(800) 250-6279INSTANT ONLINE APPROVAL WITH AN RV TITLE LOAN!
Do you have a recreational vehicle that's paid off or one that's almost paid off with sufficient equity? Premier Title Loans offers cash with your RV as collateral, and you don't need good credit! You can get pre-approved for an RV title loan in minutes and loan amounts go to $30,000!
RV Title Loans With Same Day Approval And Funding
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! Funding is possible within 24 hours with any type of title loan, and you can pick up the money in person or have cash sent to your bank account through ACH or a bank wire that same day!
The initial requirements are minimal as long as you have an RV, travel trailer, or motorhome valued at $5,000 or more, and we can often get you on a repayment plan of 12 to 36 months. 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 has to be owned free and clear.
3. You must be a resident of the United States.
4. You need a valid driver’s license.
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 cannot be used for any commercial purposes.
7. You must provide proof of income. This is required so the lender has a bank account to debit for the monthly payment. Title loans without proof of income are possible but likely not with an RV as collateral.
8. The RV 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 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 well 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 instant funding with a title loan!
Loan Amounts With An RV Title Loan
The loan-to-value will be between 30% and 60% of the established resale value of the RV. That means these loans will range from $4,000 to $30,000. In most cases, the loan amount for a recreational vehicle will be higher than that for cars or trucks. While Recreational vehicles tend to be worth a lot, some customers will be discouraged by the resale value of their RV. 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 to 36 months. In some cases, 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 of 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 will likely start at 30% for an RV title loan and only go up from there, so finding a lender that allows prepayment without a penalty is a substantial financial benefit. In some states, the APR with a title loan can be up to 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 rates after several on-time payments.
RV Title Loans With Bad Credit
RV title loans are perfect for people who may have 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 will 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 loans, the interest rates may be lower than those of an unsecured payday loan or cash advance.
The bottom line is that there may be a soft credit check to determine if you have any previous repossessions or major issues with your credit score. 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 differently than if you took out a title loan on your vehicle. The main difference is that the collateral must be appraised and physically inspected to determine its value. 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 grab the money simultaneously!
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!