How to Afford Life on the Road

Purchasing an RV is an exciting opportunity to hit the open road and control your own vacation. It can also be an opportunity to save money.

Taking a few simple steps to become a more conscious consumer could help you cut costs on the road—giving you more cash for road trip fun or just to boost your savings account.

Here's how adopting a full-time RV budget can help you afford life on the road.

Start with a low rate and a good loan
Financing an RV doesn't have to be stressful—you've got exploring to do, and you don't need money troubles to distract you.

To get the best travel trailer financing terms possible, you need a:

• Good credit score.




• Low debt-to-income ratio.




• Sufficient down payment.

RV loans can have stricter credit qualifications—they often require a higher credit score and a reasonable down payment to get a lower interest rate—so the more prepared you are before you buy, the better off you'll be.

As for loan length, the loan term for an RV depends mostly on the amount financed and the vehicle’s age. Use an RV payment calculator to figure out how much you can afford, and look for the best RV loan rates to save the most money over the life of the loan. Understand what your spending limits are and try to stay within them. Overspending means a more difficult time making the payments and less money for your road trips—who wants that?

Get the best insurance for your needs
RV insurance is a must, no matter how much time you intend to spend riding or driving in it. Don’t try to cut costs by neglecting the appropriate coverage.

That being said, you shouldn't have to overpay for your insurance.

Work with your insurance agent and preferred financial institution to determine how much insurance is legally required and how much you'll need for your personal situation. You and your family will be able to relax more knowing they're covered in case of an emergency.

Learn to do your own (minor) repairs
Repairing a veritable home on wheels might seem intimidating, but you'd be surprised at how many repairs you can easily do yourself—and how much you'll save on mechanic fees.

Replacing vent lids, for example, is an easy, seasonal task that requires a few parts and a few moments of your time. Leaky waste valves are also a quick fix. And when it comes to a dripping roof, you could save thousands of dollars by investing in some sealant and a step ladder.

With a little grit and a few tools—and some help from Google and YouTube—you can save thousands in repair and parts costs. And think of the bragging rights you'll have the next time you meet new RV friends!

Create a monthly budget
Once you've purchased your RV and taken it on a few trips, you'll likely have a good idea of your basic expenses—like gas, food and lodging. Use that knowledge to create a monthly budget. Understanding what you spend can help you determine where to cut costs, if needed.

PRO TIP: Use your budget to create a special savings account just for RV repairs. It'll make unexpected repairs or expenses less catastrophic if you have something already set aside.

Shop around for fuel
Fueling an RV is not a cheap task but shopping around could save you a significant chunk of cash.

First, try not to pay for convenience. Stations a little farther down an exit road are proven to have lower prices than those located closest to freeways.

Second, be smart about your fuel. Don't wait until your tank is nearly empty to fill up; turn off your engine when possible; and keep your tires properly inflated. Taking minor steps like these will help you turn what used to be gas money into an extra adventure or more cash for the fun stuff.

Use that kitchen
It's a simple concept, but many new RV owners forget: You bought a vehicle with a kitchen in it; don't neglect to use it.

Instead of eating out for every meal, plan to fully utilize your portable dining room. Learn to prepare your favorite meals inside and enjoy them in the great outdoors. You'll be surprised how much money you save—and how much healthier you feel.

Plus, it will make those rare dining-out experiences feel just a bit more special.

Save on food and lodging
Booking convenient and affordable hotel rooms is a tiring experience. But with an RV, all you need is a parking spot or a campsite. You'll save money, time and the stress of driving on a deadline.

Before you hit the open road, do a little research and mark off affordable camping spots on a map. This way, you won't have to settle for an overpriced area because you're out of internet range and can't search for a more affordable option.

Make life on the road more affordable by integrating these simple steps into your RV plan. Happy road-tripping!
 

Apply for an RV loan