How to Refinance RV Loan Agreements


If you got RV finance with a poor credit rating, chances are your RV payments are higher than they should be. The good news is that it is possible to refinance RV loans, but there is a specific process you will need to follow before you can do that.

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In this article, we look at what that process is, and how you can go about getting a better deal on RV finance.

Refinance RV loan agreements if your original loan was at an unfavorable rate

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Step 1: Fix the Problem

The first step to refinance RV loans actually happens well before you apply for RV refinancing at all. You need to fix the problem.

In most cases, that means repairing your credit record, and that means paying off the debts that have caused you to get a poor rating in the first place. Speak to a credit repair specialist or attorney, and find out what the best way is to improve your credit rating.

If it is something else that has caused your original RV finance deal to be higher than you would like it to be, then you should sort out whatever the original problem is there too.

While it is unlikely that you will get a better deal without doing this, it is still worth being on the lookout for finance companies offering great deals with low requirements.

The good news about the credit crunch is that finance companies have lowered their criteria, and sweetened the deal on finance, so it may be possible to refinance RVs that were bought prior to that at a better rate.

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Step 2: Collect Your Information

When you apply to refinance RV loan agreements, RV finance companies are going to want a few things: information about your current loan or finance agreement (including the amount of money you need to settle it), your credit report, recent bank or pay slip information, and more.

It is a good idea to collect all of this information before you approach a finance company or bank, so you can take it along when you apply. Contact the company you currently have a finance agreement with, and ask them for the settlement amount.

Bear in mind that this might differ from the amount on your statement, because there may be a penalty for early settlement. Contact the credit bureau, and get your latest credit score too.

Another good idea is to have copies made of all your important documents, and have them notarized. That way, if you apply to more than one finance company, you will not have to get all of the documentation several times over.

You might also want to take into account any additional money you might want to finance. If, for instance, you want to make improvements to your RV, then you might want to find out what those will cost.

Not all RV finance companies will offer additional finance for those types of extras, but it never hurts to ask.

Step 3: Research Companies That Offer to Refinance RV Loans

RV loans are not offered by every financial institution – and not all of those that do lend money to purchase RVs offer refinance RV loans. Not only that, but also the terms and interest rates offered by different companies can vary quite a lot.

Before you start applying for RV loan refinance, it is always a good idea to identify which companies offer the best deals. Contact local banks and specialist finance companies, and find out what their standard terms and conditions, interest rates, and loan requirements are.

Consider the information you get from those companies, and shortlist four or five of them that you qualify for that offer good deals. Those will be the companies you approach in the next step of the process.

Step 4: Apply to Shortlisted Finance Companies

Next, apply to the companies you have already shortlisted. Take along copies of all the documents required for the application (notarized if necessary), and fill in the paperwork for the application.

Bear in mind that some companies make faster decisions than others – some could turn your application around in a day or two, others might take a week. Give it time – you are looking for the best deal – not the fastest.

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Step 5: Analyze the Deals on Offer

The next step in the process of RV refinance is to examine the offers to refinance RV loans carefully. Look at the term of the loan, the interest rate, the principle amount and any other factors.

Make sure that if you are offered a fantastic interest rate, it is for the full term of the loan – not just for the first year or two. Consider what your monthly repayments will be, and what your overall repayments over the full loan term will be.

Chances are, if you are lucky, you will get responses or offers for refinance from all the companies you apply to – but if you do not, analyze all of those that have responded, and make your decision from among those.

Bad Credit RV loans can be refinanced later if your situation improves

Step 6: Accept a Refinance RV Loan Offer

Remember that with offers to refinance RV loans, you are only bound to an agreement when you sign the relevant paperwork, and accept the money on offer.

Once you have reviewed all the RV refinance loans on offer, it is a good idea to decline those that you have decided not to accept in writing, so that there is no confusion later on. Then make a trip to the office of the finance company you have chosen to work with, and sign the paperwork.

Typically, that company will pay the money for the loan you have taken directly to your previous finance company, to settle the outstanding balance of your loan, and any penalties you owe on it for early cancellation.

You will then simply begin to make your monthly payments, at the new rate, to the company you have refinanced your RV with.

You'll Be Saving Money

Chances are, your new repayments will be lower, based either on the same term, but on a lower interest rate, or based on the same term, over a longer period of time. Both ways, that puts more money in your pocket, and that is the point of RV refinances loans.

If you are not saving somewhere along the line, then there is really no point of going through the process.

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