An RV loan is a type of financial product made to assist in financing the purchase of a recreational vehicle.
Things to keep in mind when choosing an RV loan1. Interest rate, as low as it is, the better for you as you pay less interest on the loan in longterm
2. maximum loan amount as RVs are quite expensive so more money is better
3. requirements of credit score, if your score is low, you have bad credit and can get a loan for a high-interest rate, increase your score first before getting an RV loan
best RV loans in 2022
1. Alliant Credit Union-Starting interest rate: 5.09%, Maximum Loan Amount -$400,000
2. Southeast Financial-Starting interest rate: 5.49%, Maximum Loan Amount - $75,000
3. Bank of the West-Starting interest rate: 4.74%, Maximum Loan Amount - $2,000,000
4. LightStream-Starting interest rate: 4.49%, Maximum Loan Amount - $100,000
To apply for a loan, You'll need to gather a few papers and details in advance, such as your name, address, and Social Security number, as well as information on the kind of RV you intend to buy and how much cash you'll need
You'll probably need to start saving for a down payment of at least 10% to 20% before applying, please work on increasing your credit score to get a loan for low interest.