RV Financing by Justin @ Beckley’s RV’s

RV Financing by Justin @ Beckley’s RV’s


How difficult is it to obtain RV financing?


When financing an RV you have to first understand it is different than financing a car or house. The bank categorizes this as a recreational vehicle loan- to them it is a luxury item. That means that they view this type of loan as a higher risk than a mortgage or car loan and for that reason, it is more difficult to obtain financing. If you have a strong credit history, you’ll enjoy great rates, and long terms! If you have shaky credit history, it can be difficult to obtain financing- however may have some option!


How long can you finance for?


If you’re financing less than $50,000 you can select a term anywhere from 6-15 years! If you’re financing over $50,000 you can select a 20 year term!


How much do I have to put down?


In order for you to get the best rate and terms available, most banks want to see a minimum of 15-20% in down payment. For example, if you are buying a Travel Trailer for $30,000 + tax, tag/title- then you would want to put down around $6,000! Buying RV’s with no money down is essentially non-existent!


People always want to know “what are the rates?”


As mentioned, lenders view RV’s as a luxury item, because there is more risk involved for the bank with this type of loan- rates are a little bit higher than cars or mortgages! With RV loans there are many variables that affect rates. How much down payment, how long of a term, new or used, if used, how old is it, what is the price in relation to what it's worth, Is it a driveable or towable, what is your credit score, what is your past credit history, what is your debt to income ratio, etc. Do you catch my drift?


Wondering how to ball park a payment?


This is very easy to do! On a 10 year term, per $1,000 you’re financing it's about $10-15/ month. For example If you’re financing $30,0000 it’s about $300-$450 / month.


How Long Does it Take to Get Approved?


If you have excellent credit, and good money down- we can get a response almost instantly. If anything less than this- typically anywhere from 24-48 hours.


How Do I Get Pre-Approved?


There is no pre-approval process in the RV Industry. Since there are many variables to RV financing. Banks want specific details in order to process a loan. Year, make, model, VIN, Purchase Price, Tax, Tag/Title Fees, Down Payment.


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