RV Loans – The INSIDE Story, what YOU need to know before…

RV Loans – Securing the BEST deal… (Part 5 of a “How to” buy a RV Series”)

It’s fun to dream isn’t it? Many folks shop for RV’s, sometimes for years dreaming of the times they’ll have the lifestyle they’ll live. For many, turning that dream into reality requires a loan as RV’s (especially new RV’s) are a big ticket item.

Note: Following the suggestions in the following video and the information written here can help to save you THOUSANDS over the life of your RV loan.

RV loans are categorized as recreational loans. The significance of this designation is addressed in my video below… (after the video join me below the video as I share a few summary thoughts – and as always, feel free to add yours below using the reply feature on this page.)

Summary thoughts:

  • Lenders are looking to issue loans to people whom they believe will pay them back! 
  • The better your credit score and debt:income ratio, the less you’ll pay for your loan
  • Credit unions and banks each have advantages to borrow from
  • Recreational loans incur a higher rate than auto loans, but typically run for a longer term
  • Loan interest on RV’s is potentially tax deductible – know your situation and relevant tax laws before doing so!

Join in on the discussion…

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Missed any of the “How to buy an RV” posts? Click HERE to get to the first post and review the entire series!

Already own an RV? Limit your exposure (yep, they do break!) with an extended service contract – here is MY STORY

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RV Loan Update (Dec 2017)

The FED has raised rates at least twice since I made this post. What this means to you is rates have gone up AND due to the number of folks who have extended their credit to the breaking point, lenders are being even more careful about giving out long term loans for RV purchases.

If you want an RV LOAN with the LONGEST term and LOWEST rate – be sure to have the best debt:income ratio you can present (that means PAY DOWN LOANS) and IF you have any “strikes” (collections, etc.) – be sure to get them resolved AND then check with each of the 3 credit reporting agencies (Experian, Trans Union, Equifax) BEFORE applying for your RV loan.

Lastly – if you’re looking for an RV and would like an expert guide by your side – our Concierge Buying Service may be for you.

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33 thoughts on “RV Loans – The INSIDE Story, what YOU need to know before…”

  1. I have no clue if you would still answer this, as this is an old and possibly abandoned post, but i have to try. I am looking to purchase a relatively inexpensive rv, with a loan of only $8000, however my bank wants an rv purchase agreement. I don’t have a printer so I can’t just print out this form, where would i find such a form? was the bank supposed to give it to me but just forgot?

    • What you need is a sales order (sometimes called a purchase order). The RV dealer or whomever is selling it to you should be able to generate this. It serves as a legal document indicating what you’re paying for the RV and to whom. Al

  2. Hi Alan,
    I just came across these and other videos because I’m getting a Flagstaff RV travel trailer it’s actually being transferred from on of the other dealers sites here in TX. I was wondering about the rebates for gas and grocery you mentioned. I will be a newbie out there but i drove a TT for about 4 -5 yrs after being discharged from the USA and grew up in a farm pulling equipment four many years starting at a very young age. Duo not a newbie as far as driving or towing/backing anything. The reason I have made this choice is to be able to go visit my kids with out having to stay at a hotel and then have to eat out every meal. The bad thing is in 1998 I was diagnosed with MULTIPLE SCLEROSIS and the medicine I’m on is a shot every two weeks and that kinda makes me feel bad for a few days after taking it. Sorry got off track but my thinking is that if for some reason I start feeling bad I could pull over and be comfortable where ever I’m at. I plan to secure my generator in the rear of my truck. So i just need to make sure I have plenty of freshwater and I should be fine. Also this way I can go visit without disturbing them or myself because in my last career I was a Plant Mgr. and I have had all the airplane/airport C&@P from being a frequent flyer top tier person on three if not more the same with hotels and that was before all the news coming out about issues in the air. Thanks Steve

    • Steve, I will have an invite sent to you from Amex for the card that has great savings. As to your Flagstaff purchase, have you taken possession of it yet? Al

  3. Hi Alan, I really have enjoyed your Channel. What can you suggest to look for when searching for a loan. Also, please send me the credit card info that’s saving you so much money.

    • Donna, thanks so much for your kind words. I took the liberty of having Amex send you an invite to the card that saves me 3% on gas and 6% on groceries. It is a fee based card (75./year), but I’ve received multiples of that back – and they credit direct to the account so you don’t have to jump through all kinds of hoops to get the money back. As to searching a loan – contact a few lenders and see what they’re rates are; have a good idea of your actual FICO score before asking. Don’t let them pull your score unless you’re pretty serious about using them as a lender. As I’ve said in my videos, credit unions typically have better rates, but shorter terms – hence the monthly can be higher than a banks rate/term.

    • Tony, I believe you’re asking about my amex card. I took the liberty of having them send you an invite to your email address. If that’s not the one, let me know – this is the one that gives you 6% back on groceries and 3% back on fuel – rebate applies direct to their bill. To date, I’ve saved over 500. on my purchases! (Anyone else reading this, please send me your email so I can generate a referral on this card. It also gets you a superior offer from them as well.)

        • done! sorry for the delay. been a few days since i logged in here and for some reason, your message didn’t hit my ‘inbox’. al

      • Allen,
        Would very much appreciate the info on the AmerEx card you talked about. Love your channel and looking forward to our new 5th wheel very soon. Thank you!

        • Michael, I took the liberty of having Amex send you the offer. They will mail it to your email address. Let me know how your search for your 5th wheel is going. What part of the nation are you in? Al

      • Thanks for so many Great Tips on RV’s. They are much appreciated. We are going to be looking into some new 5th wheels very soon, but we also wanted to increase our credit score, so I would like to ask if you would forward my Email Address to the Card Company you spoke of, that offers 6% and 3% cash back on specific purchases. THANK YOU much.

      • Thank you so very much for the information you have presented, too many time information is either incomplete or inaccurate.
        Specifically the American express card please, which is what I am interested in, if you could please forward or include me.
        Yep insurance companies absolutely love my e mail, lol
        Thank you

  4. Hello, I was wondering what the typical term is for an rv loan. Is it 10 years, more, less? I am just starting to investigate full time rving for my family and would love any insight. Thanks so much!

    • The length of the term is based upon a few factors: The amount of $ you’re borrowing (the more you borrow, the longer a term you can get – up to 20 yrs); your credit score (the better it is, the longer they’ll loan for); the age of the RV you’re looking to buy (the older it is, the shorter the term you’ll get – especially over 5 or 6 yrs old). Hope this helps. Al


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