Recreational Vehicle Loan information and rates.
Do you dream of owning your own RV (Recreational Vehicle). Imagine the vacations and fun adventures your family could have. Taking to the open road, stopping whenever you please, not worrying about hotels, just going. The question remains, how could I pay for our home on wheels? The obvious solution is an RV loan.
What are the loan repayment terms on RV loans?
Repayment terms on RV loans are usually 5 years, 10 years, or 15 year loan terms. If you have your heart set on a larger more expensive RV, many banks and credit unions will offer 20 year terms.
How much are RV loan interest rates?
Typically you have options available to consider. One would be a fixed interest rate which remains the same throughout the length of the loan. Another option offered is an adjustable rate loan. This type of loan offers an initial lower interest rate that makes your payment lower, allowing you the possibility of enhancing your newly acquired RV.
Are there any fees for RV loans?
There are fees involved with RV loans. Although fees vary by lender, the standard fee is a percentage of the loan amount (points). An RV loan of $40,000 having a 1 point fee (1% of the loan amount) would result in a fee of $400.
What about down payment requirements?
Most banks and credit unions expect a 10 – 20% down payment. There are some lending institutions that will finance your RV for as little as 5% down.
Always contact multiple lenders when shopping for RV loans. Interest rates and fees vary widely by lender. Contacting multiple lenders will ensure that you receive a competitive loan package and prevent you from paying thousands of extra dollars in interest charges.
Latest RV Loan News
In response to inquiries, Bank of Internet USA (the “Bank”), subsidiary of B of I Holding, Inc. (NasdaqGM:BOFI – News), today announced that it has funded RV Loans for the first time in March. In October of 2006, B of I announced its intention to focus lending efforts on home equity loans and start a recreational vehicle lending program.
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