How to Finance a Fifth Wheel Camper

If you want to buy a fifth-wheel camper, you may have to finance your purchase with an RV (recreational vehicle) loan. These loans often have different rules from other loans. Some lenders require you to take out a minimum loan of $5,000, while others refuse to finance fifth-wheel campers manufactured by companies that are out of business or that have declared bankruptcy. You will also need good credit because lenders categorize fifth-wheel campers as luxury items. Despite these differences, financing a camper with an RV loan does not have to be stressful.

Instructions

1

Copy the paperwork needed to prove that you can pay back your RV loan. These items include your most recent federal income tax return, two most recent paychecks and current savings and checking account statements. Make copies of your credit card bills and additional loan statements to verify your monthly debt obligations.

2

Contact mortgage lenders or banks to check interest rates and loan requirements. Wide varieties of lenders provide these loans, including national lenders and specialty companies. Choose a bank or lender with which you feel comfortable.

3

Verify that your fifth-wheel camper meets your lenders requirements and then apply for the RV loan. Many lenders providing RV loans now allow you apply through online forms, or you can call your lender and schedule a time to sign the application forms in person. Your lender might also be able to send the loan application to you by mail or fax.

4

Provide your lender with the copies you made in Step 2. Your lender will verify that your gross monthly income is strong enough to support the RV loan payments and that your monthly debt obligations aren't too high.

5

Give your lender permission to run your credit, which will give lenders your three-digit credit score. This score tells lenders how well you've managed your money in the past. For the best interest rates, you will need a credit score of 720 or higher.

6

Agree on a closing date for your RV loan if your lender approves your application. On this date, you will sign the papers and pay the origination fees that make your loan official.