RV Financing
Purchasing an RV represents a big investment for even the most experienced RVer. If you're buying your first RV, the many loan options and extra requirements may seem overwhelming at first. Fortunately, your ROUTE 66 RV Network dealer offers you the experience and know-how to make the process a whole lot easier. Plus, with a combined buying power of more than $1.8 billion, our network has relationships with the top RV lenders so you can be confident you'll receive the most competitive interest rates available.
The actual purchase of your RV will be dependent on your ability to get credit approval. Credit approval and interest rates for RV loans are dependent on a number of factors, including:
- Your overall credit history
- Your ability to make timely payments
- Proof of income
Unlike cars, RV loans have extended terms...anywhere from 10 to 15 years on new, large RVs to eight plus years on used RVs. Plus, for most RV owners the interest on their loan is tax-deductible as a second mortgage. To qualify, the RV typically must be used as security on the loan and be equipped with basic sleeping, toilet and cooking facilities. Check with your accountant for specific details.
Have more questions? Check out our Frequently Asked Questions below or better yet ask your local ROUTE 66 member dealer. With an average of more than 30 years in the industry, our member dealers are ready and willing to provide you the answers. In fact, many first time RVers come to us to check out their financial options prior to starting their shopping experience.
That's what we're here for, so drop by your local ROUTE 66 dealer today.
Frequently Asked Loan Questions
Q. How is my interest rate determined?
A. Rates of interest vary and are dependent on many factors including, but not limited to, total loan amount, your down payment, your credit profile and the age and value of your RV. ROUTE 66 member dealers have relationships with many of the top RV lenders in the industry and can provide you complete information once your loan application is processed.
Q. How is interest on RV loans calculated?
A. Like car loans, all RV loans are simple interest, meaning you only pay interest on the principal owed at the time of payment.
Q. What types of RVs will you finance?
A. New and used Class A, Class B and Class C Motorhomes, 5th Wheels, Travel Trailers, Truck Campers, Folding Trailers (Pop-ups) and Park Models. For particular makes and models, ask your local ROUTE 66 RV Network dealer for details.
Q. How much of a down payment do I typically need?
A. The typical amount down is 20 percent; however, special programs often exist that require reduced minimum down payments. Ask your local ROUTE 66 dealer for current special offers.
Q. We're on the road a great deal, can I have my monthly payments automatically deducted?
A. Yes. Arrangements can be made through our lenders to have your monthly payment automatically deducted from your bank account. Ask your ROUTE 66 dealer sales representative for details.