?
Before you apply for financing, look at your household budget for a rough idea of how much you can afford every month. You don’t want to stretch yourself thin so that you can’t make your loan payments for any reason. Consider how much you have left over each month, how much you have saved, and how long you believe you can pay off a loan. We can work with you to determine what you can afford.

Live smarter by making an appointment today to meet with one of our Financial Services Representatives about snowmobile financing. Don’t keep those trails waiting!

Get started

How to Finance an RV, Camper, or Trailer

July 12, 2017

Financed camper set up with chairs and a lantern at a campground.

When you’re ready to buy your recreational vehicle

Sales of recreational vehicles (RVs), campers, and trailers are growing every year as more and more people find adventure in camping and road trips. If you’re ready to find your new path, or looking to upgrade to something a little more comfortable, you’ll most likely need financing. Here are some simple steps for how to finance an RV, camper, or trailer without breaking your budget.

Buying one of these large vehicles for temporary living isn’t just about the purchase price. You’ll need to plan ahead for monthly payments with interest, fees and warranties, monthly and yearly maintenance costs, insurance, storage in the off season, and all the expenses that come with traveling, including fuel, campground fees, and perhaps a new vehicle for towing!

1. Figure Out How Much You Can Afford

This first step seems obvious, but you don’t want to start by shopping for and choosing your dream vehicle until you’ve checked your budget. Start with your income and future financial plans and expectations, and see how much you can handle monthly or yearly for this purchase. Remember to include your plan for retirement (whether it’s your present or in your near future), and the financial changes that brings.

2. Shop in Your Price Range

Many RV prices are inflated on the lot, so people often don’t pay sticker price. Dealers will negotiate the price with you, and there are many online resources to help in your search, and pricing strategy. So even though you can start with asking prices a little above your range, we like to recommend looking in your established range. That way, if you negotiate a lower price, consider the difference a savings, or even a bonus to add to your maintenance budget. Another great strategy is to start smaller, and if you like it—or if your family grows—plan to upgrade later.

3. Check Your Credit Rating

As with any significant loan, your credit will affect whether you are approved for a loan, as well as the rate you secure. A lower score, among other factors, can result in a higher interest rate. If your rating is low, ask how we can help you improve it before you apply for a loan. You can check your own credit score ahead of time, and we’ll also check it during the loan approval or pre-approval process. A small difference in your interest rate can make a big difference in what you pay over the life of the loan.

4. Save for a Down Payment

Saving cash to put down can help in a number of ways. You’re in a stronger negotiating position on the purchase price, you reduce your loan amount, and you’ll owe less on your vehicle over time, a big help when you’re looking to trade up or sell. Not sure how you can manage your budget to save? Ask us for advice!

5. Apply for a Recreational Loan

Among your many financing options, a Recreational Loan could be your smartest choice, depending on your wants and needs. Make an appointment to talk with us, and bring your questions. We’ll talk about your financial standing, budget, expectations, and plans, and cover the loan options and terms available to you. There are different rates for different length payoff terms (1-7 years), and your credit standing can make a difference. We can help with budget suggestions as well, and make sure you’re planning for all the expenses involved.

Want to Live Smarter by learning how a Recreation Loan for an RV or Camper works? 

 

Get started

Posted in: camper, finance, loan, rates, RV

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