“Anyone who is interested in shopping for an RV should not let fears about credit availability deter them,” said Richard Coon, RVIA president. “For the great majority of people who pay their bills on time and honor their loan commitments, there is money in the market to finance an RV.”
Consumers typically arrange a loan through an RV dealer, who can provide on-the-spot financing through a lender. Local banks, finance companies and credit unions also offer RV financing in many cases.
Terms for RV loans can extend up to 20 years and the average down payment is 12 percent. An RVIA survey of lending portfolios held by financial institutions shows that the median term for new RV loans is just over 18 years for new RVs and 17.5 years for used RVs