How to Refinance an RV Loan

You know it is time to refinance your RV when interest rates have dropped a point or two since you obtained the loan. You will save quite a bit of money over the life of the loan with a lower interest rate, especially if you have a few years left to pay.

Instructions

How to Refinance an RV Loan

1

Find out the value of your RV. The value is based on the year, make and model of the RV as well as the mileage and special features. You do not need to know the exact value of your RV, but you should know the general amount before you apply for the refinance loan. You want to make sure you don't owe more than the RV is worth. Find out the value by calling an RV dealer for an appraisal or by using a source such as the Kelley Blue Book Official RV Guide.

2

Check first with your existing lender to see if you can refinance the RV loan. Some lenders will streamline refinances for current customers and other lenders offer the best interest rates to existing account holders who have maintained a good payment history.

3

Check with other lenders to see if you can find a better interest rate than the one offered by your existing lender. If you can find a better interest rate with a different lender, there is no reason why you should not refinance the loan through another lender.

4

Submit a loan application with the lender offering the best interest rates and terms. You will need to additionally supply the lender with information about the RV including the mileage and the vehicle identification number. In some instances the lender will want an inspection of the vehicle.

5

You will not have to worry about transferring the title if you refinance with a different lender. The new lender will send a demand letter to the previous lender and request the title. You will, however, need to contact your insurer and notify the company of the change of lien holder. Your new lender may require proof that this has been accomplished soon after the refinance is completed.