But if you buy a higher-value RV, such as a Class A or Class C camper, Truist requires the loan to be secured, with the title of the rv as collateral. If you plan to get an RV loan from a lender of your choice rather than through the dealer, you can apply and get pre-approved before buying your CAMPER. Your lender can offer you a few different Trailer Financing term options, so that you can decide for yourself on which term you will repay the loan. For smaller RV loans, the terms can only be for two or three years, while larger RV loans can have maturities of up to 10 to 20 years. Interest rates are usually fixed, so your payments will remain consistent throughout the life of the loan.
In addition to banks and other traditional financial institutions, there are also online lenders that specialize in recreational vehicle loans. Many banks, credit unions, and credit card companies offer free credit score monitoring as a service. But if yours doesn’t, you have the right to check your credit score once every 12 months for free. If you’ve already taken advantage of your free option, you can pay for an Equifax or TransUnion subscription to check your score. For example, Truist Bank, formerly SunTrust Bank, offers unsecured loans for the purchase of recreational vehicles, including RVs and towed trailers, in amounts between $5,000 and $100,000.
The terms of your loan are unsecured and are subject to our verification of your identity and credit information. To get a loan, you must submit additional documentation, including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including the purpose of your loan and our assessment of your creditworthiness.
Come to us and we will let you know what we can do for you and your camper dream. Many credit unions, banks, and RV dealers offer RV loans and RV financing options. Like other loans, you’ll need to fill out an application, provide your personal ID, and other documents that the lender will review to see if you qualify. We’ve partnered with the country’s leading RV financing providers to bring you the most flexible RV loan options and help you ensure a competitive rate.
Be sure to research all three options, as loan rates and terms can vary. However, credit unions tend to offer the best rates and low or no rates. Cons: Second-hand motorhomes are naturally less expensive than newer models, so buying second-hand can help you stretch your budget. Pricing: While a used rv is usually less expensive than a newer model, it can be difficult to know what a fair selling price on the market should be. Before you buy, research the brand and model you are interested in to find out their current market value. The Blue Book on Recreational Vehicles is a good online resource for estimating the current market value of most autonomous and towable recreational vehicles.
However, like personal loans, APRs are higher and their borrowing capacity may be limited. Many credit unions offer recreational vehicle loans and personal loans that can be used to purchase recreational vehicles. According to data from the National Association of Credit Unions, credit unions charge lower average rates than banks. If you want to buy a motorhome, you may need to finance the purchase through a RV loan. Because RVs are a little different from typical vehicles, not all banks offer financing for RVs, and those that do often have strict loan limits with vehicle and borrower requirements. Be sure to complete loan applications, receive offers from multiple lenders, and compare them before making a decision.