RV Finance Lenders have made it faster and easier than ever before to apply for RV financing. See for yourself how simple and hassle free our RV Financing and Lending can be. Discover our flexible financing options for New & Used, Motorized & Towable, Large & Small, RVs and Travel Trailers. Have peace of mind in knowing we have the most advanced security features to protect your personal and confidential information. We understand how important it is to fulfill your RV dreams and we take great care to get you the best rate and terms possible.
MHSRV makes obtaining financing on your new or pre-owned RV easy.
RV Financing Advantages
Flexible payment options
Competitive variable and fixed interest rates
Tax Benefits of Motor home Ownership
Keep your cash
RV Finance Rebates
Lower Down Payment on your RV
Lower monthly RV payments
All loans are open – allowing you to pay off your RV purchase whenever you wish!
You will find that our select group of RV financing banks and lenders tend to have more attractive terms. They understand that RV’s maintain their resell values longer and can provide longer RV loan terms thus reducing your already low monthly RV payment.
Small RV and Large RV Financing for Military Personnel
The men and women of the U.S. Armed Forces risk this lives for our freedom they deserve the opportunity to drive a quality RV. If you’re in the Armed Forces or retired and need financing for your small RV, then you can take advantage of loans specially designed and modified to accommodate your needs. You can get the financial flexibility and financial affordability you need on any budget. Come in today and see our wide selection of RV’s.
Yes, there are several factors that will determine the rate you get. It depends if the RV is new or used. A used RV (normally over 3 or 4 years old) will get a higher interest rate than a new RV. Your down payment will affect your interest rate. If you finance the RV on a zero down program the interest rate will be higher. The term of the loan will affect the interest rate. The shorter the term the higher the rate, the longer the term the lower the rate. The amount financed will affect the interest rate. The lower the dollar amount the higher the rate, the higher the dollar amount the lower the rate. Your credit history (credit rating or score) will affect the rate. The higher your credit score is the lower the interest rate will be.
You should be aware of what the current rates are for RV loans, and based on the criteria listed determine if you are getting the best possible rate you can get. If you think you qualify for a lower rate, by all means try securing a better rate elsewhere. There are several RV specialty lenders on the internet that would like your business and will offer competitive rates. Do not however let too many lenders run a credit check on you to try and get a lower rate. This can backfire so be selective about who, and how often your credit is being checked.
There are usually a couple of RV lenders that will offer no money down finance programs. These programs will have certain guidelines to qualify. The type of RV, dollar amount, term of the loan and your credit rating can all factor into these types of programs. The finance rate will usually be higher too.
The term of the loan will be based on the dollar amount financed and the age of the RV. Some RV lenders are offering 20 year loans on new RV's with financed amounts over $100,000 and loans ranging from $25,000 to $99,000 can qualify for 15 year loans. Loan amounts between $10,000 and $25,000 may qualify for 10 to 12 years loan terms.
Nobody wants to, but the biggest advantage of a long term loan is you get a lower monthly payment. Financing $100,000 for 240 months at 7% interest would be $775 a month. The same loan for 120 months would be $1,161 a month. You save almost $400.00 a month. But keep in mind you will have little or no equity if you try to trade within the first several years.
RV’s are basically considered a luxury item, so the criteria to finance an RV are more stringent than it is to finance an automobile. There are lenders that will finance below average credit but interest rates will be higher.
The majority of RV loans from RV specialty lenders are simple interest fixed rate loans. What this means is you will only pay interest on the principle owed, and in most cases there is no penalty for paying the loan off early. If you choose to pay more than your required monthly payment you can shorten the term of the loan and save on interest.
Yes, a fully self contained RV is considered a 2nd home and the interest paid is deductible, if you are not already deducting the interest on a 2nd home. At the time of this writing an RV is considered a qualified residence if it is one of the two residences chosen by the taxpayer for purposes of deductibility. To qualify it must provide basic living accommodations; meaning it has cooking, sleeping and bathroom facilities with fresh water and waste water holding tanks. Talk to your tax advisor about what is required to write the interest off on your RV.
Down payments will vary slightly between RV lenders but 10 to 20% down, in the form of cash or a trade-in, is usually the range. There are programs that offer low down, or no down payment but this will usually increase the interest rate. Most banks want to see your good faith commitment to the loan.
It is our personal opinion that it makes more sense to finance your RV purchase. If you finance the RV you can maintain your personal financial status without liquidating any assets. You can also take advantage of writing off the interest on your income taxes if the RV qualifies.
These questions don’t cover everything you need to know about financing an RV, but hopefully they will provide you with a good understanding on the subject and help you when it comes time to purchase your RV.