RV FINANCING IN 5 STEPS
RV Financing Doesn’t Have to Be Stressful
Buying an RV should be exciting—not overwhelming. By understanding the steps involved, you can approach the financing process with confidence. It starts with setting a realistic budget, researching your loan options, comparing interest rates and terms, checking your credit score, applying for financing, and finalizing your loan. Knowing what to expect and preparing ahead of time makes the journey smoother. A strong credit score and a bit of shopping around for the best lender can go a long way toward securing favorable loan terms. Once approved, it’s simply a matter of reviewing and signing your loan agreement before hitting the road.
Dreaming of the Open Road?
Whether you're planning to travel full-time after retirement or want to take the kids on a summer adventure to national treasures like the Grand Canyon or Lake Tahoe, an RV offers the freedom to go wherever the road takes you—without the hassle of flights or hotel bookings. Whether it's exploring across the country or discovering hidden gems in your home state, a recreational vehicle gives you that flexibility.
Now, it’s time to choose the right RV for your needs. Are you leaning toward a fully equipped, drivable motorhome with spacious interiors and premium features? Or would a compact camper van or towable trailer be a better fit?
No matter the type—new or used, large or small—UNITED RECREATION FINANCING can help you secure RV financing that fits your budget. Our specialists are here to help you get the best available rates, whether you're financing a cozy camper or a luxury motorcoach.
RV Financing 101: What You Should Know
Here’s a step-by-step guide to get you from loan approval to life on the road:
1. Get Pre-Approved First
Instead of finding your dream RV and then scrambling for financing, it’s smart to get pre-approved first. This ensures you’re shopping within your budget and avoids falling for a vehicle that’s out of reach. When you apply with United Recreation financing , you’ll typically hear back within 1 hour.
Start gathering key documents like pay stubs, tax returns, bank statements, and a government-issued ID. Lenders will also run your credit and let you know your pre-approval amount and required down payment.
With this info in hand, you’re ready for the fun part—shopping for your RV!
2. Use an RV Loan Calculator
After pre-approval, use an RV loan calculator to estimate your monthly payments. Plug in your loan amount, down payment, state sales tax, and estimated interest rate. Your lender will give you a ballpark rate, which becomes locked in once your loan is committed—even if interest rates rise.
The calculator allows you to adjust figures until you find a comfortable payment. This is a great time to consider if a larger down payment or a slightly less expensive RV might make more sense.
3. Understand Your Interest Rate
Next, nail down your likely interest rate. Use UNITED RECREATION FINANCING’S free RV loan rate tool, updated daily, to get current and realistic estimates based on your credit score, loan type, vehicle year, and loan amount.
For example, if you’re financing a $500,000 custom RV with a 770 credit score and a 20-year term, your APR may be around 7.74%. Boost your credit to 800+, and your rate could drop to around 7.49%.
4. Go Through the Underwriting Process
During underwriting, your lender evaluates your financial profile and assesses the risk of lending to you. This might involve another credit check and requests for additional documents.
Because RVs are considered luxury purchases, lenders prefer applicants with solid credit histories and reliable income. Fortunately, underwriting for RV loans can move quickly—you might be ready to pick up your RV within a week of applying.
5. Finalize the Purchase
Once you’re approved, the seller or dealership may need to prepare the RV—cleaning it, adding any accessories, and ensuring it’s road-ready. United Recreation Financing will then coordinate the loan closing, state registration, and title transfer.
Once everything is complete, all that’s left is to pack your bags and head out. Your adventure begins now!
Other RV Financing Options
While United Recreation Financing offers a streamlined process and competitive rates, there are alternative ways to finance your RV:
Dealership Financing: Many dealerships offer in-house loans or work with lending partners. Always compare these offers carefully.
Online Lenders: Some online-only lenders offer RV financing, but be cautious about high rates or hidden fees. Always read reviews and fine print.
Cash Purchase: If you have the means, buying with cash avoids interest and fees—but ties up a significant chunk of funds that could be invested elsewhere.
Seller Financing: Private-party sellers may be willing to finance the sale. This arrangement often requires a down payment and monthly payments. Have an attorney review the contract, and inspect the RV in person before proceeding.
Budgeting for RV Ownership
Beyond the loan itself, there are other costs to plan for:
Fuel: RVs use significantly more fuel than standard cars. Smaller models might cost $100 to fill; larger ones could reach $1,000.
Insurance: RV-specific insurance is essential and can cost several thousand dollars per year, depending on coverage and vehicle type.
Accessories & Supplies: From hitches to linens and food, you'll need to stock up.
Storage: Unless you can keep your RV at home, you’ll need to budget for storage, which can range from affordable outdoor options to pricier indoor spaces.
Maintenance & Repairs: Like any vehicle, RVs require regular upkeep and occasional fixes.
Warranties: New RVs often come with a warranty; for used ones, consider buying additional coverage for peace of mind.
Final Tips for Financing Your RV
Avoid Large Purchases: Don’t take on new debt or make major financial moves until after your loan is finalized.
Stick to Your Budget: Just because you’re approved for a $400,000 RV doesn’t mean you need to spend it all.
Maintain Job Stability: Lenders expect your employment status to remain consistent during the loan process. Don’t switch jobs or retire until everything is finalized.
Wrapping Up: Make RV Financing Work for You
Understanding your financing options is key to making a smart RV purchase. Shop around for the best rates and terms, and use tools like RV loan calculators to plan your payments. The better your credit, the better the loan products you’ll qualify for.
And most importantly—make sure the RV you choose fits comfortably in your budget so you can hit the road stress-free.