If you’re considering financing a used RV, such as a toy hauler, you may be wondering, “How long can you finance an RV?” Generally, RV loan terms span from 10 to 15 years. However, credit unions, banks, and other lenders have been known to extend loan terms up to 20 years. Extensions are typically given on loans of over $50,000 or with more collateral. Read on to learn more about loan terms and the role they play in loan repayment.
When you apply for a loan, lenders will look at the following to determine whether you qualify for a short-term or long-term loan:
If possible, it’s best to take out a loan with a shorter term. Longer loan terms have lower monthly payments, but short-term loans cost less overall and offer the following advantages:
Now that you know the answer to the question, “How long can you finance an RV trailer,” you’re ready to move forward with the next steps! The finance team at ClickIt Auto and RV Wandermere is here to guide you from start to finish, whether you’re financing an RV for the first time or buying from out of state. Contact us to learn how to apply for financing or visit us near Spokane Valley and Coeur d'Alene, ID to browse our RV specials and under-$15k inventory.
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