Whether you’ve just purchased an RV, or you’ve been thinking about selling your RV, there are some things you should know. For example, when you sell an RV for less than the loan you took out, there are a few ways to go about it.
Refinance an RV for a lower payment
Whether you have just purchased a new RV or you are just planning to sell your current one, refinancing can save you money. It can also improve your credit score and free up funds for other needs.
There are many options for refinancing your RV, including a local bank or credit union, as well as specialized sources. The best deal for your RV will depend on your income stream and how long you plan to live in it.
The first step in refinancing your RV is to notify your current lender. He or she will have documentation on your RV and may also be able to tell you whether or not refinancing is a good idea.
A loan broker can help you through the process. The lender will take care of the title change and will typically release the old lien. However, you should read the fine print. Some lenders may have prepayment penalties.
You should also determine whether you are eligible for tax credits. Larger RVs that are used as second homes may qualify for federal tax deductions. You can also check with your state’s motor vehicle department to find out whether you qualify for a title change.
Usually, refinancing your RV requires a credit check. You may also have to pay a small refinancing fee.
Selling an RV whose loan is upside down
Using a dealership for your recreational vehicle sale is the obvious choice. They have the manpower and marketing savvy to get your rig out the door. They will likely have high resolution photos, a video, and prep services to boot. understanding Happy Camper Buyer who can get you the most bang for your buck.
However, your dealership isn’t the only place to advertise your wares. There are plenty of free sites such as Craigslist and Facebook groups that are devoted to RVs for sale. Unlike Craigslist, these sites are not strictly for sale by owners, but can be a great place to look for potential buyers. They are also a great way to network with other RV enthusiasts and aficionados.
While you may not be able to sell your rig on a consignment lot, you can still snag a buyer on the cheap. You’ll likely get a few calls from prospective buyers, but the process can be a bit time consuming and you may be stuck making payments on your own.
One of the best ways to sell your RV is to make a large deposit on it before you even begin looking for a buyer. In log into Happy Camper Buyer , you’ll have a nice amount of money to show off when you do find someone to purchase your ride.