RV Financing

RV Financing




OTHER HELPFUL INFORMATION

Help Index

Many RV financing companies allow you to apply online or over the phone.

If you're considering applying for an RV or motorhome loan (for a new or used unit) or possibly looking to refinance an existing RV, you may be able to save hundreds or thousands of dollars by applying online.

One advantage provided by online RV finance companies is the speed of application approvals. You can apply online and often receive approval for your RV loan in less than a day. Upon approval, you will often be sent a check that you may use to purchase your new motorhome or travel trailer. Read on for more advice.


Recreational Vehicle Loan Tips

In order to receive RV financing, most lenders will have similar requirements. For initial approval, you should be prepared to provide:
  • Good credit record/history. If you're not sure about your score/history (and even if you think you are), you should probably check to make sure that there are no mistakes.
  • RV specifications (Year, Make, Model, Length, Gas or Diesel, Mileage, Engine Make, Horsepower, etc...)
  • Two years of tax returns and W-2 forms (if you're self-employed, you will probably be required to also provide two years worth of company tax returns)
  • Be prepared to provide 20% of the cost as a down payment.
  • Expect a term length of about 12 years (although they can be shorter, if you wish, and sometimes they can be longer)



If you think you may not qualify for an RV on your own (perhaps because you don't have enough income), you may be able get financing using a co-buyer. This is not the same as a co-signer (which is usually a person who signs up to be responsible for the loan if the primary person stops paying, but has no ownership in the vehicle). A co-buyer will have equal responsibility for the loan and will have equal ownership as well. RV loan companies will expect this person (usually a spouse or significant other) to live at the same address as the primary person. A co-buyer will not help in all situations, but if both parties work and have decent credit, this may help enough to qualify for a loan.

If you already own an RV and financed it back when interest rates were quite a bit higher, you may be able to get RV refinancing now and save a lot money each month on your RV payments.

Good luck on your Journey!