How to Refinance a Motorhome

When you financed your motorhome, your lender gave you a set interest rate that helped to determine your monthly payment. That interest rate was based on the average interest rates at the time of your purchase, your credit and the basic policies of your lender. Motorhomes can take more than a decade to pay off, and some of those variables can shift during that long period of time. Refinancing your motorhome could give you a better interest rate, lowering your monthly payment and reducing the amount you pay altogether at the end of your contract.

Instructions

1

Obtain a free copy of your credit report. If your credit is worse than when you first financed your motorhome, you may not want to refinance until it has improved. You can get a copy of your credit report from TransUnion, Equifax and Experian once each year at the AnnualCreditReport Web site (see Resources).

2

Gather your motorhome purchase agreement, your last two tax returns with W-2s and any other documents that show your income and ability to make payments on your motorhome.

3

Find a refinance company online who can give you rates from several different lenders. There are several motorhome refinance companies listed in the Resources section to help you get started. Many of them tell you the credit score they require up front, so you know whether you can be approved before applying. Some companies will only refinance you if you have a base amount or more left on your loan.

4

Select "Refinance," "RV Refinancing Application" or "Apply" to start your application. You'll have to give your personal information, including your name, address and Social Security number. You'll also have to put in the make, model and year of your motorhome, as well as the lender you're currently with and how much money you still owe. You may have to include your employment information.

5

Choose "Submit" or "Apply"' once you've put in all your information. Depending on the company, you may be given offers to consider right then, or you may have to wait to receive a phone call later with your offers.

6

Accept an offer that has a lower interest rate. The new lender will contact your old lender about the payoff of your original loan. Sign the paperwork for your new loan terms with the new lender. You may have to pay closing costs again or even the entire down payment, so check with your new lender about the final costs of refinancing before you close your old loan.