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How To Apply for an RV Loan Online in Canada?

Dec 20, 2023 | RV Loans

Explore your RV financing options by calling (343) 308-1593.

Do you envision hitting the open road in your very own recreational vehicle? It’s not just a pipe dream; it can become your reality. If the only thing holding you back is the financial aspect, we have good news for you. 

You can easily apply for an RV loan online in the comfort of your own home!

As the go-to provider of RV financing, we know a thing or two about making this process as smooth as a well-oiled engine. Keep reading to see how you can make your dream ride happen sooner than you think.

Do You Already Have an RV Model in Mind?

Before you apply for motorhome financing online, knowing exactly what you want is imperative to determine the loan amount. Some designs you can look into include:

  • Motorhomes: Class A units are the most luxurious, while Class B and C are more compact and affordable. They’re perfect for weekend getaways or small family adventures.
  • Travel trailers: Do you already own a vehicle with a hitch and can handle some extra weight? “Upgrade” it by adding a non-motorized RV and save a pretty penny.
  • Sports utility: Some RVs come with a built-in garage to carry motorcycles, ATVs, or any other big toys that you’d like to bring along. 

Improving Your Chances of a Quick and Easy RV Loan Approval

The digital RV loan application process varies from lender to lender, but most take a deep dive into your finances. Before you file for an online RV financing application, it never hurts to:

  • Make sure you have employment with a stable income
  • Pay off existing debts
  • Save for a down payment of at least 20%
  • Check your credit score (preferably 650+) and look for any errors in the reporting
  • Consider getting loan insurance

How To Get an RV Loan Approval Online With Bad Credit

Having a less-than-stellar score might make things trickier, but it’s far from impossible. You’ll likely have to apply for an RV loan online through one of the following options.

Home Equity Loan

You can secure an RV loan application against the value of your mobile home, reducing the remaining balance on your primary mortgage. You’ll get better interest rates compared to unsecured loans.

Guarantor Loan

Do you have a trustworthy friend or family member with a credit score that would impress a banker? If they’re willing to vouch for your ability to pay back the loan, you can apply for an online RV financing application with a guarantor.

Car Title Loan

Another viable option is to pledge your vehicle’s title as collateral. The lender will hold it until you pay the borrowed amount in full.

Partner With a Trusted RV Financing Company

If you need flexible and affordable financing options, Canada Powersports Financing has your back. We take pride in helping fellow outdoor enthusiasts hit the road in style.

Call (343) 308-1593 or explore our page to apply for an RV loan online. Whether you’re considering buying an old RV or a new one, we can help you explore your financing options. 

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