What will my interest rate be?
Your interest rates are
determined by several factors including the loan amount, finance
terms, and your credit history. Interest rates do change often
due to bank portfolios and changes made by the Federal Reserve.
PRC RV Financing offers the lowest interest rates and most favorable
finance terms on the market. Shop and compare, you will see we
can save you thousands on the life of your RV loan.
here to calculate payments.
What will my loan terms be?
Loan terms vary with the loan
amount and the age of the RV. Most loans of $10,000.00 to $99,000.00
range from 8 to 15 years. Loans of $100,000.00 and over can be
financed for 20 years. Click
here to view finance term of your RV.
How much of a down payment do I need?
As a general rule, most RV lenders require between 10 to 20
percent down. Your donw payment may vary depending on the cost
of the RV you want to purchase, and your credit history.
What type of recreational vehicles are eligible for financing?
can finance new and used motorhomes, travel trailers and fifth
Will my personal information be safe and secure?
Every precaution is taken to ensure your information remains
absolutely confidential. Your personal information will not
be shared with any individual or organization not directly
involved in processing your loan.
Is the interest on my
RV loan tax deductible?
It is possible that the interest
on your RV loan is deductible as second home mortgage interest.
To qualify, the RV must be used as security for the loan and
must have basic sleeping, cooking and toilet facilities. Many
motor homes, travel trailers, fifth wheels, truck campers,
and even some tent trailers are equipped with these facilities.
For more information, you can contact your tax professional
or the IRS.
When will my first payment be due?
Your first payment
is typically due 45 days after your RV loan has been funded.
Can I make extra payments on my RV
Yes, there is no prepayment penalty on "simple
You may choose to pay down your loan or pay off your loan at any time
without a penalty. However, you must always make your regular monthly
Can I refinance my existing RV?
Yes, you can refinance
your current RV loan at a lower rate and save thousands
over the life of the loan.
Can my payment be automatically deducted from my checking
Yes. Just inform us of your payment preference
during the loan process and we will take care of that for
Can I get pre-approved for an RV loan?
Yes. In fact,
there are many advantages to getting pre-approved for an RV
loan. If you're shopping for a new or used RV, a pre-approval
will demonstrate to your seller that you are a serious buyer
and give an advantage in negotiating the best price possible.
You can make an offer without having a finance contingency
and close quickly. Pre-approval also allows you to address
any issues on your credit report, find out the loan amount
you qualify for and, consequently, more effectively search
for an RV you can afford. Keep in mind: Your interest rate
and finance term is locked in for 30 days after receiving
How do I get started applying for an RV loan, and how
long does the process take?
First, completely fill
out our credit application. Call if you have any questions
as you do so. Second, fax it back. Typically, you will receive
a decision within 24 hours, after which, you will be offered
an interest rate, finance terms and monthly payment. If
you accept your loan offer, you will receive a loan contract
and all associated paperwork via Federal Express Upon your
receipt of these materials, they will be thoroughly reviewed
with you prior to your signing. You then return the loan
papers via Federal Express using the return envelope provided.
They will then be sent to the bank for funding, which could
take one to three days.