An RV’s steep price tag means owners rely heavily on financing. Lenders include online and traditional banks, credit unions and RV dealerships. Here’s what you should keep in mind about RV loans.
Loan terms are longer. Some RV loans rival home mortgages, with repayment periods ranging from 10 to 20 years for amounts that can sometimes top $500,000. Aim for a loan with the shortest possible term that you can manage.
Lenders are more stringent. The more you need to borrow, the more a lender will require of you, says Gary Ocallaghan, finance director at Gerzeny’s RV World,