Van Loans Made to Order
A variety of lenders and big banks provide RV loans, but they may not be suited for every van lifer. They come with additional restrictions than personal loans, such as a minimum loan amount (some as high as $25,000). As a result, if you wish to buy a used van or a less expensive vehicle, a bespoke van loan might not be the best option.
Some recreational vehicle loans, on the other hand, may provide fixed rates and low APRs to people with strong credit. Individual financial circumstances will determine these variables. You’ll have to shop around for the best rates and compare lenders, though.
Paying cash
Paying cash is the most cost-effective approach to finance any significant purchase and avoid paying interest. If you’re moving into a van as your new home, you may be able to pay cash if you’ve recently sold your home or things. You won’t have to worry about paying interest on a loan in this scenario. This is a huge plus!
Personal loan
A personal loan is generally your best bet for any significant purchases, such as a van and the cost of refurbishment and upkeep.
You might be able to combine the cost of the van and the upgrades into a single loan if you have strong credit and can qualify for a large enough loan. Borrowers with strong credit will receive the lowest interest and APR rates (generally deemed 690 or higher).
Personal loans also don’t demand collateral, so you won’t have to worry about losing your vehicle if you default. You can also get the money immediately if you qualify. Within 24 hours, funds will be deposited into your bank account, and you’ll be free to spend them on any van-related needs.
Money Saving Tips
The cost of living in a van can be extremely low. Here are some money-saving suggestions to bear in mind before going on your van life adventure.
- Look for a used van on the internet.
- Invest in a vehicle that has previously been renovated.
- Look for vans that are economical to operate.
- Renovations that you can do yourself
- Van maintenance can be done at home.
- Look for free camping spots.
- Keep track of your spending.
- Downsize and simplify your life.
Last Thoughts
Finally, the beauty of living in a van is that it can be as cheap or as luxurious as you want it to be. Living on the road allows many people to avoid the financial strain of paying rent, and it can be a cost-effective option to many other living circumstances. Van life is undeniably a simpler and more flexible way of existence. Adventure is unavoidable with this lifestyle because you’re always on the move. You can live day to day with minimal to no substantial expenses if you find affordable spots to camp.
However, like with anything, you may totally personalize and deck out your van to live a luxurious life on the road; the choice is entirely yours.