How to Finance a Motorhome
Recreational vehicles, such as a motorhome, are financed through a RV loan. These loans are available through various financing companies as well as many RV dealers. Motorhome loan credit requirements are strict, according to Bankrate.com, as RVs fall under a luxury item designation. Your interest rate depends on several different factors, such as how good your credit score is and what the current auto loan rates are. The RV loan rates aren't identical to regular automobile loans, but they are often close.
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Instructions
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Research your financing options. RV dealers, commercial banks, credit unions and RV and luxury item financing companies are all valid options for financing a motorhome. Check the interest rates, maximum loan amounts and loan term options with each company.
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Fill out the financing application with the company you select. You can apply with several different financing companies to compare rates, special offers, incentives and payment terms.
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Go to the RV dealership. If you already have a financing option arranged, you may be able to negotiate better rates, incentives and terms with dealership financing. Select your RV and either work out financing through the dealership or contact the financing company that offered you the best rates to arrange the RV purchase.
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