RV Financing FAQ's
1. Can I apply for credit online?
Absolutely, simply visit our online
rv financing credit application and “Submit”.
If you prefer to apply by mail or fax, print out the fax
rv financing application and submit via fax to: (740) 931-3282 or via
U.S. postal service to:
Diversified RV Financing
Attn: RV Financing Application Dept
5151 S. Julian Drive
Tucson, AZ 85706.
2. What if I do not wish to apply without
knowing what my rate will be?
If you are shopping rates and would like
more information about our lenders current rates for the make and model RV
you are interested in, simple complete our loan application and a representative
will contact you to discuss rates and financing options. There is no obligation
and the application is free.
3. Is my RV loan going to be tax deductible?
For more information, you can contact
your tax professional or the IRS..
It is possible that the interest on your RV loan is deductible as second
home mortgage interest. To qualify, the RV must be used as security for the
loan and must have basic sleeping, cooking and toilet facilities. Many motor
homes, travel trailers, fifth wheels, truck campers, and even some tent trailers
are equipped with these facilities.
4. What will my interest rate be?
Your interest rates are determined by several factors including the loan amount,
finance terms, and your credit history. Interest rates do change often due
to bank portfolios and changes made by the Federal Reserve. D RV Financing
offers the lowest interest rates and most favorable finance terms on the market.
5. Am I required to have a down payment?
Most often a 10% minimum down payment is required by the lender to show good
faith in your commitment. The lender will finance up to 90% of the total
purchase price including the sales tax on the vehicle.
6. How long does it take to get a response
from the RV lender?
A lenders response time with a decision is usually within 24 to 72 hours after
receipt of your completed application.
10. Do I have to have the RV of choice
chosen prior to receiving a loan?
No, you can get pre-qualified for an RV loan amount. Many customers obtain
a pre-qualification approval prior to shopping for their vehicle.
11. What types of RV’s can I
finance?
Included in the RV category of lending are new and used motor homes, van conversions
if used for pleasure purposes only, travel trailers and 5th wheels.
12. Are there loan processing or originating
costs associated with an RV loan?
Our lenders do not charge an application fee or points that would otherwise
be associated with closing on your loan. However, there could be a small lien-recording
fee.
13. Do you also grant loans for refinancing
my existing RV?
Yes, refinancing is a great option if you wish to lower your original interest
rate or monthly payment.
14. How will I receive my funds if
I am approved?
Once you have completed all of the necessary loan documents and everything
has been verified and approved the funds will be issued to you and to the seller
if appropriate, or in the case of a refinance of your existing vehicle, the
funds will be disbursed directly to the current lien holder.
15. Do you offer payment through automatic
checking account deductions?
Yes, if you wish to have your loan payments deducted directly from your checking
account each month you will simply complete a short form at the time of loan
acceptance and closing.
17. Do I have to have insurance prior
to getting accepted for an RV Loan?
RV insurance is necessary at the time of closing on your loan to show the lien
holder. Please contact your insurance company, or look online for a reputable
insurance broker to help you with your insurance needs.