If you are looking to finance an RV online, the first thing to do is to set a budget that will give you an idea of which RV models you can and cannot afford. Unfortunately, most buyers consider the loan amount when setting their budget, only to realize their mistake much later.

To set a practical budget, you must account for not only the RV loan you are applying for but also those additional expenses that make up the total cost of RV ownership.

So, what are some of these extra costs?

1.    Maintenance

For your RV to perform optimally, you will need to spend on maintenance regularly. Whether you are fixing a damaged brake, replacing worn-out tires, or repairing loose doors and hatches, maintenance costs can be pretty high, especially when you are hiring a professional to do it for you.

That said, before you finance an RV, it is expedient you allocate a fraction of your budget to maintenance—even if it’s only the maintenance costs for the vehicle’s first year of use.

2.    Upgrades

The good thing about upgrades is that they can increase your comfort and save you from future maintenance.

The trouble with them, however, is that they can be pricey—and, since most of them have fancy features, you can easily get distracted and install upgrades that you may not need.

Some upgrades you should consider installing in your RV are solar panels to store up power, an air conditioning unit for hot days; a heating system, if you plan on traveling during winter; a built-in generator to increase your vehicle’s battery life, and, finally, roof seals to lock out moisture.

3.    Fuel

The cost of fuel will always depend on how much fuel you need. And the amount of fuel you need will depend on many factors, some of which are the size and age of the vehicle, the speed at which you will be traveling, the terrain on which you will be traveling, and the type of RV you plan to get through online RV financing.

Naturally, the larger the vehicle, the more fuel it will consume. Class C motorhomes can burn one gallon of gas over as far as 13 miles, whereas larger RVs might use up the same amount of gas after traveling only four miles!

It’s never a bad idea to compare the fuel efficiency of various RV models before choosing which one to finance.

4.    Supplies

Depending on your plans for your trip, you might need to invest in some supplies for your RV. This could mean buying some dishware, bedding, cutlery, or even snacks. It could also mean buying a fridge to store your food and drinks.

When stocking your RV with supplies, keep in mind that weight is a significant factor. As a general rule of thumb, you should always opt for lightweight supplies, as the heavier the load the RV is carrying, the higher the strain exerted on the engine, and the more fuel your vehicle will burn.

5.    Insurance

On average, RV insurance can cost anything from $200 to $3,000, depending on factors like the age, size, and value of your RV, the RV’s specifications and model, the frequency of its use, and your driving record.

For instance, a new, luxurious Class A motorhome will cost more to insure than a smaller-sized Class C motorhome or even a secondhand Class A model.

Regardless of what type of RV you choose to finance and how old it is, investing in RV insurance will not only guarantee your peace of mind; it will also reduce your losses in the event of theft or liability.