How Does RV Financing Work for Buyers?

Finding a quality lending partner to provide your customers with affordable payment options is a critical decision for your dealership. Similarly, when your customers decide to invest in an RV, they need to consider their options for financing their purchase. Every person is unique with their financial history, and there are many different factors involved in financing an RV. Let’s take a look at how RV financing works for buyers so that you are better able to assist your customers in making smart financial decisions.

Loan Length

Short-term vs. long-term loans are something that every customer will need to consider. Short-term loans typically result in higher monthly payments than long-term loans, but the loan will be paid off in a shorter amount of time. For higher-priced RVs, loans may range from 10 to 15 years. While long-term loans may be appealing to some because of the lower monthly payment, it is important to compare interest rates across different loan options.

Credit History

A customer’s credit history has a large impact on their ability to be approved for a loan. Buyers with outstanding debt and a low credit score can have difficulty in finding a lender that will work with them. However, certain lending partners, such as Medallion Bank, specialize in financing customers with past credit challenges, A non-prime recreation lender can help borrowers who are on their way to prime credit.

Non-Prime RV Financing for Dealers

At Medallion Bank, we recognize that not all people who need loans will have perfect credit scores. We have a fast and easy approval process, making it easier for you to sell more recreational vehicles and increase your revenue by expanding your target audience to people that have had credit challenges in the past. If you are interested in doing business with the nation’s leading non-prime recreation lender, please contact us today.