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How to Finance an RV Over 10 Years Old? (Things to Know)

Written by Philip Lopez / Fact checked by Paul Lemaire

how to finance an rv over 10 years old

When the COVID-19 pandemic hit, people more than ever appreciated the freedom to explore and travel. At the same time, we realized the importance of having a place that we can call home. Most individuals have begun to enjoy working remotely in the comfort of their homes – wherever that could be.

Since you are reading this, you may have also thought about getting a tiny house, a camper trailer, or a travel trailer. RVs could still cost a lot of money. This article will discuss how to finance an RV over 10 years old.

Table of Contents

Step-by-step to Finance an RV Over 10 Years Old

Step 1: Firstly, look into the used RV that you’re interested in.

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Think of it as looking to financing an RV as a primary residence, hence, you have to check its condition and price. It is also important to consider its insurance and maintenance costs and, most importantly, where you will park.

It is recommended that you set a budget to choose a financing plan that you could afford. Doing this will also help you decide on how old of an RV you can finance.

Step 2: Next, is to check with banks, credit unions and lenders.

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Research or reach out to your bank or other institutions to know about their policies and requirements in RV loan financing. They could give you an updated requirement like credit score and downpayment.

Compare their loan rates, interest rates, payment terms, length of loan, their reputation and qualification requirements. Some banks and other institutions would extend RV loans for older RVs. Decide and choose the institution and policy which is most ideal for you.

Step 3: Provide income proof and credit score

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It is also recommended that you save up for the downpayment – the bigger, the better. The average is about 20%.

It is also best to prepare your proof of income and check your credit score standing. A good credit score makes it easier for a loan to be approved.

  • It is possible to get a zero-down RV financing.

To know if you qualify, apply for a pre-approval to the bank or lender of your choice. They will review your qualification specifically in terms of finances and will let you know if you qualify for a loan.

Most lenders allow this when you have a good credit standing, don’t have a debt and can provide a collateral. The RV itself can be your collateral which means the lender will repossess your RV if you are not able to pay your loan.

Now, to the important part, you need further information about the RV loan calculator to know how much you need to borrow and how much it will cost you monthly.

How Old Can You Finance an RV?

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Most banks, credit unions and lenders would finance a motorhome that is 10 years old or younger.

However, there are some that would still finance 12 to 15 years old RVs. It is your task to search for an institution who is willing to finance a camper that is up to 20 years old.

Since this can be difficult to find, some individuals find other ways for older RV financing such as personal loans.

1. Loan Comparison Chart

You can look or inquire with other institutions regarding their rates and qualification requirements. The chart below are a few institutions that finance a used RV:

Institution Maximum RV age Minimum Credit Score Loan Amount Interest rate Maximum Loan term
Alliant Credit Union Less than 15 years old Not disclosed $400,000 6.49% 20 years
Bank of the West 10 years old Not disclosed $10,000 to $2,000,000 4.39% to 9.99% 20 years
Great RV Loan 15 years old Not disclosed $10,000 to $2,000,000 3.99% to 17.95% 20 years
LightStream Bank 10 years old or older 660 $5,000 to $100,000 5.99% to 19.74% 84 months
SouthEast Financial 15 years old Not disclosed $4,000,000 Starts at 4.24% 20 years

Most institutions do not disclose the credit score criteria to qualify for a loan but some suggest that a credit score between 650 to 700 would be ideal.

Please note that the information provided above may change or vary depending on the institution’s policies.

2. Pre-owned RV funding sources

As discussed above there are two major funding sources you can consider older RV financing.

  • Banks

Most banks finance newer RVs but it is still good to check with your bank if they can give you an RV loan for older RVs. If you have a good standing in your bank, they’ll probably extend their loan policies.

If you are a veteran or in the military, it is recommended that you consider the USAA RV loan. It offers better rates and terms.

  • Credit Unions

Credit unions usually are the ones who finance older RV loans. However, these institutions would check your credit scores and may have higher interest rates.

FAQs

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Who should get an RV loan?

Given the qualification requirements and that this is still a form of “borrowing money” and is generally considered between auto and housing loan, individuals who wish to get a used RV loan must have a stable financial status.

You will have to prove that you have the capacity to pay for the loan over an agreed upon period of time.

How long can I finance an older RV?

The length of time would depend on how much you can afford as well based on how much you’ve paid as a downpayment. Most financial institutions allow a loan term of 20 years.

What is a good interest rate for a used RV?

Just the same, a good interest rate will depend on how much you could actually afford. Naturally the lower the interest rate, the better. It can be as good as 4.49 % if you have an excellent credit score.

However, interest rates will also depend on various factors such as the condition of the RV and your credit score.

Conclusion

RV financing older than 10 years isn’t that easy. The steps on how to finance an RV over 10 years old is a bit more complicated. However, just like financing any RVs, you should calculate thoroughly to check if you could afford getting the loan.

It is also critical to check on the institution’s reputation, interest rates, warranty periods and loan terms. As long as you have a stable income and good credit score, it will be easier for your RV loan to be approved. I hope this article was able to help you! Good luck on your journey!

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