Buying an RV is a big decision. That’s why the more you research before stepping on a lot, the better.

Here are three questions to ask yourself before you shop for an RV.

1. Which class of RV?

There are three classes of RVs: Class A, Class B, and Class C.

Class A are the biggest and most comfortable. Built on big-rig platforms, these are basically rolling houses. They feature full-sized couches and TVs, full bathrooms, kitchens and expandable bedrooms.

Class B motorhomes are on the other side of the spectrum. These are built on full-size van platforms. They include scaled-down versions of the same amenities in Class A motorhomes, in a more maneuverable, less expensive package. Expect to see a small kitchen, a compact bathroom, and sleeping space for 2-3 people.

Class C motorhomes offer a compromise between A and B. These start with cargo-van platforms and extend the wheelbase somewhat to the length of a short bus. Amenities are more complete than in a Class B, but nowhere near as robust as in a Class A.

You may want to investigate other options that can fill the same needs at lower prices. These include camper trailers, pop-ups, and 5th-wheel tow-behind campers.

2. What’s your budget?

How much RV can you afford? Because of the high price tag, financing periods for RVs are typically ten years or longer. Remember: when calculating your monthly budget, you’ll need to include money for fuel, insurance, registration, and maintenance in addition to the monthly payments.

It’s also worth determining what you can budget for a down payment. You may be able to finance 100% of the purchase price of your RV, but putting money down helps protect you against depreciation.

3. When should you get financing?

While many dealers will try to find financing in-house, it’s smart to go in with a pre-approval. It’ll allow you to negotiate from a place of confidence. Also, it’ll prevent you from falling in love with an RV you can’t afford.

If you’re considering an RV, the time to talk about financing is now. How much RV you can afford should be at the forefront of your selection process. If you have any questions about financing an RV or are looking to get pre-approved, contact us today or apply online.

The New Year is a time of renewal; use it to make bold financial changes. If you’re looking for resolutions to improve your personal finances, check out these seven ways to make this the year of the dollar!

1. Track your spending

Determine where your money goes. Carefully record every dollar you spend for a month; apps like Mint can make this process automatic. Keeping track of where your money ends up may ultimately encourage you to spend more judiciously.

2. Make a budget

About 70% of Americans live financially spontaneous lives, without planned spending. This is a circular problem: If your budget doesn’t include setting aside money for long-term expenses and savings, you’ll end up spending everything on unplanned things and events. Stop the cycle by creating a budget that modifies your spending to be more in line with your priorities.

3. Get out of debt

The biggest stumbling block to financial security and saving toward long-term goals is debt. Make the move toward debt reduction this year by adding an extra $50 or $100 to your credit card payments. Alternatively, focus all your payment resources on the highest-interest debt until it’s paid off, then move on to the next highest.

4. Start an emergency fund

The best way to avoid going into debt is to have some money available to handle the occasional, yet inevitable, emergency. Set a specific goal, like adding $10 per month to a savings account. At the end of the year, you’ll have more than $100 available in case something goes wrong.

5. Start a retirement account

When you have a retirement account, your monthly statements serve as reminders to think about and plan for your retirement. The challenge, though, is taking that first step. Don’t get hung up on perfection; any kind of retirement account is better than none. If your job offers a 401(k) matching program, sign up to get at least the full matching funds amount – it’s free money. Do a bit of research, then open the account that seems like the best idea.

6. Automate your savings

Fighting that impulse to spend what you’ve earmarked for savings is a constant struggle; it’s easiest to take the decision out of your hands. Change your direct deposit to put some of your paycheck directly into a savings account, where you won’t even think about spending it impulsively.

7. Get educated

Knowledge is power, and that’s especially true in the world of personal finance. There’s loads of information out there; resolve to read one personal-finance article a week. This will give you great ideas for improving your financial situation.

All of us at Carolina Federal Credit Union hope you have a safe, happy, and prosperous new year!