How to Finance an RV

How to Finance an RV
Once you finance your RV, you can vacation anywhere you like.

Step 1

Order a copy of your credit history. The bank will want to see that you have a solid credit score, so know what yours is before you seek financing. Make improvements if necessary. The better your credit score, the lower the interest rate on the loan.

Step 2

Gather money for a down payment. While some banks will offer "no money down" options, cautions that most lenders want a minimum down payment of 10 to 20 percent when financing an RV purchase.

Step 3

Call the banks in your area to learn what options they have for RV financing. Then, visit the dealership to learn what their options are. Choose the financing that has the best interest rate combined with low fees and reasonable terms.

Step 4

Speak with the chosen lender about the length of the loan. Most lenders will offer RV loans for up to 20 years. Choose a loan term that will give you payments you can afford.

Step 5

Show the lender your proof of income, such as your tax returns for the past two years. They need to see that you have sufficient income to make the monthly payments.

Step 6

Fill out the paperwork for pre-approval. This will help you know how much you can afford to spend and also give you a bargaining tool when you head to the dealership.