RVs have long been part of life, but did you know you can use your RV equity as collateral to get a title loan of up to $25,000? Title loans on cars and motorcycles have long been used to cover financial emergencies. Now, people are realizing they can get the same type of loan with a recreational vehicle as collateral. Similar to how a vehicle-secured loan works, you need a fully paid-off RV, and your lender adds a lien on the pink slip in exchange for a loan almost entirely based on the RV's value. At Express Car Title Loans, we can process these secured loans quickly, and you can typically complete most of the underwriting online or by phone at 888-864-7180.    The types of vehicles that you can use for an RV title loan include:
  • Class A motorhomes. 
  • Class B motorhomes. 
  • Class C motorhomes.
  • Travel trailers. 
  • Fifth-wheel. 
  • Toy haulers.
  • Pop-up campers.
 

How Do RV Title Loans Work?

Getting an RV title loan is no different than getting a title loan or registration loan for any car or truck.
  • Start by applying with Express Car Title Loans. We only need the RV's make, model, VIN, and mileage. Once you're pre-qualified and get a quote, we'll determine the best payment option and loan amount using your RV's equity as collateral.
  • Your lender will want to inspect the RV, which can be done at their lending location or at your home or work. The inspection takes 20 minutes or less and mainly involves checking for damage or mechanical problems that could lower the RV's resale value.
  • You'll add the lender as a lienholder to the RV's title, which gives them first ownership rights until the loan is fully repaid.
  • Once you sign the agreement, you'll be free to pick up your loan proceeds as soon as the loan is funded. Some companies offer same day funding through ACH or direct deposit.
  Use equity from your RV to get a secured loan.  

How Much Can You Get On A Loan With An RV As Collateral

Loan amounts with an RV title loan range from $1,000 for toy haulers and campers to $25,000 for high value motorhomes. Ultimately, your exact loan amount depends on the following factors:
  • The RV’s appraised value. Lenders usually offer a loan based on a percentage of the RV's resale value. The percentage varies but typically ranges from 50% to 70%. In some cases, you can borrow more with a thorough inspection that assures the lender they'll get full value if it's ever sold at auction.
  • Lender policies. Different lenders set their loan-amount policies, and each state has lending regulations that limit loan amounts and interest rates. For example, California and Washington have strict interest rate caps, and most lenders have a minimum loan amount of $2,5000. For second-lien title loans and those with rebuilt vehicles as collateral, you can often borrow 40% or less of the RV's value.
  • Your financial situation. While your credit score isn't as important as it is for a credit card or bank loan, it still matters when underwriting an RV title loan of over $5,000. We'll also evaluate your ability to repay the loan through bank statements and employer records.
 

When Does It Make Sense To Get A Title Loan On An RV?

Some factors to consider before getting a title loan on an RV include the following:
  • You need full ownership of the RV to qualify. So, even if you own a high percentage of an RV with another cosigner or lienholder, you won't be eligible for a loan. The RV's pink slip must show you as the sole owner.
  • Understand your RV's resale value. Some older motor homes and travel trailers are worth far less than just a few years ago. Most RVs depreciate quickly, and it helps to know your RV's value before applying.
  • Carefully review the terms and conditions of your loan and only agree to an amount you can afford to pay back. These loans often carry APR's above 30% in most states, and you risk defaulting if you pay only the minimum amount due each month.
 

Are There State Restrictions on RV Title Loans?

Some states regulate title loans, and your state may have more extensive regulations for loans that use an RV or motorhome as collateral. For example, some states set maximum loan amounts, including for RVs. Many states restrict the maximum interest rate a lender can charge and limit how long a title loan can be issued. Similar to loans on paid off vehicles, interest rate caps vary by state, and some states have no cap at all. Are you looking for a title loan on an RV that isn't fully paid off? It would be rare for a lender to offer you funding if you’re still paying off an RV. The lender who financed the initial purchase has a lien on the title until the RV is paid off.  While you generally can’t use an RV for collateral on another loan if there’s an existing lienholder, some lenders will let you replace your current RV loan with a new loan. The new lender would pay off your remaining balance and become the new lienholder on the title. This process could let you use your RV as collateral.  

What Do You Need to Get an RV Title Loan?

Every lender is going to have specific underwriting requirements, but generally, some of the things you might need to provide to get a title loan include:
  • Valid ID - Any driver's license or passport can be used to verify your identity.
  • Lien-Free Title - The RV's title must show you as the primary lienholder. You must pay off all loans and liens before you can qualify.
  • Proof of income - You need proof of consistent monthly income to qualify for an RV title loan.
  • Vehicle registration - Your registration must be current, and you need proof that the RV has recently passed a smog test.
  • Proof of insurance - Your RV needs active insurance coverage.
  Express Car Title Loans offers title loans on RVs, motorhomes, and other types of travel trailers and campers in Arizona and California. We'll get you a quote in less than 30 minutes, and some customers can qualify for $1,000 or more with cash sent to their bank account in 24 hours or less. Call 888-864-7180 today to see how much you can borrow using your paid-off RV.