Purchasing an RV from a private seller should be simple and safe. Yet, most payment methods are slow, risky, expensive, inconvenient, or all of the above.
We’ll run through your RV payment options and introduce you to a new, better way to pay.
Physical cash has one big advantage: you pay on the spot. No waiting for funds to clear, and no pesky transaction fees. But for high-dollar RV sales, cash payments are risky and awkward.
If you’re buying an old pop-up camper for a couple of thousand dollars, buying in cash is fine. But for a $100,000 Class A motorhome, you want something as immediate as cash, minus the risk and trouble.
Peer-to-peer payment apps such as Venmo are great for splitting campground fees. They’re inadequate for large fund transfers typical in RV sales.
Let’s look closer at the shortcomings of payment apps for RV transactions.
If you have a verified PayPal account, you can send up to $60,000 in a single transaction. If the sales price is less than that, you’re good—if you don’t mind the fees.
PayPal charges a 2.9% + $0.30 fee for goods and services. For a $60,000 travel trailer, that’s almost $1,800.
If you have a verified personal Venmo account, you can send up to $4,999.99 per transaction. For most RVs, $5K won’t cut it.
Like Venmo, Cash App doesn’t have transaction limits that are high enough to handle most RV sales. It caps out at $7,500 per transaction and $17,500 per week.
Zelle doesn’t allow high enough fund transfers to be viable for most RV purchases. Its limits vary by bank but are usually around $2,000 to $5,000 per day and $10,000 to $40,000 per month.
Save those other apps for splitting dinner bills. DealNow gives you the immediacy and convenience of a payment app without limits on the amount of funds you can send.
Most private sellers don’t have a way of accepting direct credit card payments. To pay for an RV with a credit card, you will need to use an intermediary payment processor. Stripe is the most common one. Buying a Conquest Gulf Stream Coach for $56,000? If you pay via Stripe, brace yourself:
If you’re set on a credit card payment, the seller will probably insist that you cover the fees. There go any cashback rewards you were hoping for.
Cashier’s checks are a common and secure method for transferring large amounts of money between strangers. Your bank takes the money out of your account and issues a check for the same amount.
To combat forgery—fake cashier’s checks have been used to defraud sellers—a savvy seller will insist on meeting you at your bank to verify the check’s legitimacy. Two trips to the bank (one to get the cashier’s check, and another to meet the seller for verification) add unnecessary friction and inconvenience to the transaction. Plus, you’re tied to banker’s hours (and proximity to a local bank branch) for closing the deal.
If you’re looking for a more flexible option that doesn’t add extra time and effort to the deal, keep reading.
A wire transfer is a bank-to-bank transaction: your bank sends your money directly to the seller’s bank account. They’re fairly secure and moderately convenient. They don’t usually have transaction limits, which means you can pay for that Winnebago in one go. But they do have some limitations.
Bank transfers depend on banking hours. If you want to do the deal on the weekend, on a holiday, or at night, you’re out of luck.
If you pay near closing time, the seller might not receive the funds until the next day. This will turn your transaction into a multi-day affair, which nobody wants.
Many sellers are understandably reticent to provide their banking details (necessary for the wire transfer) to you, a total stranger.
Skip the hassle and awkwardness of wire transfers. We’ve got a much better solution.
DealNow is the easy, safe, and convenient way to pay for that RV. It gives you all the best qualities of a wire transfer without the friction and inconvenience.
DealNow is your gateway to secure, intuitive, and stress-free transactions. Here’s how it works:
It’s that easy. After you’ve used DealNow, you’ll never want to buy a vehicle any other way.
It depends on your financial situation. Paying cash avoids interest, but financing lets you keep your savings and potentially buy a nicer RV. Whichever you choose, use DealNow to make the payment securely and instantly.
Usually, yes. Private sellers often offer lower prices than dealerships. You’ll miss out on warranties, but you’ll save money. Use DealNow to make the transaction as safe and smooth as a dealership purchase.
Do your homework on prices. Inspect the RV thoroughly. Make a lower initial offer, but be reasonable. Justify your price based on any issues. Be ready to walk away. Once you agree on a price, use DealNow to handle the payment securely.
Late fall and winter (October to February) are typically the cheapest as demand is lower. RV shows in January and February often feature good deals. Whatever time you buy, use DealNow to make your payment instantly and securely.
DealNow is the easiest way to close your own vehicle deal, anytime. It’s the safe and simple way to avoid fraud, sign documents, and instantly transact, all in one app.
