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Faq icon opened image Faq icon closed image How long are RV loans?

RV loans can vary in length depending on the lender you choose and your own borrowing preferences. Generally, an RV loan term can span from 10 to 20 years. 

When determining the duration of an RV loan, it is important to consider your financial situation and budget. Longer loan terms typically translate to lower monthly payments but result in higher overall interest payments over time. Shorter loan terms, on the other hand, involve higher monthly payments but entail less interest paid in the long run.

Faq icon opened image Faq icon closed image How do RV loans work?

RV loans function similarly to other loans. The process starts with the borrower submitting a loan application, which is then reviewed by the lender. Loan eligibility and interest rates are primarily based on the borrower's credit, but factors like net worth, income, housing and employment are also considered.

Here are some important points to remember about RV loans:

  1. Fixed Interest Rates: RV loans typically have fixed interest rates, meaning your payments remain the same throughout the loan term, regardless of whether it spans a few years or a couple of decades.
  2. Down Payment: RV loans require a down payment, typically ranging from 10% to 20% of the total loan amount. This upfront payment reduces the loan principal.
  3. RV Inspections: Certain lenders may require RV inspections, which can cost between $200 and $1,200. These inspections assess the condition and value of the RV.
Check out this article to learn more about how RV loans work. 

Faq icon opened image Faq icon closed image Does Solarity offer Guaranteed Asset Protection (GAP) or Mechanical Breakdown Protection (MBP)?

Yes! Solarity offers GAP for all vehicle types and MBP on auto loans to help our members protect their investments and gain peace of mind knowing their vehicle is fully covered.

Click here to learn more about what each of these insurance products offer, or call us at 800.347.9222 for a free, no-obligation quote!

Faq icon opened image Faq icon closed image Can I add GAP or MBP after I’ve purchased my vehicle?

Absolutely! You can add both GAP and MBP coverage to your vehicle at any time, regardless of when you purchased it.

Give us a call at 800.347.9222 or click the "Chat" button for a free, no-obligation quote!

Faq icon opened image Faq icon closed image How much does Mechanical Breakdown Protection cost?

The cost of mechanical breakdown coverage can vary depending on a number of factors, including the make and model of your vehicle, mileage, the level of coverage you choose and the provider you select.

Give us a call at 800.347.9222 or click the "Chat" button for a free, no-obligation quote!

Faq icon opened image Faq icon closed image How much is GAP insurance?

You can add GAP Advantage protection to your vehicle loan for a single, low, flat premium of $399. Additionally, we offer the convenience of including this cost in your loan balance.

Give us a call at 800.347.9222 or click the "Chat" button for a free, no-obligation quote!

 

Faq icon opened image Faq icon closed image Is GAP insurance worth it?

Whether or not GAP insurance is worth it depends on your own unique circumstances and financial situation. If you have a high loan balance or are financing a car with a high-interest rate, GAP insurance may be worth it to ensure that you're not left with a significant amount of debt in the event of an accident or theft. Additionally, if you're buying a car that depreciates quickly, such as a luxury car or a car that's in high demand, GAP insurance can provide added protection and peace of mind.

Still not sure if GAP insurance is worth it? Give us a call at 800.347.9222 and talk through the benefits of this coverage with one of our friendly team members.

Faq icon opened image Faq icon closed image Do I need GAP insurance if I have full coverage?

GAP insurance and full coverage insurance are two different types of insurance that provide different types of coverage.

Full coverage insurance typically refers to a combination of liability, collision, and comprehensive coverage that covers damages to your vehicle in the event of an accident, theft, vandalism, or other covered events. However, full coverage insurance may not always cover the full value of your vehicle, especially if you have a new or expensive car.

GAP insurance, on the other hand, is designed to cover the "gap" between the actual cash value of your car and the amount you owe on your auto loan if your car is totaled or stolen. If you owe more on your car than it's worth, GAP insurance can help cover the difference.

So, if you have a new car or a car with a loan and you owe more on your loan than your car is worth, then you may want to consider getting GAP insurance to protect yourself financially in case of a total loss. However, if you have an older car or own your car outright and do not owe money on a loan, then GAP insurance may not be necessary.

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