RV Loans and Motorhome Financing

Finding the right RV or motorhome to suit your needs may be the first step, but the next step can be just as important. The right RV loan or financing option ensures that you have enough money to enjoy the rest of your RV lifestyle once you are on the road.

We provide information and resources about RV loans and financing to help you find the right RV loan and get you on the road as quickly as possible. So relax, the RV loan process isn't as bad as you think it is when you have the right resources to help you.

Below are some articles, links, hints, and resources about RV loans and financing to help you find the right RV loan and get you on the road as quickly as possible.

RV Loan Basics

Unless you are paying for your RV purchase in full, the amount you pay for your RV will vary somewhat on your credit rating, or your ability to qualify for credit. There are several factors that will impact your credit approval, as well as the interest rates you may qualify for, including:

• Your credit history
• Verification of income
• Ability to make payments

In most cases, RV loans work just like most other interest loans, though lenders may offer borrowers some features to attract their business. However, for the most part, it works just like most typical vehicle loans.

RV Loan Features

While each RV loan provider offers their own features to get your business, there are some features to look for:

• Automatic payment options directly from your back account (important for full-time RVers)
• Online access to loan info (check balance, make payments, etc.)
• No restrictions on RV movement within the continental U.S.
• Simple, fixed interest rates
• No early payment penalty
• Payment protection insurance
• Financing available for up to 100% of the purchase price for new RV's
• Refinancing of existing RV loans to new lower rates

Understanding the RV Loan Process

Applying for an RV Loan

Most lenders do a good job of making the RV loan application process fast and easy. In fact, many will let you submit your RV loan application online. However, keep in mind you may have to fax or mail some information such as verification of income.

Decisions on Credit

Look for most RV loan providers to be able to provide answers about your credit in one to two days.

Paperwork

What would an RV loan be without paperwork, right? Well don’t worry about it taking a long time. Most RV loan providers provide express delivery (sometimes overnight) on your RV loan documents. In many cases, they provide a return envelope with prepaid express delivery to get your signed RV loan documents back as soon as possible.

RV Loan Funding

Once the signed RV loan documents are received, funds are usually wired or a check is sent via express delivery to the appropriate contact.

RV Loan FAQ

How long should an RV loan application process take?

Most lenders will be looking to provide you with fast service, with several being able to provide you with a preliminary quote over the phone or online within minutes. If you choose to move forward with that lender, they usually send you the application information via express delivery so the forms don’t take long to get back and forth. The actual loan process from start to finish could be wrapped up within 5 to 7 days.

Can I get pre-approved before I select my RV?

Most lenders will let you get pre-approved before you select your RV, so you will know the amount of loan available prior to buying your RV.

I am planning to trade up soon, should I put more money in my down payment?

For those who are looking to trade up to a bigger or more expensive rig in the future, you may want to put more money down and finance less, plus finance your loan for a shorter period of time.

What types of RV’s are eligible for loans and financing?

Most experienced lenders who understand the RV and motor home market will offer loans to cover a variety of RVs.

Do I need RV insurance before I can qualify for my RV loan?

While you won’t need it to qualify, you must have it prior to closing on your RV loan. There are many good quality RV insurance companies out there, so finding affordable coverage from a quality provider should not be too hard. For more information on RV insurance, visit our RV insurance page.

Will I be required to make a down payment?

In most cases, when considering RV loans, lenders will require 10% as a down payment.

What terms are usually available for RV loans?

Generally speaking, lenders will extend terms for RV loans between 10 to 15 years long, though this depends on the age of the RV, mileage, etc.

Is there a minimum loan amount?

This will depend a great deal on the individual lenders. Some set a minimum at $10,000 while others have no minimum.

Is there a maximum loan amount?

The maximum loan amount would be determined by your income level and ability to pay off the loan. Lenders typically to not have a maximum loan limit.

Should there be a penalty if I pay off my RV loan early?

Most lenders do not have a pre-payment penalty as part of their RV loan terms, so don’t accept an offer that includes this language. There are plenty of options in the market, so don’t accept terms that work against your flexibility.

What fees are associated with RV loans?

Be sure to shop around on this one. Some lenders will not charge ‘points’ or an application fee, others might. Be sure to include all associated costs when analyzing the best deal for you.

Is there a difference between getting a new loan and refinancing my existing RV loan?

For the most part, the process is the same, and many lenders offer the chance to refinance your existing RV loan if lower interest rates are available.

Can automatic payments be set up?

Most lenders provide the convenience of automatic checking account payments so that you don’t have the hassle of mailing checks. This may seem like a minor detail, but full timers who are on the road a lot may find this especially important.