(800) 250-6279GET ONLINE PRE-APPROVAL WITH AN RV TITLE LOAN!
Do you have a recreational vehicle that's paid off and does it have substantial equity? Premier Title Loans offers online pre-approval for loans with your RV as collateral, and you don't need good credit to be approved!
RV Title Loans With Quick Online Pre-Approval
Did you know you can get cash by tapping into the equity from your RV? Like a car title loan, you can use a paid off RV as collateral for a loan! Pre-approval is available online or by phone for any type of RV title loan, and you can pick up the money in person or have cash sent to your bank account via ACH or bank wire in as little as 1 business day!
The initial requirements are minimal: you primarily need an RV, travel trailer, or motorhome valued at $5,000 or more, proof of income, and a government-issued ID. Repayment options are available at 12 months or more. Keep driving your RV while you make payments, and these loans are perfect for people who want to borrow a large amount of money but don’t necessarily have good credit.
Requirements For RV Title Loans And How To Get One
1. The RV must be in your name, and you must have the title to it. No company, person, or lender can claim ownership of your recreational vehicle, and the title must be free and clear.
4. You need a valid goverment-issued ID.
5. The RV can not be a stand-alone trailer that’s towed by a vehicle. Sometimes, you can use a travel trailer, 5th wheeler, or camper as equity for a loan, but these will not qualify as collateral for a standard motorhome title loan.
6. The RV should not be used for any commercial purposes.
7. You must provide proof of income. This is required so the lender knows you have enough money to make the monthly payments. Title loans without full proof of income are sometimes possible, but likely not with an RV as collateral.
8. The RV likely has to be worth more than $5,000. Your recreational vehicle’s current resale value will determine the loan amount.
If you meet all the above requirements, you are likely a candidate for an RV title loan. Remember that some states have title loan lending laws that may limit or restrict you from getting cash with a secured loan in their state. These regulations also govern what companies can charge regarding interest and fees.
Types of Recreational Vehicles That Qualify For A Title Loan
Just about any lien free recreational vehicle can qualify for funding with a title loan. Of course, there needs to be equity, and you can’t have any cosigners, but you can get cash from a motorhome, travel trailer, pop-up camper, campervan, and more! Most fifth-wheel trailers can qualify, as long as there’s enough equity.
It all comes down to the vehicle appraisal. For instance, expect higher loan amounts for Class A Motorhomes from Winnebago and Forest River, with more reasonable loan offers for Class B Motorhomes like Coachmen and Airstream! Class C Motorhomes from Jayco and Dynamax can still get you approved, but the loan amounts will typically be a few thousand dollars. Contact Premier Title Loans at 800-250-6279 to see if your recreational vehicle qualifies for a title loan!
Loan Amounts With An RV Title Loan
You can typically borow 30% or more of the RV’s established resale value. While Recreational vehicles tend to be worth a lot, some customers may be discouraged by their RV’s resale value. Keep in mind that many RVs depreciate quickly and we can only quote you an equity amount that covers your initial loan amount. Call Premier Title Loans at 800-250-6279 to start your application now, and we’ll try to get the highest loan amount you need based on your recreational vehicle or motorhome’s resale value!
Monthly Payments & Pay Off Time For An RV Title Loan
The payoff time for RV title loans depends on your specific lending contract, but you can expect a repayment term of 12 months or more. In some states, your lender will extend the payoff term up to 48 months, and that’s more likely when you have a loan amount of $10,000 or more, or if you need more flexibility with your debt-to-income ratio.
Consider making extra payments on your loan upfront and try to pay off the total amount sooner rather than later. That way, you can avoid significant interest charges from secured loans. Interest rates for an RV title loan are likely to start at 30% and go up from there, so finding a lender that allows prepayment without a penalty is a substantial financial benefit. In some states, the APR for a title loan can reach 100%, which is why it’s important to find a company from the outset that’s willing to work with you to lower the interest rate after several on-time payments.
RV Title Loans With Bad Credit
RV title loans are perfect for people with less-than-perfect credit. In fact, using your RV, travel trailer, or camper as collateral may help improve your credit score in the long run. This is because your title loan lender may report to the major credit bureaus that you make on-time monthly payments and that can help to establish or raise your credit score. And since RV title loans are secured, the interest rates may be lower than those for unsecured payday loans or cash advances.
The bottom line is that there may be a soft credit check to determine whether you have any prior repossessions or major credit issues. But typical missed payments and a few loan defaults in your past will not be a serious issue when underwriting you for an RV title loan. The focus is mostly on the equity in your vehicle, and as long as you have a lien-free RV that’s in good condition, you should qualify.
Approval Time For Title Loans On An RV
RV title loans operate a bit differently from taking out a title loan on your car or truck. The main difference is that your RV will always need to be appraised and physically inspected to determine its value. These inspections often take longer than vehicle inspections. You can also pick up the cash in person at any local lending office or licensed inspection station. You can bring the RV in for certification, sign your loan documents, and transfer the car’s title all in one visit.
So, a title loan may be the answer if you need quick cash and own an RV. Remember to compare interest rates and terms before signing up with any lender, and be sure to read the fine print so you know what you’re getting into. With a title loan, you can get the most cash possible and enjoy driving your RV while you make monthly payments. Contact Premier Title Loans at 800-250-6279 to get the process started today!