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RV Loans for december 2022 in Canada

Apply for a RV loan at a bank, verified by our specialists. On 04.12.2022 16 car loans. are available to you. Increase your chances of getting a loan - fill out an online application with a free credit rating check.

Offers: 16

Updated
30.11.2022
16:36
Car Loans Canada
Car loan
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300
650
1000
$7,500 - $59,995
Rate
i

Effective interest rate on the product

up to 31.99%
Term
i

Loan term for the financial product

up to 96 months
Rifco
Auto financing
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0
300
650
1000
$5,000-$100,000
Rate
i

Effective interest rate on the product

up to 31%
Term
i

Loan term for the financial product

up to 86 months
Eden Park
Car loan
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0
300
650
1000
$1,000-$50,000
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i

Effective interest rate on the product

up to 22.9%
Term
i

Loan term for the financial product

up to 84 months
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iA Auto Finance
Car loan
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0
300
650
1000
$5,000-$50,000
Rate
i

Effective interest rate on the product

up to 29.99%
Term
i

Loan term for the financial product

up to 84 months
Coast Capital Savings
Auto finance
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i

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Recommended FinScore™
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300
650
1000
Rate
i

Effective interest rate on the product

from 4%
Term
i

Loan term for the financial product

from 84 months
Loanz
Car Loan
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0
300
650
1000
$1,000-$15,000
Rate
i

Effective interest rate on the product

up to 46.9%
Term
i

Loan term for the financial product

up to 60 month
Go Auto
Car loan
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0
300
650
1000
$1,000-$50,000
Rate
i

Effective interest rate on the product

up to 29.99%
Term
i

Loan term for the financial product

up to 60 months
Clutch
Car financing
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0
300
650
1000
from $7,500
Rate
i

Effective interest rate on the product

3.9% per annum
Term
i

Loan term for the financial product

up to 96 months
Canada Drives
Car loan
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0
300
650
1000
$5,000-$100,000
Rate
i

Effective interest rate on the product

up to 19.9%
Term
i

Loan term for the financial product

up to 96 months
Easyfinancial
Auto loan
Rating by Finanso®
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Recommended FinScore™
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300
650
1000
$5,000-$50,000
Term
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Loan term for the financial product

12 - 84 months

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JUDGEV
JUDGEV
26.05.2022 at 15:46
the application is easy and takes less then 5 mins to fill out. but the funding time is quite long. if looking for instant funding then its not here...
Review
RV Loans for december 2022

Is the road trip what you have been dreaming about for a long time? Motor homes are perfect for those who are craving for a self-contained home on wheels. Recreational vehicles, also known as RVs, are a wonderful way to travel across the country without flights and hotels. With an RV, you have built-in accommodations wherever you go. 

However, a mobile home purchase is a major purchase, and it may cost an arm and leg. For most mid-level RVs, the price is about $30,000, whereas, for some higher-end RVs, the cost can reach hundreds of thousands of dollars. A hefty price tag makes it hard to pay immediately as a purchase may not be affordable, and you may need to borrow money from an RV loan. Here an RV loan comes. It is designed to fund an RV purchase when the customers can’t afford to pay for a mobile home outright. 

There are a variety of motor homes ranging from small trailers to luxurious Class A or Class C. Before hitting the road, let’s take a look at various types of motor homes to find your perfect RV.

  • Class A is the most spacious and the roomiest on the market, with deluxe amenities such as residential-sized kitchens, large living areas, separate bedrooms, and large bathrooms. Luxury RVs often come with additional amenities and internal features to make them comfortable for long-term occupation. 

  • Class B stands out with its compact size featuring all the conveniences simultaneously. 

  • Equipped with full sleeping, dining, and bathroom facilities, Class C motorhome offers similar amenities to the Class A counterparts, but they are smaller. 

  • Travel trailers are lightweight trailers smaller than motor homes towed behind the vehicle. 

  • The fifth wheel is similar to a travel trailer, but the raised forward section allows you to pull it behind SUVs or trucks from the bed of a truck with a fifth-wheel hitch. Fifth wheels and travel trailers are the least expensive. They should run under $40,000, but you’ll need a truck or SUV to hitch them to.  

  • Pop-up campers are collapsible, compact units that feature pull-out tent walls and should be towed behind a vehicle. Campers are great for couples looking to do some traveling and aren’t too fussy about the amount of living space they need.

  • Similar to travel trailers and fifth wheels, toy haulers have temporary living quarters in the forward section.

While deciding what type of RV to choose, consider the price of the vehicle as well. The cost of an RV directly impacts the amount of the loan. However, you can find something for all budgets as the cost for different models varies significantly.

  • The average Class A RV costs between $70,000-$500,000 (up to $1 Million for the ultra-luxurious kind);

  • Class B: $70,000-$200,000;

  • Class C: $80,000-$200,000;

  • Fifth wheel trailer: $25,000-$160,000;

  • Travel trailer: $8,000 to $95,000.

RV loans vs. auto loans

RV loans exist to help consumers finance these large, unique acquisitions as the purchase of the RVs tends to have a higher price tag than just cars. Even though motor homes are more expensive, RV loans work much like car loans. It is also similar to a home purchase or taking out a mortgage, as the RV loans are large and require a more in-depth underwriting process. Lenders are often more demanding on RV loans considering factors that aren’t usually reviewed for an auto loan, such as your liquidity, financial health, employment, net worth, and cash flow. 

There are also many factors to consider beyond the cost of the boat/RV itself; keep the following expenses in mind:

  • Registration;

  • Insurance usually costs between $200 and $450 and goes up depending on various factors;

  • Storage and/or docking fees (costs to rent a space to store your RV can be about hundreds of dollars per month);

  • Fuel;

  • Maintenance, including oil changes and other engine maintenance, can cost $100 to $500 per year;

  • Repairs, including electrical, heating, cooling, and plumbing issues as well as problems with appliances, may be worth hundreds or thousands of dollars, depending on the issue. 

It’s imperative to understand the full scope of expenses when considering whether you can afford an RV. Keep in mind costs and the locations where you can store your vehicle, both when you’re using it regularly and when you’re not. 

Major types of RV loans

Regarding RV loans, there are several options you can choose from that will help you finance an RV purchase. You can obtain such a loan online from a private lender, from a credit union, a bank, or from one of the Canadian RV dealerships. Loan amounts vary depending on the lender you borrower's profile.

The majority of the loans are secured by the recreational vehicle that’s being purchased. Secured means that the vehicle serves as collateral. In other words, if you default on making RV payments, the lender can repossess the car. So secured RV loans work more like a car loan or a mortgage. 

RV loans can also be unsecured, which means they don’t require to be guaranteed with any equity in case the amount of money you want to borrow is small. Such loans are not contingent on any asset and function like personal loans. 

Another way of funding the purchase of your RV is to get money directly from a lender through dealership financing. Instead of applying with credit unions like banks or any other traditional lender, you can negotiate with a dealer to provide you RV financing at a lower price and lower interest rates, provided that you have a high credit score and high income. 

Pros and cons of RV loans

While a mobile home is a fantastic option for your recreational activities, the excitement from the upcoming purchase can disguise the drawbacks of getting a loan. So let's uncover the pros and cons beneath the facts. 

Pros

  • RV loans offer a sufficient loan amount to cover your purchase; 

  • If your loan is guaranteed by the collateral - in this case with an RV - you may get low rates. 

Cons

  • Given that you default on making payments, your RV can be repossessed by the lender with a secured loan; 

  • It can be difficult to qualify if your score is far from perfect;

  • Repayment terms can be as long as up to 20 years, which can make you feel overwhelmed as to the long tenure of your loan;

  • RVs may depreciate very quickly, especially new ones;

  • Repayment of the loan may take longer than using an RV.

Examine advantages and disadvantages before jumping on the RVing bandwagon and go into buying a recreational vehicle with an open mind.  

How to choose the lender for an RV loan

When looking for the perfect camper for you, it’s hard to choose which lender to borrow money from as there are various types of lenders that offer RV loans. Therefore, it’s a good idea to research what RV financing options are available and compare quotes from different lenders in order to learn more about affordability. 

Lenders have different demands for credit history, wages, and employment duration. Loan terms may range from several to 240 months. The borrowers have the option to obtain an RV loan through an RV dealership, banks, or other financial institutions. Interest rates fall between 4% and 47% based on your credit score determined by the lender. Charging 47% seems like daylight robbery. Not to get an abnormally high rate, the borrower should have a high score in the first place or otherwise improve their credit score before applying. Remember that 4.25% up to 11% are just starting rates for customers with the best credit. Therefore, research several lenders and their offers to find competitive RV loan rates.  

Speaking about loan payments, they will be determined by the interest rate and duration of the loan. The more extended payments you have, the higher the interest rate; if you do shorter terms, the lenders can lower rates.

All in all, lenders offer different RV financing term options. Make sure to shop around before choosing the terms that fit your needs. Pay attention to the following factors when comparing lenders:

  • Look for the lowest possible RV loan rates;

  • Check the trustworthiness of the potential lender;

  • Choose the lender who offers the maximum amount that meets your needs; 

  • The longer the loan tenure, the more you will pay in total.

When you have several options, you just need to compare lenders and decide what you want to do. 

Make sure you're aware of any restrictions on how you use funds, as in some cases, lenders restrict how you can use the borrowed money so that you won't get into legal trouble. 

How to apply for an RV loan

Get ready for the RV lifestyle? The purchase of an RV is exciting, but it can be nerve-wracking as well. How do RV loans in Canada work? It’s important to develop a solid knowledge of the requirements before applying for a loan. 

Let’s run through the process. 

An RV loan works as any other loan. With that being said, to obtain a loan, you simply need to apply with a lender. The loan application will include our name, address, some documents, and information on how much you need to borrow. Then the lender reviews it based on several factors. Once approved, you need to sign the loan agreement. It will indicate the interest rate, loan tenure, and monthly loan payments. Make sure to thoroughly and completely read the loan agreement terms before signing the paperwork. After that, you’ll receive the funding. Conditions depend on each lender and the loan size; that's why borrowing requirements can be stricter for larger loans. 

Pay attention to the following features:

  • The loan amount - how much you borrow. You can borrow between $1,000 and $200,000, though some lenders may give you more if you have excellent financial health or high-value assets. In addition, you may consider buying a used recreational vehicle to cut your purchase expenses. 

  • Tenure - the amount of time you want to stretch out your payments. 

  • Interest rates vary from 4% to 47%, depending on the lender.

  • Besides the overall cost of the loan, consider other fees the lender may charge, including origination fees, late fees, and early repayment fees.  

Worth paying attention to other factors than those we have already considered: 

  • Whether you are comfortable using your vehicle as collateral or not;

  • What fees will add up to the cost of the loan (late or early payment fees);

  • Consider the possibility of losing your income or experiencing a financial crisis. With that in mind, make up a backup plan in case of unemployment or any financial difficulties.

Prior to applying, consider the following steps:

  1. Review your finances and set up your budget restrictions. Crunching the numbers and determining how much you have leftover for a month after paying your bills is crucial before choosing a vehicle. Remember that the costs don’t end with the monthly installments. Other expenses can add to the price of an RV. Consider all the expenses connected with the purchase and maintenance, such as insurance, taxes, registration, storage, repairs, fuel, and others. An RV financing calculator can do the math for you in a blink of an eye.

  2. Determine what RV you need, what amenities it should have, how often you will use it, and whether it should be a new or used recreational vehicle. Keep a clear head, and don't fall for luxury utilities if you can't afford them. Think about where you’ll use your RV and how much time you will typically spend on it. 

  3. Examine your credit score. Not only does your score impact approval for a loan, but it directly affects what APR you will get. The requirement for a score can start from 500 and go above. With that being said, a bad credit score will definitely limit your loan options. Nevertheless, if your score leaves a lot to be desired, don’t panic. Being not eligible for the best deals doesn’t mean you will be left with nothing. There are some lenders who specialize in loans for people with poor track records. 

Tip: Do your loan hunting at once because when a lender checks your credit history, your score takes a hit.  

  1. Start saving to have some money aside for a down payment. In most cases, it’s a requirement to make a payment of at least 20%, but some lenders allow as little as 10%. The more you pay instantly, the less you will have to borrow, and the less you will pay for the interest. 

  2.  Shop around multiple lenders and research different loan options to get the best deal that suits your needs. 

  3. Utilize an RV loan calculator to figure out your loan payment and possible expenses.

Finally, after you decide what lender to work with, complete the loan application and supply all the required documents. 

Credit score

When managing your credit, the primary concern is to figure out what credit score is required for taking out a loan. Like any loan, an RV loan requires a thorough assessment of your credit and finances. Lenders expect a borrower to have strong credit and solid income that shows a likelihood of repayment. The average score that most lenders expect from the borrower is at least 550-650. If your credit score is not in good shape, it may be hard for you to qualify for an RV loan. However, even if your score is below 500, there must be a solution. You will have access to a variety of products as some lenders offer bad credit loans to customers with low credit by evaluating applications on a case-by-case basis rather than relying on their score. The lowest score that lenders can claim is 300, but in that case, the borrower is bound to extremely high rates. 

The better your score, the better the loan conditions, such as low rate, more money, and a better repayment plan.

Down payment

Before diving in, you should be ready to afford a down payment which is required by most lenders, generally between 10% and 30% of the RV cost. If you are wondering whether it’s possible to finance a mobile home with no money down, then we have good news for you. Lenders can approve the application based on other factors such as a good or excellent score. Having an above-average score gives you a chance to be able to borrow money with no down payment.

Loan requirements

Understanding the requirements for RV loans that the customer must comply with is essential for evaluating your chances of approval and obtaining the most favorable conditions. Like most loans, the approval will depend on several key factors: credit rating, personal assets, verified income, and the borrower’s ability to make timely payments. First, a solid credit score is a key factor in your qualification. You'll typically need a credit score of 650 to 700, though score requirements range by lender. No doubt, a score of 700 and above will help you get a favorable interest rate. Getting approved for a competitive loan can be tough if you have poor credit or a past bankruptcy. Other than that, when applying for an RV loan, you’ll need to demonstrate your ability to repay the debt by providing proof of sufficient income. To be eligible for an RV loan, a borrower needs a steady source of income and a good credit history, usually including evidence of satisfactory repayment of a debt of a similar size and type. The borrower needs to provide proof of income so that lenders know they can cover existing expenses. In addition, most RV loans require a down payment. Making more than a 20% down payment may help you to increase your chances of approval. Also, specific requirements vary by lender. Some lenders may require proof of income, proof of assets, proof of residency, or how the RV will be utilized. 

How to repay an RV loan

Not only does the purchase of a mobile home bring adventure in your life but also loan repayment obligations. When you obtain a loan, you have to pay back the amount you borrowed plus interest, which is spread over the life of the loan. RV loans have terms to last anywhere from one to 20 years. 

Learn with a specific lender how to manage your payments. You may be offered monthly, semi-monthly or bi-weekly payments. Generally, your payments will be scheduled every month, so you need to stick to your payment plan. All necessary information about how to repay your loan will be provided in your loan agreement, and the exact setup depends on what type of loan and terms you have. Some lenders may offer automatic withdrawal from your card. You may also try to pay off faster by bumping up your payments, but be careful of any fees (early payment or missed payment).

Therefore, before taking out a loan, carefully consider financial expenses, including monthly payments that you may owe longer than the life of your RV. Choosing between a short loan term with high payments or a long term with more affordable monthly installments, the borrower should rely on how much you can afford to pay back. 

Alternatives for RV loans

If you are not planning or struggling with obtaining an RV loan, there are other opportunities to finance your purchase in addition to traditional RV loans. 

  • Purchase price affects loan size, and for small purchases under $10,000, you can get an unsecured personal loan rather than an RV loan. So it makes sense when you buy a less expensive model. Most personal loans are unsecured, where no collateral is required, and the borrower is approved based solely on creditworthiness. But some lenders limit what borrowers can use personal loans for, so check with the lender before signing on the dotted line. Besides, personal loans may not require a down payment. Secured personal loans may as well be an option for an RV purchase, but you will have to provide collateral.

  • You may have a chance to purchase an RV with guarantor loans. As the name implies, these loans involve a person vouching for you who promises to repay the debt if you can’t. Borrowing with the help of the guarantor requires another person to cosign the agreement that this person will be obliged to cover your payments in case of your inability to take them over. Remember that guarantor loans often come with extremely high APR compared to other types of loans.   

  • A home equity loan allows you to use your home's equity to guarantee your loan. Remember that failing to pay off the loan can result in losing your home. 

  • Another way to get money for an RV purchase is to obtain an auto loan. 

  • You may be able to apply for a conventional mortgage loan if it is located on land that you own. This way of RV financing is less common but can come with low rates. Nevertheless, it’s hard to qualify for this type of loan.

  • A chattel mortgage may also be an appropriate option as it is aimed at purchasing a movable personal property or mobile home. The collateral required for that loan can be chattel or personal property. Note that interest rates may be higher for chattel mortgages than for traditional ones. 

FAQ

What are typical RV loan terms?

Wondering what to expect from your upcoming RV loan and how long it will take you to pay off the RV loan? The larger the loan amount, the more likely it is that its repayment will take longer. Generally, terms range from 60 months (five years) to 120 months (10 years) or even up to 240 (20 years) and vary by lender. Some loans for around $15,000-$25,000 can be repaid over a few years, but you also can find loans as hefty as $300,000 that are repaid over 20 years. The general rule is: the shorter the term, the more you save on interest.

What is a good credit score for an RV loan?

If the average scores are examined, it will be found that the good score to qualify for an RV loan is 700. Of course, the score of 800 is exceptional, but you can be offered comparable rates with a score of 700. Generally, the standard score of 660 demonstrates strong creditworthiness. Remember that good scores work in your favor. So, you should aim for a credit score of at least 660-700 to be able to finance your RV at a better rate.

Which FICO score is used for RV loans?

There is a standard that is considered to be a perfect score. You're lucky to have the gold standard if your score is within 660-700 and above. A score above 660 will increase your chances of getting accepted for better rates. Lenders strongly prefer a credit score of 700 and above. However, having a 500-600 score doesn’t mean you won’t be able to obtain a loan. There are other possibilities to finance an RV even with lower scores with the help of lenders who offer loans for those with bad credit.