Popup campers are towed recreational vehicles that can be easily collapsed for transportation and storage. Like a travel trailer, a pop-up camper has large sleeping space, dining area, kitchen, and sometimes a functional bathroom. Generally, a popup camper usually folds into a small, compact, and nice package that’s easier to two and move around.
A teardrop camper trailer, also simply known as a teardrop trailer, is a lightweight, compact, and streamlined caravan whose name is derived from its teardrop-shaped profile. This camping equipment usually has sleeping spaces that can accommodate two adults in addition to a basic kitchen in its rear.
The tiny home movement has brought with it many new styles of living; off-grid homes, micro houses, and in many cases, homes on wheels. Full-time living in an RV isn’t a new concept, but it’s one that’s been gaining a lot of traction lately. People are drawn to RV living because it allows you to travel and lead a fulfilled life without having to pay for a home or apartment at the same time. That being said, the start-up cost of buying an RV can be gargantuan. In many cases, RVs can cost just as much as a house! However, there’s another option for people who want to own a camper without the upfront costs: rent to own camper trailers.
Buying an RV is no easy feat. You’ll need to do hours of research just to find the RV that’s right for your needs! On top of that, there’s the process of finding financing, saving a down payment, and much more. There are a few things to consider before buying an RV:
Think about whether you want a newer or older RV. Newer RVs will have fewer problems and will come with a warranty. However, it’s going to cost you big bucks. On the other hand, an older RV will be less expensive, but you may need to budget more in maintenance costs.
Finding financing can be a real pain. Newer RVs are easier to finance. Many banks won’t finance RVs that are older than 15 years, so that’s something to keep in mind. Either way, you’ll need good credit to get traditional financing, just like you would with a house.
You’ll need a sizeable down payment to finance an RV. You probably want to put $5,000 at the very least. If you don’t have a lot for a down payment, look for longer financing terms to offset the monthly cost.
You’ll also need to get the right type of insurance for your camper. If you’re only going to be using it on weekends and for short vacations, you can get insurance through your auto insurance provider. If you plan on living in the camper, you’ll want full-timer insurance, which is a combination of homeowners and auto.
If you aren’t going to live in your camper, you’ll need to make storage arrangements. This is another significant expense. Winterizing and storing an RV can cost as much as $400 per month!
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Obviously, if your budget is tight and you don’t plan on living in your camper, renting one is the way to go. Peer to peer RV networks like ours offer some of the best rental rates on the market. Here are some benefits to renting a camper through RVshare:
You can find campers of all shapes and sizes, which is great if you want something older and more affordable.
You’ll work with the owner directly and can message them through our online platform. You can negotiate rates, terms, and even ask if the owner has rent to own trailers.
If you’re renting, you don’t have to worry about storage costs and maintenance.
Renting a camper is a great idea if you’re thinking about buying one or have never been RVing before. You’ll be able to test out the different styles you like and see whether living in a camper is right for you – all before you make the commitment!
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A quick search of “rent to own campers near me” will pull up thousands of hits on Google. There are plenty of RV owners and dealers who are willing to work with people who want to eventually own their campers. Renting to own is the best of both worlds:
They’re often financed by the dealership or owner directly. That means you don’t have to deal with financing through a bank. It’s a good way to get an older RV, which banks won’t usually finance.
You won’t need to put down as much of a down payment. In some cases, you may not need one at all.
Renting to own is a good option if your credit is less than desirable. Traditional banks treat RV ownership as a luxury, so their credit requirements are usually pretty tight. However, keep an eye out for rent to own campers no credit check scams. While there are legitimate deals, some of these scams have interest rates through the roof. No Credit Campers, however, offers legitimate no credit check RV or camper loans, so we can trust that we’ll find you a deal that works for your current financial situation.
You may be able to negotiate the terms with the owner or dealer. Many times, rent to own campers are listed as such because the seller is motivated, or the dealership needs to move inventory. Use that to your advantage.
Of course, the decision of whether it’s better to rent or own a camper depends on how you plan on using it, in addition to the state of your personal finances. If you’re only going to use your RV for weekend trips and short vacations, you may want to consider renting on an as-needed basis. Otherwise, you’ll have to budget all the other expenses that come with RV ownership, like storage and insurance.
Buying an RV to live in, on the other hand, is another story. The costs of renting an RV for months at a time can get expensive. If you’ll be spending lots of time in your camper, you should probably buy one. Thankfully, if you’re dead-set on buying a camper but don’t have the up-front costs or credit, renting to own is a viable option. It’s not hard to find a camper for rent to own, and the benefits are abundant. You’ll enjoy the perks of ownership without the limitations of financing a new (i.e. expensive) RV. It’s an affordable option, whether you want to live in your camper or not.
While RVshare does not offer a rent to own option, we wanted to make sure you know every possibility that is available to you. Rent to own campers give people the opportunity to own an RV when they may not have otherwise been able to. If you’re interested in renting to own, check with your local dealerships to see what’s available. Just remember to read the terms carefully and watch out for high interest rates and “bad credit” scams. Good luck!
For more information visit NoCreditCampers.com
OK your ready to get an RV loan to buy your dream RV, but you have questions. Where do I go to get a loan? Should I do something prior to getting a loan?. How do I get a good interest rate? Will I be able to afford the monthly payments? What if I get turned down? Oh Great, now I am dazed and really confused and my head is spinning and I feel ill.
Calm Down and take a breath, I am going to help you. Getting an RV Loan isn't Rocket Science (actually Rocket Science is easier than getting an RV loan, JUST KIDDING).
The first thing you need to understand is that just like any loan your interest rate is based on your Credit Score. Do you even know what your Credit Score is? This is an important topic, so we have dedicated a whole page to it.
Your RV Loan Interest Rate Will Depend on Your Credit Score.
Once you've completed the section on credit reports you should review the two additional steps to getting a loan for an RV. These steps will answer all of your other questions about getting a loan for an RV.
Step 1: What to do before financing an RV. Actually these are items that you should ponder, before actually seeking a loan. These are monthly costs for owning an RV and should be reviewed before deciding what monthly loan payment amount you can afford.
Some of these items may not have even crossed your mind, that is why I am here to bring them to your attention (because that's what I do).
Step 2: Is a primer (tells you how to do things) on getting the best loan you can on your RV purchase. How diligent you are at completing step 1 will determine, how well step 2 will turn out (that's a hint, if you skipped step 1, you might want to go back and take a look at it). I will give you a few tips on shopping for a loan (and this is definitely not like buying eggs at a supermarket with a coupon).
I know how excited you are about getting an RV. We were too, when we got our first RV and our second RV and our third RV etc. By providing these steps, I hope that I have helped answer some of your questions about RV Loans.
Once you have purchased your RV, you will have a chance to experience the RVing Lifestyle, and I know just like us, you will love it. The memories you create by RVing will last you a lifetime making the steps you had to take to get your RV worth the effort.
Thanks for stopping by and Happy RVing.
Do you have any suggestions or comments on this topic? You can add them to this page by using the comments section located near the bottom of this page.
Statistics show that the 80/20 rule applies to RV sales profits. This means that approximately 80% of all RV's sold will make the dealer an acceptable profit. How much is that? I can tell you it is measured in the thousands... and even tens of thousands of dollars. As you will learn, this applies not only to the sale but also to the RV financing.
How about the other 20%? Most of them will fall into the area of "just under the acceptable range". But, they are still paying the dealer several thousand dollars in profit. Actually, only about 10% - 20% of RV sales made last year were at a profit margin that would be considered totally unacceptable to the dealer. In other words, the customer won... and won BIG!
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I've always believed that buying, or selling an RV, really doesn't have to be that difficult. It basically depends on how each of the parties involved has been trained, and what they have learned.
My sales people have always been taught to be courteous, helpful, and most of all professional. They return phone calls. They send thank you notes. And, they treat each and every customer with respect.
1. Make a reasonable profit. We have earned it and we deserve it. We have to pay the mortgage, utilities, salaries, RV sales, and financing commissions, etc. So by all means, make us a reasonable profit.
2. Sell RV's. Always try to make a reasonable profit, but if you can't... at least try to make some profit. A little of something is better than a whole lot of nothing.
It's really very easy to save a substantial amount on the purchase of your next RV... If, and only if you know exactly what to do. Here's a look at a typical outing to the local, or not-so-local RV dealership.
Most people walk into an RV dealership with the impression that they are going into battle. They bristle with resistance as the salesman introduces himself, and begins the cat and mouse game of "I can sell you... No, you can't."
The salesman is asking qualifying questions, to hopefully keep from walking all over the lot and showing each and every RV. You are simply trying to see the different styles, options, colors, models, etc. It is a tug of war... But it doesn't have to result in all-out war.
Obviously, the dealer, as the individual or business that has shelled out literally millions of dollars to provide a good inventory of recreational vehicles, has the right to regulate the flow of potential customers through his doors. He also has the right to dictate what type of methods his salespeople use.
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When people walk through the doors of the dealership, many salesmen, like a cop in a bad movie, will subconsciously read you your RV Miranda Rights.
You have the right to remain ignorant. Anything you say can and will be used against you in the sales office. You have the right to speak to your spouse, and to have your spouse present during any negotiations. If you cannot afford an RV, one will be financed for you at 1% to 3% over "buy rate". (Buy Rate is the Dealer's actual interest rate charged by the lender.)
This is the mentality of many, many RV dealers and salespeople across the country. They will use any means possible to sell you an RV from their inventory, and their lot. They will use a multitude of tricks and strategies to "help" you buy on your first visit. They will give you formidable real and/or "not-so-real" reasons to buy NOW! (You should already know, or have the knowledge to recognize any "Real Reasons" the dealer may legitimately offer. They can be BIG money-savers.)
You, as the consumer also have a set of rights that you should go over mentally as you walk through the doors of any dealership.
1. You have the right to be knowledgeable. Anything you have learned can be used against any high-pressure tactics of a salesperson or over-aggressive sales or finance manager.
2. You have the right to take your time. Although you do have the right to know how to use urgency to your advantage.
3. You have the right to know the wholesale and retail book value of your trade-in, as well as the RV you are potentially buying.
4. If you finance your RV, you have the right to choose your own source for your RV Loan, at the best interest rate and terms possible.
5. If you choose to purchase an RV Warranty, you have the right to a fair price and a reputable company.
Clearly, the dealer is entitled to some profit... Without it he could never survive. Many dealers make HUGE profits on the RV's they sell. Your job as a consumer is to make sure that he pays the rent on the next buyer... Not you.
Most people never take the time and/or money to learn. They don't realize that when they walk into the dealership and sit down, they have taken a knife to a gun fight. Dealerships spend thousands of dollars training their salespeople to make a good profit on each and every person they work with. Yet still, the vast majority of buyers never take the time to really learn how to buy an RV at a minimal profit for the dealer.
Unfortunately, there is very little good information out there on the subject of RV related SAVINGS! There are plenty of books on how to use your RV, fix your RV, and travel in your RV. There are even some books on the subject of buying an RV. But all of them combined seem to provide very little real-world, down and dirty strategies for saving money.
I have read every book that is available on the subject and find all of them very lacking in good advice. If you are only armed with the advice in these manuals, a good salesman will eat your lunch every time.
Not only must you be able to buy your RV very near the dealer's cost, you must be skilled in evaluating the quality, or lack of it, in the various makes and models you have to choose from.
One important thing to consider is the issue of a trade-in. Should you put forth the effort to sell your own RV before you purchase another one? "Effort", is the key factor. If you put in the effort, you deserve to keep the profits of your labors.
If you trade in your RV, the dealer will be the one who puts forth the effort to sell your unit. He will be the one to make interest payments on it while it sits on his lot. He will incur the advertising expense, sales commissions, etc. He will also have to fix any defects or problems as well as typically providing a warranty on the unit for a minimum of 30 days.
In other words, don't expect to get full retail for your trade-in. It doesn't happen... Ever. (See our article on evaluating your RV Trade-In Value.)
People ask me time and time again: "When is the best time to buy an RV?" My answer is always the same. "Anytime..." They then typically reply: "No, I mean is Winter the best time? Or maybe at the RV Shows? What about the end of the month, I've heard that is the best time of the month..."
The truth of the matter is this: RV dealers need to sell and finance RVs all year long. Some sales make a lot, some sales make a little. Your job is to make sure you have the skills to play the game effectively.
As long you are armed with the proper tools, and by that I mean information and knowledge, you should be able to negotiate a deal that is fair to both you and dealer. No matter what time of year, remember... Knowledge is power. Use it to your advantage.
Do your homework. Research various models and dealer pricing. Leave your checkbook at home until you are ready to make an offer. Remember the value of the Internet and the ease of shopping it offers.
And always remember... Be kind to your local RV dealer. He is the one most likely to be servicing and repairing your RV. A few dollars more - spent locally... Are wisely spent.
Many people who contemplate financing an RV, or any other high-ticket item such as a boat or private aircraft, are intimidated by the length of the financing term needed for an acceptable payment. Typical financing terms are 10 to 20 years, with 15 years being the most common.
Some consumers choose a shorter financing term and a higher payment simply because of their fear of the longer-term commitment. Even though they obviously know RV owners rarely, if ever, keep an RV for the entire term of their financing; they choose a shorter loan term. They unnecessarily strap themselves to a higher payment that could strain their budget - should illness, unemployment or other hard times take place.
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Most buyers choose the longest term available to secure the lowest payment possible - even though they could afford much more. They pay more interest than principal during most, if not all of their actual loan period, and wind up in an "upside-down" position.
In other words, the remaining payoff on their loan is much more than the actual value of their unit when the time comes to trade or sell their RV.
Savvy RV buyers use a "Hybrid" type of financing system to get the best of both worlds. They finance the RV for the longest term available for the loan amount, which makes the payment lower than they can actually afford.
During the loan, they make the monthly payment PLUS an additional amount, which is directly subtracted from the principal amount of the loan.
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When this approach is followed with a good degree of discipline, it can lower the "effective" interest rate to as much as half the original rate - as well as dramatically shortening the length of the loan term.
It also allows the most flexibility. Should the borrower face a situation where times are rough or money is tight, they still have the luxury of making the lowest payment possible.
Interest Rate - 5.25%
Term in Years - 15 years
Payment Amount - $428
Total Interest Paid - $27,168
If this person added $50 to each monthly payment, he would change the repayment terms to:
Effective Interest - 4.64%
Loan Term in Years - 12.63 years
Total Interest Paid - $22,418
TTL Interest Savings - $4,750
Now let's assume that this person added $150 to the monthly payment.
Effective Interest - 2.62%
Loan Term in Years - 8 years
Total Interest Paid - $5,487
TTL Interest Savings - $21,681
The example above is ONLY on a loan of $50,000. Imagine the savings if this strategy was applied to an RV loan of $100,000 or more! It is all about planning, application, and discipline. But, if he happens to miss a few months, he just saves a little less.
Comparing our last example of a consumer applying a hybrid system - to an individual who took out an 8-year loan upon purchasing the same RV... The hybrid system would have saved nearly 4% in interest over an actual 8-year loan term.
By shortening your loan term from 15 years to roughly 8 years, he would have saved over $21,000 in interest. He has also reduced the "effective" interest rate to less than 3%.
Plus, the buyer has paid off a 15-year loan in about 8 years! Even if he misses a few months of additional principal payments, he will still have saved thousands of dollars in finance charges.
The additional $150 per month added to principal has saved about $78 per month over choosing an 8-year initial loan term. That equates to about $7,500 savings in payment amount over the course of the loan.
The key to making a hybrid payment system work - is discipline. You must make the additional principal payment every month, or very close to it. You should be certain your scheduled payment amount plus any additional amount you plan to add toward principal is within your budget.
Even if you intend to use a hybrid payment system, but never add an additional penny to the principal loan amount, you will have simply paid off your loan, in the same manner, the majority of RV financing buyers choose.
