Have you ever thought about hitting the open road in an RV? Recreational vehicles allow you the opportunity to travel where you want, when you want, with a safe and comfortable place to stay right under your feet.
Whether it’s a tow-behind camper or a drivable motorhome, RVs provide you with amenities from home, while you’re away. But what if you’re not ready to pay the full purchase price for an RV upfront? Is leasing an RV even an option?
Can you lease an RV?
Leasing automobiles is a common occurrence these days, but what about leasing an RV? Lease agreements for RVs may not be as commonly seen as other types of vehicle leases. This is often due to the fast depreciation associated with RVs. Regardless, many RV companies still offer leasing programs, long-term rentals, and rent-to-own agreements.
According to RVblogger, there are a few ways to own an RV without paying the full purchase price at the start. Under rent-to-own situations, you make monthly payments for your RV, which are applied to the overall purchase price. Along with some fees and other charges, you’ll own the RV at the end of your payments.
Under RV leasing agreements, you make monthly payments for a predetermined amount of time. After your contract has ended, you have the choice to purchase it for a reduced price, trade it in for another one, or walk away from the deal completely.
The benefits of an RV lease or rent-to-own agreement
Trying to decide if leasing an RV is right for you? There are quite a few reasons why leasing or renting an RV is beneficial when compared to purchasing it outright. Here are just a few:
- Leasing is great for people who are unsure of whether an RV is a good long-term investment for them or not, allowing you to try out the experience without a complete purchase.
- You can enjoy all the benefits of using an RV, without the same ownership responsibilities.
- There are lower or no down payments associated with leasing or rent-to-own agreements and can be more easily accessible by those with little to no credit.
- Terms for the RV purchase or lease can be negotiated to suit your needs.
- Lease agreements tend to be flexible and can be negotiated for weeks, months, or years.
- According to Kwipped, many leasing agreements include maintenance and repair packages, making life with an RV even easier.
Things to consider when looking for an RV
Before you dive into your next RV lease or rental agreement, there are a few important factors to consider. Purchasing or leasing an RV may not be right for everyone.
The first thing to consider is cost. How much can you afford? It’s important to pay attention to not only the purchase price, but also all associated fees, restrictions, and penalties associated with the agreement. Take time to compare lease terms from various dealers and lenders to find the best deal. Costs can vary greatly depending on the type of RV, how long the agreement is for, and how many miles you’ll be using it for.
Next, what type and size of RV do you need? According to azcentral, RV’s can get as big as 40-feet long. Consider how many people you will need to fit comfortably inside the RV, what you’ll be using it for, and how comfortable you are driving it. How often do you plan to use the RV? Can your vehicle tow a trailer or will you need a free-standing RV? For first-time RV owners and drivers, starting off small is typically best. Obviously, the larger the RV, the harder it is to drive, park, and maintain.
You will also need to take into serious consideration the restrictions and penalties associated with RV lease agreements. For example, according to Restoring a Classic Car, many lenders also restrict you on the miles it can be driven each year, charging heavy penalties for any extra miles put on the RV.
Before making any financial decisions, it’s important to shop around and research properly. For people unsure of the large purchase or those who simply don’t have the money upfront, RV lease agreements and rent-to-own opportunities allow you the chance to travel in a way that suits your lifestyle best.