5 Things to Know About RV Loans

rv loans


Recreational vehicles can inspire you to routinely escape into a natural world of wonder, but this blissful journey usually starts with figuring out RV loans and how to go about them. 


Securing the best RV loans can help you reduce expenses and maintain financial stability while getting the features you always dreamed of in your motorhome. 


That said, there are many factors that influence the terms of your motorhome loans, so you have to consider these in order to get the best deal. 


Here are 5 things you should keep in mind when researching loans for your RV.

1. Types of RV Loans

The first thing you need to consider is the type of loan you can get to finance your RV. While some institutions may offer specific RV loans, the type of credit usually falls under one of the following categories:


  • Unsecured Loans: Unsecured loans, also known as personal loans, are credit lines that don’t require you to place any collateral. In other words, you don’t have to offer up any assets to cover the loan in case of an emergency, so this type of credit line is issued based on your credit history. 
  • Secured Loans: Secure loans require you to place one or more assets as collateral in case you can’t pay your loan for any reason. The advantage here is that the RV you’re purchasing can actually work as the collateral. 

2. Finding Lenders for an RV Loan

When it comes to RV loan lenders, you usually have three different alternatives. These are:


  • Online lenders
  • Traditional financial institutions like banks
  • RV dealerships


Traditional institutions like banks may offer better RV loan rates, but their requirements are usually stricter than online lenders and dealerships. 

3. Qualifying for RV Loans

How do RV loans work? The simple truth is that they’re similar to any other credit line you can get for a big purchase. 


  • Eligibility Requirements: You should assess your credit and ensure it’s in the best possible shape before applying as this will help increase your eligibility. 
  • Loan Term: Consider the loan term and make sure you’re comfortable with the financial commitment over the required timeframe. 
  • Finding a Lender: The best lender varies based on your personal requirements, so assess your family’s needs and choose a lender based on the most important aspects. 

4. Improving Your Approval Chances

Getting easy RV loans depends heavily on your credit and financial standing. Here are some tips to improve your chances of getting approved.


  • Reduce debt-to-income ratio and take other steps that increase your credit score 
  • Save a downpayment, the bigger the better!
  • Use a calculator for RV loans and get pre-approved, if possible

5. Tips for Managing RV Loan Payments

Let’s go over some tips to help you stay on top of your loan payments.


  • Setup automatic billing to avoid missing payments
  • Create a payment plan as part of your budget
  • If your loan allows, make extra payments where possible

Looking for Your Next Adventure? Get Started at Kirkland RV

Choosing the right RV loan will likely determine the size and features in your motorhome, so it’s important to understand the different financing options and select the best one for your family.


Besides deciding on the best type of loan, remember to work on your eligibility and follow steps to stay on top of your payments, like the ones listed above.


Do you feel the outdoors calling your name? At Kirkland RV you can find the best motorhome regardless of your budget. 


Happy RVing!