How much do I need to put down to finance an RV?

At RVloanhq.com we specialize in helping RV owners get loans to purchase their family’s dreams. We frequently get asked the same question from customers “how much money do I need to put down on an RV loan?  

RV lenders will take the same sorts of factors into account when determining whether to loan on a RVt as they do with similar types of loans. One of those factors includes how much you need to put down.

• Credit rating
• Debt to income ratio
• Job and homeownership stability
• Net worth
• Price of the RV

What we’ve discovered over years of helping people fund their outdoor family lifestyle is that, unlike a home, the amount you need put down largely depends not only on your creditworthiness but on the cost of the RV itself. For example, If you purchase an RV for under $150,000, you will probably just need a 10% down payment. But if you’re looking at a larger boat that costs up to $250,000, you will need to put down 15%. An RV that costs up to $500,000? Expect to put down 20%.

If you have a trade-in for a new unit or new to you, nearly all banks will accept the trade equity (how much your used RV is worth) as your down payment. This also helps you borrow less and build equity faster in your new RV.  

Of course, much of it depends on your credit scores and finances in addition to the cost of the RV. That is where we may be able to assist you. We have worked with several buyers over the years to get their down payment below 10%. It’s important that you pick the right company or bank to work with when financing your RV. You need an advocate who can work on your behalf with the banks. That’s why you should consider us as your RV lending source. We can help you determine how much boat you can afford and assist you work out a down payment that works for you.