![]() To save money on interest payments, RV buyers should save at least 20% down payments for their RV. Some lenders that are specialized in RV finance may reduce the down payment to 10% to 15%, but the interest rate is generally higher with these types of lenders. Most lenders require a downpayment of 20% or more. How much down payment is required for an RV loan? The average repayment period is from 10 to 15 years, but many lenders are willing to extend the term up to 20 years for qualified buyers with collateral and loan amounts exceeding $50,000. To justify the risks of nonpayment, the interest rate for an unsecured RV loan is much higher and the repayment term might be shorter. If the borrower stops making payments, the lender will repossess his RV.Īn unsecured RV loan does not use the RV as collateral so lenders cannot repossess the RV when the borrower defaults. A secured RV loan uses the RV as collateral. Lenders want to see if the borrower is in good financial standing to repay the loan plus interest. They will also need to provide income proof, assets, and any debt they may have. Yes, RV loans are harder to get approved than auto loans because RV loans are more expensive and lenders have a higher requirement for RV loans.īorrowers must have a good credit score with a sizable down payment to apply for an RV loan. A typical RV loan can last 10 to 15 years, whereas most auto loans are shorter than seven years.Īre RV loans harder to get than auto loans? Since an RV loan is usually much larger than an auto loan, the repayment term is also longer. Some recreational vehicles cost tens of thousands of dollars in some cases, an RV loan is almost the size of a home mortgage. However, RV loans are much larger than typical auto loans. Like an auto loan, RV loans usually have fixed interest rates meaning your monthly payments will stay the same through the course of the loan. The borrower will then pay back the lender in installment payments which contain principal and interest until the loan is paid off.Īn RV loan is like an auto loan with subtle differences. Our service advisors would be more than happy to assist you! Genesis Automotive & RV Repair is your one-stop-shop for all of your car and RV customizations, RV repairs, and auto repair in Tacoma, WA.An RV loan is a loan that helps borrowers buy a recreation vehicle or RV. If you’re in the area and you’d like to schedule an appointment in person, feel free to visit us on 6220 S. Or if you have places to be, we can provide you with a free loaner car while your car is in our shop! Make an Auto or RV Repair Appointment Today!įeel free to give us a call today at 25 or schedule your appointment online and we’ll be happy to answer any auto repair questions you may have. Our friendly staff is always here to assist you in any way possible, and we are happy to answer all of your questions or pour you a cup of coffee while you relax in our customer lounge. Whether it’s a preventative maintenance service or a transmission repair, know that only the best is ever going into your vehicle. Our certified technicians utilize state-of-the-art tools and components, as well as their years of experience, to provide any service your vehicle may need. If this list is approved by you, then our technicians get to work. With that information in mind, they’ll provide you with a custom list of services that aim to solve the problems your vehicle is experiencing. They’ll learn about factors such as your driving habits, the issues your vehicle is experiencing, and your spending limit. Our advisors take the time to understand what exactly is going on with your vehicle. When you bring your vehicle to Genesis Automotive & RV Repair, you can count on our expert advisors and service technicians to ensure that your vehicle only receives quality repairs. Fast & Friendly Service with Free Loaner Cars
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