Lenders want to know your payment habits before approving you for credit. If you have a history of paying your monthly obligations on time, that's an indication that you are likely to make your monthly payments on your new loan or line of credit on time, as well. Because your credit history is a significant factor in assessing your creditworthiness, it's a good idea to check your credit report in order to correct any errors before you begin a credit application. Learn about credit reports.

Here are common factors that lenders and other lenders consider when evaluating a credit application:

  • Your income stability
  • Your credit and payment history
  • Your debt-to-income (or payment-to-income) ratio
  • The value of your vehicle

Knowing what to expect and anticipating potential obstacles before you apply can help boost your borrowing power. If you have less than perfect credit, or too much debt, visit our Education Center for tips on how to improve your credit rating.

General RV Financing Questions

How long should an RV loan application process take?

Most lenders will be looking to provide you with fast service, with several being able to provide you with a preliminary quote over the phone or online within minutes. If you choose to move forward with that lender, they usually send you the application information via express delivery so the forms don’t take long to get back and forth. The actual loan process from start to finish could be wrapped up within 5 to 7 days.

Can I get pre-approved before I select my RV?

Most lenders will let you get pre-approved before you select your RV, so you will know the amount of loan available prior to buying your RV.

I am planning to trade up soon, should I put more money in my down payment?

For those who are looking to trade up to a bigger or more expensive rig in the future, you may want to put more money down and finance less, plus finance your loan for a shorter period of time.

What types of RV’s are eligible for loans and financing?

Most experienced lenders who understand the RV and motor home market will offer loans to cover a variety of RVs.

Do I need RV insurance before I can qualify for my RV loan?

While you won’t need it to qualify, you must have it prior to closing on your RV loan. There are many good quality RV insurance companies out there, so finding affordable coverage from a quality provider should not be too hard. For more information on RV insurance, visit our RV Lenders page.

Will I be required to make a down payment?

In most cases, when considering RV loans, lenders will require 10% as a down payment.

What terms are usually available for RV loans?

Generally speaking, lenders will extend terms for RV loans between 10 to 15 years long, though this depends on the age of the RV, mileage, etc.

Is there a minimum loan amount?

This will depend a great deal on the individual lenders. Some set a minimum at $10,000 while others have no minimum.

Is there a maximum loan amount?

The maximum loan amount would be determined by your income level and ability to pay off the loan. Lenders typically to not have a maximum loan limit.

Should there be a penalty if I pay off my RV loan early?

Most lenders do not have a pre-payment penalty as part of their RV loan terms, so don’t accept an offer that includes this language. There are plenty of options in the market, so don’t accept terms that work against your flexibility.

What fees are associated with RV loans?

Be sure to shop around on this one. Some lenders will not charge ‘points’ or an application fee, others might. Be sure to include all associated costs when analyzing the best deal for you.

Is there a difference between getting a new loan and refinancing my existing RV loan?

For the most part, the process is the same, and many lenders offer the chance to refinance your existing RV loan if lower interest rates are available.

Can automatic payments be set up?

Most lenders provide the convenience of automatic checking account payments so that you don’t have the hassle of mailing checks. This may seem like a minor detail, but full timers who are on the road a lot may find this especially important.