FAQ About RV Loans and RV Financing

What will my interest rate be?

Your interest rates are determined by several factors including the loan amount, finance terms, and your credit history. Interest rates do change often due to bank portfolios and changes made by the Federal Reserve. PRC RV Financing offers the lowest interest rates and most favorable finance terms on the market. Shop and compare, you will see we can save you thousands on the life of your RV loan.
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What will my loan terms be?

Loan terms vary with the loan amount and the age of the RV. Most loans of $10,000.00 to $99,000.00 range from 8 to 15 years. Loans of $100,000.00 and over can be financed for 20 years. Click here to view finance term of your RV.

How much of a down payment do I need?

As a general rule, most RV lenders require between 10 to 20 percent down. Your donw payment may vary depending on the cost of the RV you want to purchase, and your credit history.

What type of recreational vehicles are eligible for financing?

You can finance new and used motorhomes, travel trailers and fifth wheels.

Will my personal information be safe and secure?

Yes. Every precaution is taken to ensure your information remains absolutely confidential. Your personal information will not be shared with any individual or organization not directly involved in processing your loan.

Is the interest on my RV loan tax deductible?

It is possible that the interest on your RV loan is deductible as second home mortgage interest. To qualify, the RV must be used as security for the loan and must have basic sleeping, cooking and toilet facilities. Many motor homes, travel trailers, fifth wheels, truck campers, and even some tent trailers are equipped with these facilities. For more information, you can contact your tax professional or the IRS.

When will my first payment be due?

Your first payment is typically due 45 days after your RV loan has been funded.

Can I make extra payments on my RV loan?

Yes, there is no prepayment penalty on "simple interest" loans. You may choose to pay down your loan or pay off your loan at any time without a penalty. However, you must always make your regular monthly payment.

Can I refinance my existing RV?

Yes, you can refinance your current RV loan at a lower rate and save thousands over the life of the loan.

Can my payment be automatically deducted from my checking account?

Yes. Just inform us of your payment preference during the loan process and we will take care of that for you.

Can I get pre-approved for an RV loan?

Yes. In fact, there are many advantages to getting pre-approved for an RV loan. If you're shopping for a new or used RV, a pre-approval will demonstrate to your seller that you are a serious buyer and give an advantage in negotiating the best price possible. You can make an offer without having a finance contingency and close quickly. Pre-approval also allows you to address any issues on your credit report, find out the loan amount you qualify for and, consequently, more effectively search for an RV you can afford. Keep in mind: Your interest rate and finance term is locked in for 30 days after receiving an approval.

How do I get started applying for an RV loan, and how long does the process take?

First, completely fill out our credit application. Call if you have any questions as you do so. Second, fax it back. Typically, you will receive a decision within 24 hours, after which, you will be offered an interest rate, finance terms and monthly payment. If you accept your loan offer, you will receive a loan contract and all associated paperwork via Federal Express Upon your receipt of these materials, they will be thoroughly reviewed with you prior to your signing. You then return the loan papers via Federal Express using the return envelope provided. They will then be sent to the bank for funding, which could take one to three days.

We hope this information has answered all of your RV loan and financing questions. If not, please email or call to receive the answers you need.


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