Interest rates for RV loans typically start around 7%, though some lenders may offer rates as low as 6%. These interest rates can go as high as 18%. However, the interest rate you get for your RV loan depends on several factors, including RV loan terms and your credit score. These factors are discussed in the following sections.

• Short-term loans: Some lenders offer loans that take two to seven years to pay off. These loans have high monthly payments that shorten the time it takes to pay the loan off. A short-term loan may sound like a great idea, but check if the high monthly payments fit your RV budget.
• Long-term loans: Many lenders offer long-term loans that take 15 to 20 years for buyers to pay off. That may sound like a long time, but these loans allow for low monthly payments that may fit your budget. However, if you take on a long-term loan with a typical interest rate for an RV loan, you could end up paying more than your vehicle is worth over time.

• Credit Score: Lenders are more likely to grant you an RV loan if you have a good credit score. They prefer buyers with good credit scores because that means lower financial risk for them. If you have good credit, you most likely pay off your loans, and the lender can trust you to pay off your RV loan. Lenders prefer to approve RV loans for people with credit scores ranging from 690 to 700.
• Debt-to-Income Ratio: This ratio determines how much money you bring in (income) versus how much money you spend in ongoing payments (debt). Lenders prefer RV buyers with low debt-to-income ratios because they have more money available to pay off the loan.
• Comparable Credit History: Lenders want to know if you have paid off similar loans before they approve your RV loan. While they’re not exactly the same, house and auto loans could help you prove your credit history to your lender.

To refinance your RV, start by gathering your current loan information and financial details. Finance Solution will then guide you through the process, presenting your application to lenders to secure better terms and ensure a smooth refinancing experience.

• Down payments are lower – The final terms of each loan will be determined by factors such as credit score, the condition of the unit being purchased, and down payment size (usually 10%).
• Finance terms are longer – Recreational vehicles are assets that maintain their value and resale appeal. This means they tend to offer better terms. It isn’t unheard of to find repayment periods of 15-20 years for some units. This makes the RV of your dreams within your reach.
• Preserve cash – Financing allows owners to keep more money in their bank accounts. For a new RV owner, you will need it for other expenses that come with buying an RV such as insurance, registration, fuel, internet access, cable or satellite TV, parking, and meals on your trips.
• Financing may cost less – By not using financial assets to purchase a new RV, owners have more cash to invest in other opportunities. The earnings from these can potentially exceed the cost of your RV.

Offering RV insurance helps protect customers from costly repairs, maintains the resale value of their RV, and provides peace of mind by covering damages and routine maintenance.

Outsourcing RV insurance increases profits through loan approvals and warranty sales without the cost of hiring in-house staff. With Finance Solution, you have a team of professionals available year-round, ensuring your F&I needs are covered, even when in-house staff is unavailable.

Relying on a single F&I specialist can create bottlenecks, limit expertise, and increase vulnerability to turnover, which may result in lost sales and customer dissatisfaction. High workloads can lead to burnout, reducing service quality and raising compliance risks due to potential errors. Outsourcing F&I with Finance Solution provides access to a team of experts, ensuring efficient, reliable service even during high demand.