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Read This Before You Look For Your Next RV Loan


Owning an RV is like having the world at your doorstep. This house on wheels will guarantee you never have any grass growing under your feet!

The freedom you feel and the endless adventures you can experience are like a dream come true. But, getting an RV loan is not always easy.

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An RV is a huge investment. After your house, it could be the largest investment you ever make.

In fact, most recreational vehicles can cost as much or more than an average, permanent home. The big difference is that you can spread out the payments for your house with a mortgage over twenty years or more. This isn't the case with an RV.

An RV is considered a luxury item, which means the lending rules are much different than for items considered a necessity, like a place to live.

Getting a loan to buy your dream RV may not be as straightforward as you think.

Where to Look for an RV Loan

When trying to arrange financing for such a big ticket item, your bank or credit union is the obvious place to start. They know you. You may have been dealing with them for many years.

You probably have had loans with them before. You may even have a mortgage or car loan – or both – with them right now.

But, a good relationship and long history with a financial institution does not automatically guarantee you will get the loan you want. They have lending rules and regulations they must follow.

Even if you have always been a good customer in the past, they have to take into consideration your current financial situation.

Many things could have changed since the last time you had a loan. Your credit score could have dropped, or risen. Your employment status could have changed.

Maybe you had to change careers? How long you have been in your current job could have a big impact on your credibility. How often you change jobs is also a very important factor. If you change jobs every few months, you are in a high risk category. Lenders like stable incomes.

In today's economy job security doesn't exist. But, the more stable of an employment history you can show, the better chance you will have of securing the financing you need for an RV loan.

Alternatives to Regular Loans

Luckily, there are all sorts of alternative lending options. From non-traditional lending institutions to specialized lenders, a little research will result in a variety of financing solutions.

These companies specialize in high risk lenders, which means they generally charge more than traditional lenders because they have more at stake.

Additional costs involved with these lenders could include higher interest rates, higher fees and more severe penalties for defaulting.

However, if you make your payments on time and don't default on the loan, this could be the way to get the RV you desire.

With an RV, the world is at your feet!

What You Need

When applying for an RV loan, you need to provide the lender with as much relevant information as possible.

You may have to provide proof of income and a detailed list of all of your expenses. This will help the lender decide whether or not you can afford another monthly payment.

Although you may want to spend all of your time on the road once you acquire your new RV, you will have to provide a permanent residence. The lender will want to know where to find you in case you miss a payment.

The lender will also want to ensure you have adequate insurance. The loan itself might not have to be insured, although this is a very good idea in case something happens and you can't make the payments anymore, but the RV definitely has to be insured.   

Other things the lender may want to know include:

  • Who will be driving the vehicle. If there will be other drivers besides yourself, your insurance will be affected. This is a separate item you need to discuss with your insurance company. Not just any licensed driver is allowed to drive an RV. There are many factors involved such as the age and driving experience of the driver.
  • The length of the RV is also important. Any vehicles over a certain length may require a special license, depending on where the vehicle is being driven. Different regions have different standards.
  • How many passengers the vehicle will carry. An RV has a passenger limit just like any other vehicle. You may not get the loan if you plan to carry more passengers than the vehicle is legally allowed to carry.
  • How far (geographically) you plan to travel.
  • How many miles you plan to travel every year.
  • Where you plan to go.

Your RV insurance company may be more interested in these factors than your lender, however, be prepared to answer these and other pertinent questions.

Contact us today if you need help with an RV loan.

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