Used RV Financing – What You Should Know

Used RV financing can help you purchase the used RV you've got your eye on.

In this article, we look at everything you need to know about RV financing, where to find it, how to get it, and more, so that you know before you even start applying.

Used RV financing will have you planning your route in record time

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Which Companies Offer Used RV Financing?

Most of the companies who offer RV camper financing also offer used RV financing. From very big companies like the Bank of America to small, specialized companies that only finance recreational vehicles; you have plenty of options.

Do bear in mind, however, that not all companies will offer used RV financing, and those that do usually have a minimum loan amount. If you are looking to buy an RV for less than that amount, you may need to apply for a personal loan.

If you are looking for a complete list of companies that offer used RV finance, RV refinancing and even a handy RV finance calculator, then you will probably find everything you need to know from the RVIA, or Recreational Vehicle Industry Association.

What's the Minimum Amount for Used RV Finance?

The minimum that finance companies and banks will offer you for used RV finance purposes will vary from company to company, but some will go as low as $7,500.

In most cases, the vehicle you're considering buying needs to be in good condition, and legal for use on roads, which means that very old or very damaged RVs probably can't be financed this way.

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Do You Need a Down Payment to Secure Used RV Finance?

Yes. While you can usually get a 100 percent loan for a new RV, if you're applying for used RV finance, chances are you will need to have a 10 to 20 percent downpayment available in cash.

The good news is that in many cases, as long as your RV has cooking, sleeping and other 'home comforts', then you can qualify to deduct the interest on your RV loan as second home mortgage interest – even on used RV finance deals.

So while you need to put down money upfront on a used RV, you can claim the interest you pay on the vehicle back, and you will probably pay considerably less than you would if you were buying a similar vehicle new.

How Long Do Used RV Loan Terms Usually Run?

Most loans for new RVs have loan terms of between ten and 15 years – but used RV loans are not that much different, with loan terms of between eight and 15 years.

While that means that you will probably pay considerably less on a used RV loan over a longer term, it also means that if you choose a shorter loan repayment period, you're likely to pay considerably less in interest on the loan amount.

Bad credit RV loans may be your only form of used RV financing if your history is not perfect

What you will need to do is weigh up what's more important to you – paying less every month, or paying less overall.

How Easy Is It To Get Used RV Loans?

What surprises many people is that used RV loans, RV refinancing and new RV loans are often easier to get than other forms of finance. In fact, you're more likely to get RV loans with a slightly less than perfect credit score than you are to get a loan for a car.

The reason for that is quite simple. According to industry research, less than 1.5 percent of all RV loans (for new vehicles, refinance or used vehicle finance) will become delinquent. That means that for lenders, financing RVs is a good proposition, which almost ensures that they will get their money back.

Add to that the fact that RVs – even used ones – are usually fairly valuable, and easy to resell, and that most finance companies use the RV itself as security on the loan, if you do default, a lender has recourse. They can repossess the vehicle, and resell it to defray a large chunk of their losses.

In short, financing a new or used RV loan is a lower risk proposition for any bank or finance company, so even if you don't have a perfect credit score, you're still less likely to be a bad risk.

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Who Should Consider Used RV Loans?

If you want an RV, and you like the idea of being able to pack up your family, hit the road and see the country, but you don't like the idea of paying a fortune on the latest, greatest RV models, then used RV loans are a good deal for you.

They're aimed at people who are looking for good, reliable recreational vehicles, but who don't want to spend a fortune every month paying for them.

The better news is that with so many used RVs on the market now – through either private sellers, dealers or auctions – there are also used RV options to suit just about every pocket out there. You'll even find some fantastic used RV deals on eBay these days – it really is that easy.

Spend some time on the internet, looking at the prices of used RVs, then find an RV loan calculator that gives you a rough idea of what you will pay every month over an average loan term.

Compare that with what you would pay for a similar RV that's brand new. Chances are there will be no contest in terms of value for money.

So as long as you're not expecting the very latest technology, as long as you do your research, and buy a reliable vehicle that's in good condition, and as long as you find a finance company that offers you a great deal, you can save quite a lot of money by going the used RV finance route.

It's great for budget conscious families, and it's the perfect way to get all the convenience of an RV, with a lot less expense.

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