Getting approved for motorhome financing can be tricky in today’s economic environment. With banks cutting back on lending and raising their loan requirements many RV shoppers are facing a serious dilemma. How can they afford to live the lifestyle of their dreams at such high interest rates?
Fortunately there is good news for even the most cash-strapped outdoor enthusiasts. RV financing is available from many lenders online at attractive interest rates. Some even offer loans with no down payment! Our guide walks through the steps to find motorhome loans quickly without the hassle of complex paperwork or approvals.
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Motorhome Financing Options
RV financing is available from a number of sources. The RV loan market has become a competitive arena for many banks and online lenders. While attractive interest rates are readily available on RV loans, consumers should review all loan terms before signing any paperwork.
Many factors should be considered before applying for RV financing. The loan term, interest rate and amount can quickly change an affordable payment into a monthly financial burden. For this reason motorhome shoppers like to use a RV loan calculator when comparing financing options.
Smart shoppers are known for reviewing all of their options before jumping into a major financial decision. Listed below are a few common RV financing options. Other alternatives are available as well and should be considered too.
Common Motorhome Financing Options:
- Local Banks or Credit Unions
- RV Dealer Financing
- Peer to Peer Lending Sites
Motorhome Financing from Peer to Peer Lending Sites
Traditional financing options such as local banks and RV dealerships have been around for ages. Recently a new financing option has come available on the market: peer to peer lending. These sites connect potential borrowers to individual lenders online.
Peer to peer lending sites offer attractive interest rates for borrowers with good or excellent credit. Since they provide unsecured personal loans there is no down payment or collateral required. And in the event of bankruptcy or financial hardship the loan obligation can be erased.
Benefits of Peer to Peer Lending:
- Low Interest Rates
- No Down Payment
- Short Term Repayment Period
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Applying for Motorhome Loans
Applying for RV loans has never been easier! Today most banks offer an online application process. Sometimes with an immediate approval decision based on a borrowers credit score. While it may be easy to apply online there are still many aspects to consider before applying for a motorhome loan.
Motorhome shoppers will need to have a copy of their most recent credit report. This is to ensure that there have been no errors made by previous lending institutions or creditors. Consumers will also need their basic information such as social security number and yearly income when applying online.
Today all banks and peer to peer lending sites use encryption technology to ensure that no personal information is compromised during the application process. This allows even the most cautious motorhome buyers the ability to shop with confidence.
Getting Approved for Motorhome Financing
Lenders have drastically increased their RV loan requirements recently. Even borrowers with good credit have found it difficult to secure financing quickly. While it may be more difficult than it use to be, it is certainly not impossible.
Borrowers today have had success getting approved for RV loans by actively managing their current debts and having adequate collateral available. For consumers that are willing to take the steps to improve their credit score and clean up their credit history, they have seen immediate improvements in their motorhome financing options.
Motorhome Loan Approval Requirements:
- Good or Excellent Credit
- Employed with Steady Income
- Significant Collateral or Home Equity
For motorhome shoppers that do not meet these criteria there are also bad credit RV loans available online. Lenders that specialize in high-risk personal loans often charge higher interest rates. These bad credit loans are also more difficult to qualify for. Comparing traditional financing options with a RV loan calculator may be helpful.
Motorhome financing doesn’t have to be a complicated process. Many consumers have enjoyed the simplicity of peer to peer lending options. Today loans are available at extremely attractive interest rates and there is no reason to be missing out on the benefits of enjoying the outdoors. Online motorhome financing has helped many families live their dreams on the road.