RV Financing changes: Your complete new guide to RV loans for 2020

RV sales are booming these days like we haven’t seen in years.  But knowing the ins and outs RV financing and RV loans can be a daunting task. With the economy taking a big hit because of COVID-19, you may have heard interest rates are at an all-time low. That may be true for home mortgages but it sure isn’t for RV financing rates for RV loans. So, this week in our interview of the week segment (scroll down), we talk to an expert on getting  RV loans and RV financing. We’ll talk about what’s involved in getting new RV loans and how existing RV loans can be refinanced to save you big money. Plus, we have lots of RV news, tips, questions, and an off the beaten path report for you… all coming up in Episode 295 of the RV Podcast. Click the play button below to hear this episode of the RV Podcast. The interview about RV Financing and RV loans is about 20:25 into the podcast.   Here's the RV Podcast Show Notes for Episode #295, released on  May 20, 2020  WHAT MIKE AND JENNIFER ARE UP TO THIS WEEK There’s lots of news this week about the different parts of the country opening up. Many states are now well into phased reopenings, with non-essential travel being allowed again and state and national parks and campgrounds once again being opened. One piece of bad news, though, has to do with RV travel to and from the US and Canada. The border remains closed. Officials announced yesterday that it will stay shut to all no essential travel at least until June 21. That is a long time. It’s been shut since March and a lot of RVers on both sides of the border are naturally very disappointed. Down here along the panhandle of Florida, the area known as the Emerald Coast because of the blue-green color of the water, things are very close to the normal we had back in early March. Most businesses are open, limited to 50% of their capacity. And while social distancing is the new norm, people are acting responsibly. The private RV parks are open. Hotels are open and busy and short-term rentals of condos for vacations are once again allowed We plan to stay down here for another few weeks. And yes, we will continue our Friday night virtual campfire and Happy Hour at 7 PM Friday nights on our RV Lifestyle YouTube Channel. These are in addition to our Sunday night Ask Us Anything live streams as well. RV LIFESTYLE NEWS OF THE WEEK KOA campgrounds see reservations rise and expect the trend to continue Interesting story out of Forbes last week with Kampgrounds of America. The network of privately owned campgrounds in the United States and Canada reports that bookings started to outpace cancellations in mid-April so much that today reservations for July and August are only 15 percent below last year's numbers. KOA conducted its own research and found 4 in 10 campers are still planning to take their planned trips this summer, and leisure travelers who camp, and had plans canceled, are planning to replace original plans with a camping trip.As crowds soon return to national parks, rangers concerned about the impact on wildlife Rangers preparing to reopen parts of the national parks are expressing concern about the safety of wildlife when people return. Animals throughout the national park system have relaxed as people have vanished, venturing into places they wouldn't normally dare go. At Joshua Tree National Park a ranger discovered an endangered tortoise sunning himself in the middle of what is normally the park's busiest road. Yellowstone's elk - which can get quite testy after their babies are born - are able to not worry about people getting too close. And at Yosemite, bear have been spotted in meadows near California’s Yosemite Valley Visitor Center - not to mention the many parks spotting coyotes and other animals in their parking lots.  Americans expected to stay home for kick-off of summer, AAA not issuing travel report This Friday is Memorial Day weekend, what many consider the official kick-off for summer. But for the first time in 20 years, AAA will not be issuing a travel report. Why? Too many states still have travel restrictions because of COVID-19, making it difficult to get an accurate estimate. But the amount of travelers is expected to be low. Last year 43 million Americans traveled for Memorial Day Weekend – the second-highest amount since AAA began tracking holiday travel volumes in 2000.  What a difference a year makes. Some national parks, some state campgrounds begin to open Yellowstone National Park has opened its Wyoming entrance today for day use. Colorado state parks campgrounds are now open and operating at 50 percent capacity. West Virginia state park campgrounds are open to state residents only and this Thursday, May 21, camping will open again in Virginia state parks. Every state is different. Many have restrictions. As always, if you are out (or thinking of heading out), be sure to check first. Campendium is keeping daily updates and you can access by clicking here. Heading out for a hike? Remember, it is rattlesnake season If you decide to head for a walk anytime this week, be sure to stay alert for snakes. From Nevada and Arizona (where an experienced hiker was bitten last week) to New York's Hudson Valley, stories filled the news last week of rattlesnake sightings and tips on how to be safe. A few years back we spoke to a snake expert who shared tips and general know-how that is good to review. To hear the interview click here.  This part of the podcast is brought to you by RadPower Bikes, America's #1 e-bike brand, offering direct to consumer pricing on powerful premium electric bikes. Now with free shipping   LISTENER QUESTIONS OF THE WEEK   QUESTION: From Virginia - I have watched a few of your videos.  Did you ever find the right carrier for your van? I know you had a Stowaway 2 but wanted one for bikes but were not sold on the Nicova, the other one you tried.  Any others have come on the market since?  We have a class B van and we have 2 teens, 2 dogs and want to bring along a tent and that’s 4 duffel bags and 4 camping chairs.  If we could take bikes or a kayak we would but can’t imagine how. Thanks- Virginia ANSWER - We have not been happy with any of the rear carriers and returned both of them. For our Rad Power eBikes, we use the Hollywood brand rear hitch-mounted bike rack. QUESTION: From a newbie- When you two a car behind your motorhome, does it put miles on your car, too? ANSWER – Assuming you mean flat towed, with all wheels down. No it doesn’t as you are towing in neutral with the transmission disabled. But it does add wear and tear…on the brakes and especially the tires. We’re talking about cars made since 1991 or so, with newer odometers. It will add to the odometer on really old cars with the old-style cable-driven speedometer Do you have a question you’d like us to answer or a comment on the things we’re discussing? If so, we invite you to leave us that question or comment on the special voicemail number we have for the podcast – it’s 586-372-6990.  If you are driving and can’t write it down right now, just go to the RV Lifestyle travel blog at rvlifestyle.com and scroll down the page. You’ll see that number prominently posted on the blog. This part of the RV Podcast is brought to you by Battle Born Batteries, maker of quality, safe, and reliable lithium batteries that can be installed in just about every RV. Get in touch with Battle Born to find out what lithium batteries and an upgraded energy management system can add to your RV Lifestyle. Check them out at https://rvlifestyle.com/lithium RV INTERVIEW OF THE WEEK It can be tricky figuring out the best way to do your RV financing or RV loans RV financing is very different from car loans. And even though you may have heard that interest rates are at all-time lows, that is not the case with RV loans. In fact, RV financing rates are actually going up. Below is a transcript from Episode 295 if the RV Podcast where we interview Jeff McLeod, a top expert on RV financing, who explains exactly what you can expect with RV financing and how you can use a free tool to find out exactly your payments would be for RV loans of varying lengths and interest rates. Click the play button below to hear this episode of the RV Podcast. The interview about RV Financing and RV loans is about 20:25 into the podcast. Here's the full transcript of our interview about RV financing and Rv loans. Mike Wendland:           To help us figure out the ins and outs of RV financing and RV loans, we've asked our friend Jeff McLeod from Newcoast Financial Services to stop by to help us understand the ins and outs of financing an RV, particularly as it relates to the unique challenges posed by COVD-19.  Here's the deal, all you have to do is look at the news these days and you'll see everybody is hyping RV sales as the way for people to have a vacation and not have to worry about COVID, and all the stuff about cleanliness, because your RV's pretty clean, and you can easily social distance in it. The question is what's involved? What do people need to know about RV financing? We're used to buying a car and financing a car, but explain, first of all, the big differences in RV loans. RV financing involves more red tape Jeff McLeod:                 Well, an RV is a recreation, a luxury item, and that's what lenders look at it as. A marine product, a boat, an RV it's going to be looked at as a, not a need item, but a luxury item. And so when it comes to financing an auto, the criteria is, or the bar, if you will, is a little bit lower than what they look for for an RV application. Buying an RV requires RV financing or RV loans for most people The thought is, is a car loan is going to be generally a shorter term. And it's something that people need and rely on to get back and forth, to work every day and to shuttle their kids back and forth to school. So when you're looking at an RV loan, generally credit scores are in the 700 and above credit range,