FInance Your RV


Purchasing an RV represents a big investment for even the most experienced RVer. If you’re buying your first RV, the many loan options and extra requirements may seem overwhelming at first. Fortunately, we offer you the experience and know-how to make the process a whole lot easier. Plus, we have relationships with some of the top RV lenders so you can be confident you’ll receive the most competitive interest rates available.

The actual purchase of your RV will be dependent on your ability to get credit approval. If you’re confident that you qualify, apply today! Credit approval and interest rates for RV loans are dependent on a number of factors, including:

Your overall credit history

Your ability to make timely payments

Proof of income

Unlike cars, RV loans have extended terms… anywhere from 10 to 15 years on new, large RVs to eight plus years on used RVs. Plus, for most RV owners the interest on their loan is tax-deductible as a second mortgage. To qualify, the RV typically must be used as security on the loan and be equipped with basic sleeping, toilet and cooking facilities. Check with your accountant for specific details.

Have more questions? Check out our Frequently Asked Questions below or better yet ask us. With over 40 years experience in the industry, we are ready and willing to provide you the answers.

That’s what we’re here for, so drop by or call and ask for the finance department today at (719)900-5047.

Frequently Asked Loan Questions

Q. How is my interest rate determined?

A. Rates of interest vary and are dependent on many factors including, but not limited to, total loan amount, your down payment, your credit profile and the age and value of your RV. We have relationships with some of the top RV lenders in the industry and can provide you complete information once your loan application is processed.

Q. How is interest on RV loans calculated?

A. Like car loans, all RV loans are simple interest, meaning you only pay interest on the principal owed at the time of payment.

Q. What types of RVs will you finance?

A. New and used Class A, Class B and Class C Motorhomes, 5th Wheels, Travel Trailers, Truck Campers, Folding Trailers (Pop-ups) and Park Models. For particular makes and models, ask us for details.

Q. How much of a down payment do I typically need?

A. The typical amount down is 20 percent; however, special programs often exist that require reduced minimum down payments. Ask us about current special offers.

Q. We’re on the road a great deal, can I have my monthly payments automatically deducted?

A. Yes. Arrangements can be made through our lenders to have your monthly payment automatically deducted from your bank account. Ask us for details.

Q. Why Finance Your RV?

A. When you finance your purchase instead of liquidating assets or paying cash, you maintain your personal financial flexibility. Plus, your RV may qualify for some of the same tax benefits as a second home mortgage. Of course, check with your tax advisor, but basically to qualify for these benefits, such as the deductibility of interest on the loan, the RV must be used as security for the loan along with providing basic living accommodations such as a sleeping area, bathroom and cooking facilities. Remember, the RV is considered a qualified second residence as long as you designate it for each tax year.

Q. What Are the Advantages of Financing Through a RV Lending Specialist?

A. Down payments are lower – Although final terms are determined based on your credit profile and the age, type and cost of the RV being purchased, financing through RV lenders usually requires down payments in the 10% range.

Finance terms are longer / Monthly payments are lower – Because RV finance specialists know that RVs maintain their value and resale appeal, they tend to offer more attractive terms. In fact, it’s not uncommon to find 15-20 year repayment schedules to help you afford the RV of your dreams.

Q. How Does RV Financing Compare With Other Payment Options?

A. Borrowing against an owned home is not an option unless the money is used directly for that home. Home mortgage interest deduction is restricted to interest paid on mortgage debt used to purchase or improve a residence, or to refinance the remaining balance on a purchase or improvement. The purchase of an RV, therefore, does not qualify for this deduction. Home equity loans limit the amount of interest that is deductible, if your RV loan balance exceeds $100,000. Home mortgage interest deduction is limited to interest paid on home equity loans up to $100,000.

The Last Word on RV Financing

Your RV might actually cost you less in the end if you finance your purchase. By not tapping into your financial assets to purchase the RV, you can take advantage of attractive new investment opportunities that might come along and the earnings from those investments can potentially exceed the cost of your RV financing. The bottom line is that if you are thinking of buying an RV, you should check financing options to maximize your purchase enjoyment. You’ll be on the road enjoying your new RV before you know it!

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