Open Loan RV Financing
Total Flexibility. Zero Penalties.
When financing a major purchase like an RV, many buyers worry about being "locked in" to a long-term contract. You might plan to pay it off in 5 years, but you don't want to be forced into the high monthly payments that a 5-year term requires.
At Leisure Days RV Group, the vast majority of our financing programs are "Open Loans." This means you are in total control of how fast you pay off your debt.
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What is an "Open" Loan?
An Open Loan allows you to pay off the entire outstanding balance at any time, or make extra lump-sum payments, without any pre-payment penalties or fees. You only pay interest for the time you actually borrow the money.
The "Hybrid" Strategy: Safety + Savings
Smart buyers use Open Loans to get the best of both worlds:
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The Safety Net: We set the loan up on a long term (e.g., [240 Months]) to keep your required minimum monthly payment as low as possible. This protects you during months when cash flow is tight.
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The Aggressive Paydown: Since the loan is open, you can double your payments, make bi-weekly payments, or drop a lump sum (like a tax refund or work bonus) whenever you want.
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The Result: You pay the loan off in 5 or 7 years (saving thousands in interest), but you never had the stress of a high mandatory bill.
Lump Sum Privileges
Sold a house? Received an inheritance? Had a great year at work?
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With an Open Loan, you can apply that money directly to the Principal Balance.
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Every dollar you pay extra goes 100% toward reducing the debt, skipping the interest entirely.
Closed vs. Open
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Closed Loan: Usually has a lower rate but locks you in. If you try to pay it off early, you are charged a "breakage fee" (often 3 months of interest).
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Open Loan: Offers total freedom. If you win the lottery tomorrow, you can pay off your RV for free.