Refinancing Camper

• 1). Check credit report for accuracy. Owners should request a copy of their credit report and review it for inaccuracies. Follow the procedures of the reporting agency to have any problems corrected.
  
  
• 2). Make all payments on debts and utilities on time during the refinance process. This is important to prevent a drop in credit score that may negatively impact the ability to refinance or the terms of the loan.
  
  
• 3). Determine current book value of the camper. Prices guides are available from a number of sources including NADA, Kelley Blue Book, and Woodall's. Banks will use a similar guide to determine how much the camper is worth.
  
  
• 4). Determine amount left on current loan. Knowing the difference between the book value of the camper and the balance on the existing loan will give a camper owner an idea of how large of a payment may be required to refinance.
  
  
• 5). Carefully check existing loan documentation for prepayment penalty clauses or other information that may impact a refinance.
  
  
• 6). Contact current lender about lowering the interest rate. Often the best source of a refinance is the current lender, especially if the owner has a record of making payments on time. Lenders may work with borrowers to reduce the interest rate on the existing loan rather than risk losing the loan.
  
  
• 7). Contact banks and credit unions to determine what refinance terms they may offer. Extending the length of the loan may be tempting, but owners may end up paying on the camper long after the camper's service life has passed.
  
  
• 8). Carefully examine all fees and whether the fees will be paid upfront or built into the loan. Some lenders may charge application, inspection, title and other fees that will reduce the cost effectiveness of the refinance.
  
  
• 9). Apply for a loan with lender offering the best deal. Lenders may require detailed information on the camper or may want to perform an inspection.
  
  
• 10
  
  After refinancing the camper, contact the camper's insurer to document the change in financing. The new finance company will likely require submission of insurance documentation within a specific time period after loan approval.