How to Finance a Camper
- 1). Contact your bank and ask about rates on RVs and campers. Tell the bank officer the age of the vehicles that interest you and the sales price. Contact other local lenders and compare the rates and terms offered. If there are not many lenders offering RV loans in your area, you can also look online for rates at other nationwide lenders. Review the information that you gather and set an appointment with a loan officer at the lender offering the best terms.
- 2). Give the loan officer your two most recent W2s and your last two pay slips. If you run your own business, you must provide your personal and business tax returns for the past two years. Ask the loan officer to pre-qualify you. Most lenders require people financing RVs and campers to have above average credit scores. Additionally, the shorter the loan term, the larger your payment, which means you must have a very low debt-to-income ratio to qualify for a short-term loan. Ask the lender for a pre-approval letter.
- 3). Contact the dealership selling the vehicle and make a bid. The dealership may offer you better financing terms than the bank, but if not, ask the dealer to give you a sales contract for the RV. If you plan to buy an RV or camper from an individual, most state websites have blank vehicle sales contracts online that you can print out and complete.
- 4). Contact your auto insurance company and provide your agent with information on the vehicle. Agree on an insurance contract. Give the loan officer details of the insurance and a copy of the sales contract. The lender may disburse funds directly to the seller or give you a cashier's check payable to the seller. Once funds have changed hands, you must make sure the lender receives the title for the vehicle and you can begin using your new vehicle.
Source...