A Banker Explains RV Financing | RV Small Talk Podcast

Written by Caitlyn Smalley
Filmed & Edited by Clint Sandburg, Hosts: Clint Sandburg & PJ Buerger, Guest: Teri Krauss

Buying an RV is an exciting experience; walking thru different styles and floorplans, imagining all the fun times to be had by family and friends, new memories to be made. Suddenly, it goes from exciting to…well…scary. Yeah, we’re talking about the RV financing process. This next step in the purchasing process should be just as smooth and exciting as the shopping experience, as long as you are prepared. We’re diving into the world of banking, financing, and how to make sure you’re set up for success once you’re ready to buy your dream camper!

Let’s Back Up For a Second…

Your salesperson is an expert in the product. Their job is finding you exactly what will meet your needs, and having you leave with the perfect RV for you and your family. The finance manager is also an expert, an expert in the programs and rates from many banks. On top of that, they have the same goals as your salesperson, and is there to get you one step closer to living the RV lifestyle.

So, What Should You Expect When You Begin the Financing Process?

It starts with the credit application providing financing with the information they need in order to determine what total amount financed will match with your credit qualifications. As a consumer, we are bombarded with commercials outlining the importance of high credit bureau scores. So, is a high bureau score all that matters in getting the financing approved? Let’s take a look…

What is The Bank Looking For When Considering a Customer for RV Financing?

  • Your credit application will begin with basic information: names, address, job, income, social security number.
  • Once received, the bank will review the information on the credit bureau. This is where the finance manager at your dealership can really work for you. The dealership has relationships with many banks ensuring that the broad number of financing programs can provide loans to all levels of credit qualification. The finance source will review what types of credit are on the report: is there a mortgage, a car loan, how much credit card debt is outstanding and how much credit card limits is still available. There will be questions if any past due payments or derogatory information is showing. Don’t be alarmed if the finance manager has a list of questions for you. Any explanations that can be provided, will help the finance source to work on a way to get your RV financed.
  • There are times where the finance source will need additional documentation in order to provide the financing. This request could include:
    • Proof of income
    • Proof of past due payments being current
    • Proof of residence
    • and any other derogatory information on the credit report.

Next Steps Once the Finance Source Approves the Loan

  • Your finance manager will let you know the term, amount of down payment, loan rate, and payment.
  • You will schedule a date and time to sign the contract and pick up your new RV.
  • Then, say hello to your new RV and plan your next adventure!

While the financing process might feel overwhelming, it’s a crucial step that can be as smooth and rewarding as selecting your dream camper. Your salesperson and finance manager are your biggest advocates in this journey and want to help however they can. So, with these tools in hand, it’s time to get out in nature and explore!

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