Can You Buy an Older RV with a Loan? (2024)

The short answer is: sometimes. In some cases you can buy an older RV with a loan. But before you search for financing, understanding RV age financing limits should be one of your first considerations. In this article, you’ll learn the best ways to finance RVs over ten years old with a loan.

What to Expect if You Want That Older, “Vintage” RV

Did you find a great rig that’s just a little older than you wanted? Maybe even vintage age? If so, get ready to jump through some hoops if you want to buy it with a loan. This is because most lenders use the borrower’s RV as collateral when writing a loan. They need assurance that the camper will hold up for the duration of the loan repayment term, which can be 20 years or longer.

Some lenders may stretch loan terms for older RVs to 11 or 12 years, but charge higher interest rates and impose more restrictions. Here’s what to expect if you find one.

Loan terms for older RVs may include:

What if you want an RV that’s close to the lender’s age limit?

Should you buy an RV that is close to the lender’s age limit? No! Always look for an RV that is nowhere near the lender’s RV age requirement.

I know a couple who searched for many months for the right RV for full-time living. They got pre-approved by a lender for a specific amount of money. Then they found the right motorhome at the right price. It had low miles, was immaculate, and stored in a garage.

But by the time this couple was deep into the RV loan financing process, the RV slipped beyond the lender’s 10-year age limit.Their lender refused to fund the purchase. This couple had to restart their search all over again.

Can You Get a Loan on an Older RV That’s Also a Fixer Upper?

Don’t get your hopes up. Most RV lenders expect the RV to be in excellent condition before they will fund it. They may require verification of the RV’s working condition by ordering an independent RV inspection.

You may want to purchase an older RV as a project, but banks and lenders are not inclined to see it “as it could be.” They only see that fixer upper as it is, and will most likely decline involvement in a restoration project.

How to Find Loans without RV Age Limits

Sometimes there are exceptions and workarounds to get an RV loan on an older camper. Many lenders are eager to loan money for any kind of need.

Look for non-traditional RV lenders.

Banks aren’t the only institutions that lend money for RV purchases. One example of a non-traditional RV lender is Lightstream. Their RV loan amounts are set at between $5,000 and $100,000. And although they only write loans for RVs to buyers with good-to-excellent credit, if you meet their criteria, you may be able to finance that older RV. Just prepare to pay it back at higher interest rate than a bank or credit union offers.

Here’s an example of Lightstream’s interest rates on a $50,000 RV loan:

Apply at a credit union.

Sometimes credit unions write loans for older RVs. Southeast Financial Credit Union is one lender that does. And unlike most credit unions, you don’t even need to live in their service territory to be a member. To become a Southeast Financial Credit Union member, just donate $5 to their chosen charity during the enrollment process. Expect their RV lending requirements to be similar to a traditional bank’s process.

Consider a HELOC loan (carefully).

If you are a homeowner, a Home Equity Loan (HELOC) might make more sense than an RV loan. HELOC loans allow homeowners to borrow against the available equity on their home. If you apply for this type of loan, proceed with caution.

Only you can decide if that older RV is worth the risk of losing your main home by taking out a HELOC on it.

Dos and Don’ts to Finance Your Used RV

Whether your loan comes from an RV dealer, credit union, or other commercial lender, remember that all lenders set their own policies, restrictions, requirements, and loan terms.Before you apply, check out the dos and don’ts of financing an older RV.

DO clean up your bad credit

Your current credit score impacts whether or not you get that loan on an older RV. It also impacts the loan terms, the interest rate, and required the down payment. Do you have any of these issues with your credit history?

If you have any of this negative history in your credit report, consider waiting a year or two to apply.

Even if you do get a loan on an older RV, you may end up paying a much higher interest rate on the loan than if your credit report was spotless. In that case, try to finance it for the longest term possible to keep your payments low.

DON’T apply with multiple loan companies

Remember, both you and the RV will be under scrutiny throughout your lender search. If you fill out several loan applications, it could negatively impact your credit score. First, determine which RV lenders are best for you.Some publish current RV loan interest rates on their websites.

Interest rate is only one consideration when selecting a lender.Look at all their policies and read the fine print before you apply.

DO consider buying from an RV dealer

Sometimes it’s just easier to get financing on an older RV if you buy from an RV dealer. Their finance departments have established relationships with lenders. They know which lenders will most likely underwrite which loans. Those lenders feel more secure financing an RV from a dealership.

DON’T buy from a private seller without a representative

If buying from a private seller, consider using National Vehicle to find the right RV and financing. They still won’t be able to secure financing for an RV that is older than 10 years. But they offer the same benefits as an RV dealer’s financing department.

National Vehicle also manages the actual money exchange for the RV and title. And, they keep you safe in the current peer-to-peer marketplace that’s exploding with scammers.

Buying an RV can be fun and frustrating all at the same time but working with professionals to help facilitate the RV purchase will make the process more fun than frustrating.

DO consider newer RVs

If you discipline yourself to only consider buying used RVs that are eight years old or newer with low mileage, you reduce RV buying frustration.There’s no need to even consider older RVs if you intend to get an RV loan.

The “10-year rule” applies to RV lending as well as RV parks, and vast majority of RV loan companies will not fund older RVs. Do your buying research at an RV show instead, where you can even save money buying floor models.

Your RV Adventures Await!

The unfortunate reality is that most traditional lenders have strict RV age limits and won’t fund RVs older than 10 years, even classic models. You may need to take on a higher interest rate with another type of lender, and jump through tons of hoops to get financed.

So when you find that perfect older RV to buy, stop! Consider paying cash outright or negotiating a seller-financed contract instead. You’ll save hundreds if not thousands of dollars, and you can still enjoy affordable, endless adventures in your new-to-you camper.