Getting A Used RV: Loans vs. Other Financing Options

Getting a used RV loan is the most difficult part of buying a used RV. Let’s look at loans and other finance options.

In-House Financing for Used RV Loans

With in-house financing, many of the dealers increase their profits. They might have special dealer fees, higher interest rates, or a number of ways they are able to make extra dollar.

Manufacturer Financing for Used RV Loans

Many manufacturers have their own financing divisions that can provide financing for new units. However, some manufacturers will also provide used RV loans for units that aren’t too old and are in excellent condition.

Used RV Loans by Banks

Many banks are interested only in financing the large Class A motor homes, while other banks opt to finance other RV’s such as the Class B and C, or pull trailers and fifth wheels. Many banks will not finance any type of RV that is more than 7 years old. Shop around as interest rates can vary significantly on this type of financing.

Specialized RV Lenders Offer Used RV Loans

There are lending institutes that do nothing but provide used RV loans. That includes travel trailers, fifth wheels, park models, truck campers, and van conversions. The term and the interest rate depend on many variables including your credit score, the amount you are financing, and the age of the unit.

Used RV Loans by Online Lenders

It’s not surprising that there are so many online lenders that will finance new and used RV’s. The process is simple. You fill out an online application, which will also give you your estimated payment right away. Many of these online loans are approved within 24 to 48 hours. You may be required to have an older RV unit inspected for it to qualify for a loan.

Pre-Approved Financing

If you are in the market for buying a new or used RV getting your financing pre-approved can relieve you of a lot of stress. You’ll know exactly what price range of RV’s to look at and you’ll know your payments in advance.

RV Leasing

A lease is similar to a purchase but with some differences. Lease payments are generally less and then you have a balloon payment at the end of the lease. You are also not obligated to buy out the RV. You can simply turn it back to the lease holder at the end of your lease. Because of the smaller payments, many buyers find this appealing. It also means you can afford a new RV every few years. That’s appealing to many.

When it comes to used RV loans you have plenty of options to choose from.


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