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Ultimate Guide to Motor Coach and Motor Home Financing

Looking to hit the open roads? Not sure how to finance a motorhome? Well, whether you're looking to buy your first motorhome or are simply interested in refinancing, we're here to help you make the best decision possible and get you out on the road living your dream.

You have a lot of options to consider as you explore your decision to buy a new luxury motor coach or a pre-owned one. But when it comes to financing a motorhome, there's only one bank with superior efficiency and high touch customer service. At IncredibleBank we finance motorhomes and we do it with the same passion that drives you to get out and see the world.

Before you dig in to all of the material below in our ultimate guide to motorhome financing, here are a few things to check out:

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River Valley Bank's CEO, Todd Nagel, was interviewed at the Prevost Motorhome EXPO 2019 in West Palm Beach, FL. Representing IncredibleBank, a division of River Valley Bank, Todd spoke about specialty lending for the motor coach industry, among other niche groups. Listen for his comment about "banking with buses"!

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Getting Started

You've spent months thinking about your travels in your new motor coach, and you're ready to go! IncredibleBank can get you on the road fast. Here's a quick overview of some common questions about our financing process.

What types of motor coaches or recreational vehicles (RVs) can I finance?

  • We offer financing options for: Class A diesel coaches, professional conversions, specialty trailers and bus conversions. Different rates, down payment requirements, and restrictions may apply based on RV or Trailer.

What should I be looking for when shopping for an RV to finance with IncredibleBank?

  • For professional conversions, the vehicle should have been manufactured within the last 20 years and have mileage of less than 250,000 miles. For Class A diesel coaches, the vehicle should have been manufactured within the last 10 years and have mileage of less than 75,000 miles.

Does IncredibleBank offer pre-approvals?

  • We prefer to offer a full approval as we base our loan decisions not just on the applicant(s) but the collateral as well. Please contact us to discuss further financing opportunities.

How long will it take to receive a credit decision?

  • A credit review on an application is generally completed within 1-2 business days. A credit approval may be sent via email if an email address was provided on your application. Remember to check your Junk or Spam folder in addition to your Inbox.

Does IncredibleBank finance full-timers?

  • We do not offer financing for RVs or motor coaches being used as a primary residence or home.

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Costs, Fees and Rates of a Motorhome Loan

You've researched the costs of purchasing and owning a motorhome, and you're ready to take the step forward. But what about the costs and fees associated with financing? We can answer your financial questions about a motor coach loan from IncredibleBank to help you finish your planning.

What closing costs or fees might I incur?

  • IncredibleBank typically charges a loan processing fee. Additional fees or closing costs such as taxes, title, or registration may be charged or financed into your loan based on circumstances.

Is there a pre-payment penalty on IncredibleBank loans?

  • There may be a pre-payment penalty if the loan is paid off within the first 6 payments.

Where can I find the interest rate?

  • Your rate depends on your loan amount, credit score, the loan term requested, the age and type of unit and planned vehicle use.

How is interest on IncredibleBank loans calculated?

  • All our loans are simple interest loans. You only pay interest on the principal owed.

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Guide to Financing with IncredibleBank

Buying or refinancing a motor coach is a big decision! At IncredibleBank, we make the loan application and approval process smooth and quick. We work with brokers and dealers across the United States, and have helped many motor coach owners like you get on the road in the coach of their dreams.

Does IncredibleBank require income verification on all loans?

Yes. You may be asked to provide such info as:

  • Completed Personal Financial Statement
  • If salaried, year to date paystub and/or most recent W-2 & two (2) years 1040 tax returns with all schedules and statements.
  • If self-employed, most recent two (2) years personal federal tax returns including all schedules & two (2) years business returns including all schedules & K-1s, if applicable.
  • If retired, Social Security, Retirement, and/or Disability Benefit Award letter, current pension statement, annuity statement, investment and/or deposit account statements.

Are there minimum or maximum loan amounts or terms offered?

  • We offer a variety of terms based on age of collateral and loan amounts generally range from $100,000 to $3,000,000.

Does IncredibleBank require a minimum credit score?

  • Generally we prefer a credit score of 700 or higher.

How much of a down payment will I need?

  • You can finance an RV with as little as 10% down. We may require more depending on your credit, cash flow, and collateral situation.

When is an inspection required?

  • We require an inspection on all units. IncredibleBank will contact an independent third party vendor and arrange for the inspection to take place wherever the RV is located.

Does IncredibleBank allow loans to be in the name of a Corporation, Limited Liability Corporation, or Trust?

  • Yes. Please be prepared to provide applicable documents for the entity when requested.

If I am approved, how long will it take to fund my loan?

  • You can expect your loan to fund 2-4 business days after loan approval. If an inspection is required, you should anticipate a few additional business days after loan approval.
  • Please keep in mind that delays can arise. Delays in providing documentation by any party can cause the funding to take longer than anticipated.

What other documentation will I need to provide prior to closing my loan?

You will be asked to provide: 

  • Copy of driver’s license – clear and legible; more specific instructions may apply depending on your state of residence
  • Insurance binder listing IncredibleBank as the lien holder
  • Copy of the signed purchase agreement (if applicable)
  • Investment and/or deposit account statements
  • Additional documents may be required

Can I defer my first payment?

  • Generally, first loan payments are due within 30 days of note date.

Can my payments be automatically deducted from my bank account?

  • Yes, we encourage it, especially from one of our deposit accounts . In fact, we offer a discount on your rate if you do so. Just let us know if you'd like to set up automatic payments.

What documents are needed to transfer ownership?

  • The list of documents required to transfer ownership varies from state to state and also depends on the type of transaction.

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After Financing

IncredibleBank is here for you after closing to help you enjoy your adventures in your motor coach!

Who will be handling the titling and registration of my RV?

  • The dealership, your attorney, or you (the owner) depending on the situation.

How long will it take to obtain my plates and registration?

  • The standard time to receive your plates and registration is 2 to 3 weeks after your loan funds; however, your experience may vary as each state varies in the length of time.

Does IncredibleBank offer repossessed RVs for sale?

  • We currently do not list any RVs for sale.

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Learn about Industry Partners

You have a lot of options to consider as you explore your decision to buy a new or pre-owned luxury motorhome. Click here to learn about partners across the motor coach industry .

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