Introduction to RV Loans

Recreational vehicle loans (boats, RVs, Atvs, etc.) are usually through the boat or RV dealer, but smarter borrowers get pre-approved for their RV loan with their own bank - this way they can get a better interest rate, and often, better terms on the loan. Typically, retail RV dealers will add 1-2% interest on any loan they approve - they're really acting as middlemen on your RV financing.

My husband and I got our loan for a 23 Foot Sunseeker (by Forest River) through the dealership and we are currently paying a 8% interest rate. We found out later that we would have paid a 7% interest rate on the loan if we had got pre-approved for the loan with our local bank prior to purchasing the RV. Oh well - a lesson learned.

Used RV Loans

Usually you will find loan applicants using the Internet to find an online lender that provides lending for used used RV's and motorhomes - why? Because the many traditional banks will approve your loan for a used RV. They don't want a depreciated RV on their books as collateral and there is a reason for it. Most borrowers fail to make payment on a loan within the first 3 years of signing the lending agreement. Within this time frame the banks, private lenders, and/or credit unions can recoup most of their money with a reposession on an RV that is only 2-3 years old. It's really just simple mathematics.

The authors of Ohioloanfind.com are experienced (some have decades) loan officers and financial underwriters that can help you find any kind of loan or financing, and just recently they have been discussing RV loans in detail. You can find these articles by using our search function.

We wish you all the best.

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