RV Loan
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Wednesday April 23, 2014

RV Financing Questions

RV Financing can asnwer any RV Financing questions you might have so that you can get started and fill out an RV Financing application today and make it one step closer to driving away in your new or used RV!


Question: How do I apply?

Question: What will my interest rate be?

Question: What will my loan term be?

Question: How much does it cost to apply?

Question: Will you pull my credit multiple times?

Question: What does my credit score need to be to qualify?

Question: How long does it take to finalize my loan?

Question: Do you finance Canadians?

Question: What is the lowest amount of money that you will loan?

Question: If I'm approved, how long do I have to accept the loan?

Question: If I already own my RV, can you still finance me?

Question: What kind of information do you need from me for my application?

Question: Do you require that I verify my income?

Question: How much money do I have to put down on an RV?

Question: How old of an RV can you finance?

Question: What types of RVs do you finance?

Question: What states do you finance?

Question: Can I get pre-approved if I don't know what RV I want yet?

Question: Do you have a pre-payment penalty?

Question: Can I finance an RV in an LLC?

Question: How safe is it for me to fill out your online application?

Question: Do you also offer Extended RV Warranties or RV Insurance?

Question: Can you finance me if I have filed a bankruptcy?

Question: Do you finance full-timers?

Question: Do you finance RVs that will be purchased by a company?

Question: Can you refinance my RV?


Question: How do I apply?

Answer: To apply, simply click the RV Financing Application link on this website. If you need to refinance or get a pre-approval, click the appropriate link for that application.


Question: What will my interest rate be?

Answer: Your interest rate will ultimately be determined by the bank that funds your loan. They will look at your credit score, entire credit history, and loan amount. We have offered the lowest RV loan rates on the Internet since 1998, and continue to do so, so you can rest assured that you will get a competitive rate.


Question: What will my loan term be?

Answer: Depending on the age of the RV and the amount you want to borrow, our loan terms generally range from 7 to 20 years.


Question: How much does it cost to apply?

Answer: We do not have an out of pocket application fee, so it will not cost you a penny to apply. Once your application is approved, and you have told us to go ahead with the loan, we do charge a small fee for overnighting documents, which can be worked into the loan.


Question: Will you pull my credit multiple times?

Answer: We pride ourselves on not "shotgunning" your application to a bunch of banks. When we receive your application, someone in our processing department will take a look at your application, to make sure it meets our general requirements. Once they have done that, they will pull your credit once to make sure you meet our banks' requirements. Your application will then be sent to the bank that our processor believes will be the best choice for your loan, upon which that bank will pull your credit once more. If that bank declines your application, we will send your application to one more bank, which will pull your credit. The maximum number of times your credit will be pulled is 3 but in most cases it will only be pulled 2 times..


Question: What does my credit score need to be to qualify?

Answer: The lowest credit score that we can accept is 650, but we recommend at least a 680 or above.


Question: How long does it take to finalize my loan?

Answer: It usually takes between 24 and 48 hours to get an approval answer. If you submit your application on the weekend, expect to hear something the following Tuesday or Wednesday, unless Monday is a holiday. Once you have been approved and have told us to proceed with the loan, the seller can receive the money within about a week.


Question: Do you finance Canadians?

Answer: We can finance Canadians if you are a dual citizen with the United States. You will need a United States social security number.


Question: What is the lowest amount of money that you will loan?

Answer: The lowest amount of money that we can currently loan is $10,000.


Question: If I'm approved, how long do I have to accept the loan?

Answer: You have 30 days to proceed with your loan once you're approved.


Question: If I already own my RV, can you still finance me?

Answer: If you already own the RV, if you bought it within the last 30 days, we may be able to finance it for you.


Question: What kind of information do you need from me for my application?

Answer: We need your name, address, contact information, how long you have lived at your current residence, if you are a US Citizen, general RV information, employment information, loan amount, basic asset and liability information (i.e. how much is in your bank accounts (we don't require account numbers), what stocks and retirement accounts you have, etc). We also ask if you have ever filed for a bankruptcy.


Question: Do you require that I verify my income?

Answer: Yes, we require your last 2 years of tax returns.


Question: How much money do I have to put down on an RV?

Answer: Our banks require a minimum of 10% down.


Question: How old of an RV can you finance?

Answer: Currently, we are able to finance RVs as old as a 1996 model.


Question: What types of RVs do you finance?

Answer: We can finance Diesel Pusher Motorhomes, Class A Motorhomes, Class B Motorhomes, Class C Motorhomes, 5th Wheel trailers, Travel Trailers, some Truck Campers, and boats. At this time, we cannot finance Park Model trailers or tent trailers.


Question: What states do you finance?

Answer: We can finance all of the lower 48 states.


Question: Can I get pre-approved if I don't know what RV I want yet?

Answer: Yes, simply click the RV Pre-Approval Application link on this website


Question: Do you have a pre-payment penalty?

Answer: It depends on the bank, but in some cases, you have to pay a penalty if you pay off your loan in the first year. The amount depends on the bank. If you plan on keeping your loan longer than a year, you're fine.


Question: Can I finance an RV in an LLC?

Answer: Absolutely, we do that all the time. You can find information about forming a Montana LLC at http://www.rvllc.com. Or, if you already have an LLC formed, you can state in the customer comment section on our application that you want to finance your RV in an LLC.


Question: How safe is it for me to fill out your online application?

Answer: While nobody can be 100% secure, we have taken every precaution to keep your sensitive information as secure as possible. Our online rv loan applications are protected by a 256bit SSL encryption, which means that IF someone were to intercept your personal information while you were submitting it to our website, all they would see is a bunch of gibberish.


Question: Do you also offer Extended RV Warranties or RV Insurance?

Answer: We sure do. You can find more information about either one by letting us know at the end of your application that you would like an RV Warranty quote (or by clicking here) and/or an RV Insurance quote (or by clicking here).


Question: Can you finance me if I have filed a bankruptcy?

Answer:If you have filed a bankruptcy within the last 5 years, we won't be able to finance an RV for you.


Question: Do you finance full-timers?

Answer: No, we do not finance full-timers. Note: A Full-timer is defined as someone who does not own a home and lives in their RV full time.


Question: Do you finance RVs that will be purchased by a company?

Answer: Yes, however the RV must be for personal use. We cannot finance it if it will be used commercially.


Question: Can you refinance my RV?

Answer: If your RV is 10 year models or newer (i.e 2004 or newer), and you owe over $35,000, we may be able to refinance it and save you some money by lowering your rate. To refinance your existing RV, click here.

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Call Toll-Free 1-888-929-4424 if you have any questions.