Are you looking to get rid of your RV?
Whether you’re ready to get another one, have your heart set on buying a house, or simply going through some tough financial times, selling your recreational vehicle(RV) might be the best option. You may have the urge to post an ad or two online, hoping that you’ll get a nice check in the mail for your RV.
You’ll want to understand how selling an RV with a loan works so that you don’t cost yourself any money in the long run. If you need help getting the ball in motion, this quick guide is right up your alley!
Research Your RV’s Value
When selling an RV that still has a loan, it’s important to research the RV’s value before setting a sales price. This will help ensure that the loan is paid off and that you don’t owe money to the bank.
There are a few different ways to research an RV’s value, including online research, talking to dealers, and consulting RV Blue Book. Once you have a good idea of the RV’s value, set a sales price that is slightly below that amount to leave room for negotiation. For further assistance, click here.
Selling an RV With a Loan
When you have an RV that you need to sell but you are still making payments on the loan, you have a few different options. You can try selling a campervan with a loan yourself, or work with a dealership. Each option has its pros and cons, so you will need to decide what is best for your situation.
If you sell the RV yourself, you will likely get a higher price than if you sell it through a dealership. However, it can be difficult to find a buyer who is willing to take on your loan. You will also be responsible for all of the paperwork and managing the transaction, which can be time-consuming.
Selling through a dealership is often the easiest option. They will handle all of the paperwork and marketing for you and will likely give you a lower price than you would get if you sold it yourself. The downside is that you will have to pay any outstanding loan payments and may have to pay some fees to the dealership.
How to Avoid RV Loan Default
To avoid an RV loan default, you must first contact your lender and explain your situation. You will need to provide the lender with documentation of the sale, including the purchase agreement and proof of payment.
The lender may require that you provide a new loan agreement from the buyer to release the lien on the RV. If the buyer is not able to obtain financing, you may need to sell the RV to a dealer or private party who can pay off the loan.
Selling an RV With a Loan Can Be Tricky But It’s Not Impossible
Selling an RV with a loan can be tricky, but by following the tips in this guide, you can make it a seamless transaction. Be sure to communicate with your buyer and loan company, do your research on the RV market value, and price your RV accordingly. With a little preparation and knowledge, you’ll be successful in selling an RV with a lien.
Would you like to read more articles like this one on selling your RV? If so, search ‘RV’ on our website now!