An RV title loan is essentially the same as a car title loan, as it lets you borrow cash using the equity from your recreational vehicle. You effectively use your RV to secure your loan and the lender is added as a lienholder on the title. For those with a fully paid off RV, this type of financing opens up access that isn't otherwise available for someone with bad credit. Title loans on a recreational vehicle often mean a higher loan amount than those for motorcycles or cars because RVs are generally worth more.
What's Required To Be Approved For RV Title Loans
To qualify for an RV title loan, you will need a minimum recreational vehicle valued at $4,000 or more with a clear title. Your RV doesn't have to be new or fancy; we've done title loans on everything from vintage RVs to motor homes. Most newer recreational vehicles sold within the past decade will likely qualify, and you have the best chance of getting approved for a 2015 or newer rig with less than 150,000 miles. As long as it carries enough equity, you should have no problem getting qualified.
Other requirements include proof of registration from your state's DMV. You'll need proof of comprehensive insurance coverage that covers the replacement cost of your RV and full liability coverage. We need proof that you're currently employed, and some companies will want to see 2 months' worth of bank statements or your recent tax return.
If you own a low-mileage RV but lack good credit, you can still pre-qualify for an equity loan on your RV with Highway Title Loans. Some lenders will allow you to keep your RV as collateral even if you don't have perfect credit, so inquire! With favorable interest rates, you can pay off the loan early to avoid the interest or APR compounding as the loan matures.
How Long Does It Take To Qualify For A Title Loan With An RV
Similar to other types of car title loans, you can often be approved for an RV title loan in one business day. Since these loans use the equity in your RV as collateral, there's less of a need to check your credit score, call references, and look for past bankruptcies. The bottom line is that if you have an RV that's paid off and worth more than $4,000, you should qualify, and there's not much else to underwriting the loan other than getting your documents in order and writing up the loan details.
Established title loan lenders have access to your DMV records and can often check for damage or other issues like a salvage title to see if there will be problems during underwriting. They can also see if your RV qualifies as a recreational vehicle or a trailer. If you have bad credit, expect RV equity lenders to take higher risks, so know there will be higher rates for your loan.
How Much Money Can I Get With A Title Loan For My RV
The cash available with an RV title loan can range from $1,000 to $40,000. This amount is much more than typical online title loans, and title loans on a semi truck. You can approach the loan amounts with classic car title loans or older ones with low mileage. Funding amounts depend on the equity of your paid-off motor home or camper.
The higher value RVs typically bring in more equity, so owners usually have much more cash for their recreational vehicle than a car or truck. RVs with a book value over $10,000 are most likely to qualify.
Will I Be Able To Keep Driving My RV After I Take Out The Title Loan
Yes, established title loan lenders will still allow you to drive around your RV even after the loan has gone through. An RV title loan is just like any other secured car title loan. It would be best not to worry about RV title loans affecting your ability to drive a recreational vehicle.
Remember, you will face a difficult situation if you can't pay your monthly title loan. In this scenario, you are still driving the RV, but your title lender has every right to repossess it for lack of payment. As with any major financial decision, it makes sense to read up on the latest repossession laws for title loans before committing to making payments for months.
Apply For Fast Cash With RV Title Loans Near Me
Get some much-needed cash with an RV title loan provider. Not only do you have the option to apply online, but you can also find title lenders in Tulsa, OK, and other cities all over the US! We can get your application underwritten in the quickest time possible with a funding pre-approval in less than an hour. All this can be done without affecting your RV's registration. Apply now with Highway Title Loans and access the paid off equity from your RV! Give us a call anytime at 877-433-5454, or apply online right now!
Janet Patterson is VP of Marketing Communications for Highway Title Loans and the feature editor of its Lending Blog. Janet has worked in the financial service industry for over a decade, with 7 years of experience in the car title loan industry. She previously managed a customer service team that helped and advised consumers on all their lending related questions and concerns.