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FAQ

What Credit Score Do I Need for an RV Loan?

Most lenders require a minimum credit score of 600-650 for RV financing. However, scores above 700 will qualify for the best interest rates. Some specialized RV lenders may work with lower scores but at higher rates.

How Much Should I Put Down on an RV?

A down payment of 10-20% is typical for RV loans. Larger down payments (20% or more) can help you secure better interest rates, lower monthly payments, and avoid being underwater on your loan.

Can I Finance a Used RV?

Yes, most lenders offer financing for used RVs. However, the RV typically needs to be less than 10-15 years old, and loan terms may be shorter than for new RVs. Interest rates on used RVs are often 0.5-2% higher than new RV rates.

What's the Maximum Loan Term for an RV?

RV loan terms can extend up to 20 years (240 months) for new, expensive motorhomes. However, most loans range from 10-15 years. Longer terms mean lower monthly payments but significantly more interest paid over the life of the loan.

Is RV Loan Interest Tax Deductible?

If your RV has sleeping, cooking, and toilet facilities, it may qualify as a second home, making the interest potentially tax deductible. Consult with a tax professional to determine your eligibility based on current tax laws.

Should I Finance Through a Dealer or Bank?

Compare offers from both. Dealers may offer promotional rates, but banks, credit unions, and online lenders often provide more competitive rates. Credit unions frequently offer the best rates for RV loans, especially for members with good credit.

References

Government Resources

• Federal Trade Commission - Vehicle Financing Guide
• Consumer Financial Protection Bureau - Auto Loans
• USA.gov - Buying a Vehicle
• IRS Publication 936 - Home Mortgage Interest Deduction

Industry Resources

• RV Industry Association (RVIA)
• National Automobile Dealers Association (NADA) - RV Values