RV Travel Trailer Financing

Just like all major decisions, when considering the financing for your RV or travel trailer, there is no such thing as too much research....

Buying an RV is like purchasing a second home.

After all, an RV is a little house on wheels!

And, just like when you’re buying a home, you’ll need the proper financing.

While interest rates won’t be as high as mortgage rates, it still pays to be prepared and informed when deciding on your financing.

There are several things to consider before applying for an RV loan, so you’re prepared when it comes time to pick your dream RV.

Know your credit score

     Because RVs are actually considered a luxury item, you’ll need to have a decent credit score to qualify for the loan. Most places will require you to give statements about your personal finances. Just like with buying a car, if your credit score is lower, you might need to make a bigger down payment or pay higher interest rates. Different loan providers will require different scores, but be prepared for a credit check no matter who is providing you with the loan.

Know your lender options

     This is a big one. There are three main places you can apply for a loan to purchase your RV: a bank, a credit union or a finance company. Each has pros and cons, but all offer great reasons to finance through them.

Credit Union

      Credit unions are becoming increasingly popular, with their focus being on providing superior services to their members. Because credit unions are, in effect, owned by the members, they typically provide more flexible loans and lower interest rates. However, you must be a member to reap these benefits. While becoming a member at credit unions has become easier, you may need to be in a specific area or work a specific job to qualify to be a member. Credit unions, because of their smaller size, might not have as many loan options as banks.


      Usually considered the first option for loans, banks offer several benefits. They’re typically larger, so they can offer a wide variety of services. If you already bank with a specific company, you may know how they work and be more comfortable with the process. However, their interest rates might be higher and they might be stricter with what qualifies you for a loan.

Financial Companies

     If you suffer from a low credit score and can’t get financing at a credit union or bank, a privately run financial company may be the best choice for you. These companies typically offer high-interest, low down payment loans to people with questionable credit history. While you may pay more money overall, the benefit is that at least you’ll qualify for a loan through them.

Weigh all your options

      It’s easy to get excited about purchasing an RV and accepting the first option given to you. However, it’s more beneficial overall if you take the time to do research and add up overall costs for all your options. One financial offer may seem to be the best upfront, but if considered for the whole term of the loan, may not be as beneficial.

Just like all major decisions, when considering the financing for your RV or travel trailer, there is no such thing as too much research. The better you prepare yourself and examine your options, the better prepared you’ll be when you buy your RV.

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