What Does OAC Mean for RV Financing?

We’ve seen a lot of changes in 2020, and here at O’Connor RV that includes a big increase of folks from Chilliwack and across Southern BC looking to purchase a new RV. Getting on board with the RV lifestyle is a great way to explore all that our beautiful province has to offer from the safety of your self-contained camper, but it also comes with a lot of financial considerations. So how can you purchase a new trailer, camper or motorhome without breaking the bank? Here’s what you need to know about financing an RV.

Financing an RV: What You Need to Know

The term “OAC” is an acronym that stands for “On Approved Credit,” which means that your credit history is good enough to meet the requirements of a lender (usually a bank) and secure you a lower interest rate or better buying terms when you want to make a large purchase, like buying a new vehicle or RV. This will help keep your monthly payments as low as possible, so that you can easily work a car or RV loan into your budget.

To find out what financing rates and terms you qualify for, you first need to check your credit score. This used to be a complicated process (that could actually hurt your credit - yikes!), but thanks to free services like Credit Karma and Borrowell, Canadians can quickly and easily find out their credit score online. Once you’re armed with your credit history report, our Finance Department can get to work finding which OAC requirements you meet, and securing your best terms for an RV loan.

Can I Get an RV Loan if I Have Bad Credit?

We don’t believe that a few hiccups on your credit report should be a life sentence! Many people with lower credit scores still qualify for fantastic RV loans, and with O’Connor’s massive selection of both new and used RVs, we’ll find a unit that you love and that you can afford. One of the best ways to build your credit is to make regular payments on a loan, so with affordable monthly payments you’ll be able to enjoy the RV lifestyle and work towards strengthening your credit score at the same time. As your credit score improves, you’ll qualify for new OAC terms, at which point you can consider trading up your unit for something new!

RV Loans and Financing With O’Connor RV

The Financial Service Consultants at O’Connor are here to make your application process go as smoothly as possible. Our team will help with important things like:

• Working with multiple banks and credit unions to find you the best financing rates.

• Completing all financial arrangements and legal documents for your purchase.

• Carefully explaining all warranty and security packages.

• Helping arrange your insurance needs for pickup/delivery day.

• Scheduling a thorough demonstration of your newly purchased RV.

Still have questions? Don’t worry, that’s what we are here for! After over 40 years in business, the O’Connor RV team knows the ins-and-outs of just about everything RV-related better than anyone in Southern BC. From finding the right trailer, camper, fifth wheel or motorhome to securing OAC financing that will work with your budget, we’re eager to bring the joys of RV camping to our Chilliwack community. Don’t hesitate to reach out to learn more about financing the RV of your dreams this summer!