Find Your RV

This step involves researching and finding the perfect RV for your needs. You'll want to consider factors such as the type of RV (fifth-wheel, camper van etc.), size, features, and price range.

Marker 5 may provide resources or guidance to help you choose an RV that fits within your budget and financing options.

Apply Online

Once you've found the RV you want to purchase, you'll need to apply for a loan with Marker 5. This typically involves filling out an application form and providing financial information, such as your income, credit history, and any other assets or debts you may have.

Marker 5 will review your application and determine the loan amount and terms you qualify for based on their lending criteria.

Close & Drive Away

After your loan application is approved, you'll move on to the closing stage. This is where you finalize the loan agreement and complete any necessary paperwork. Marker 5 will provide you with the details of the loan terms, including the interest rate, monthly payments, and any fees associated with the loan.

Once everything is in order, you'll sign the loan documents, and the funds will be disbursed to the seller or dealership, allowing you to take ownership of the RV.

How to Apply For an RV Loan

An RV loan works similarly to a car loan, but it's specifically designed for financing recreational vehicles (RVs), which can include motorhomes, travel trailers, camper vans, and fifth-wheel trailers. Here's how it typically works:

  1. Application Process: You apply for an RV loan through a bank, credit union, or specialized RV financing company. They'll review your credit history, income, and other financial factors to determine your eligibility and the terms of the loan.
  2. Down Payment: Like with a car loan, you may need to make a down payment, which is a percentage of the RV's purchase price. The size of the down payment can affect the interest rate and terms of the loan.
  3. Loan Amount and Terms: RV loans typically have loan terms ranging from 5 to 20 years, depending on the lender and the amount financed. Longer loan terms may result in lower monthly payments but could also mean paying more in interest over time.
  4. Interest Rates: Interest rates for RV loans can vary based on factors such as your credit score, the loan term, and the lender's policies. Rates can be fixed or variable, with fixed rates providing more stability in monthly payments.
  5. Secured Loan: Most RV loans are secured loans, meaning the RV itself serves as collateral. If you default on the loan, the lender can repossess the RV to recoup their losses.
  6. Types of RV Loans:
    • New RV Loans: These loans are for purchasing brand-new RVs from dealerships. They typically offer lower interest rates and longer loan terms.
    • Used RV Loans: Used RV loans are for purchasing pre-owned RVs. Interest rates may be slightly higher than for new RV loans, and loan terms may be shorter.
    • Refinancing: If you already own an RV, you can refinance your existing loan to potentially get a lower interest rate, extend the loan term, or adjust other terms.
    • Private Party Loans: These loans are for buying RVs from private sellers rather than dealerships. The terms may differ from loans for dealership purchases.
    • Full-Timer RV Loans: Full-timer loans are designed for people who live in their RVs full-time. These loans may have different requirements and terms than traditional RV loans.

Understanding these basics can help you navigate the process of obtaining an RV loan and choose the option that best fits your financial situation and needs.