Loan terms for used RVs usually require 20-25 percent down payments, but initial outlays are small because used RVs are priced lower. This makes it easy for the family on a budget to get into the RV lifestyle economically. Financing packages for used RVs generally extend from four to eight years. For the vast majority of RV buyers, the interest on their 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, toilet and cooking accommodations.
Families can readily find a vehicle and payment plan to fit their needs.
When considering an RV purchase, Humphreys recommends assessing the varied forms of equity available for credit and financing purposes. RVs traditionally have good resale values. Units 10 years old and even older frequently sell for almost the same amount today as when they were originally purchased. Recreation Vehicle Dealers Association has reported an unprecedented demand for used RVs in the past few years. Some owners rent out their RVs when not in use.