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Ultimate Guide to Motor Coach and Motor Home Financing

Whether you're looking to buy your first motor coach or interested in refinancing, we're here to help you make the best decision possible. You have a lot of options to consider as you explore your decision to buy a new or pre-owned luxury motor home. Click here to learn about partners across the motor coach industry.

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Article Summary 


Buying a Motor Coach with a Personal Loan

From IncredibleBank

In addition to the other tips on this page, there are a few things you should know about purchasing your motor coach using a personal loan.

  • IncredibleBank does allow you to place your motor home into a trust. Please be prepared to provide your trust documents when requested.
  • Prior to closing your loan, you will be asked to provide: a copy of your driver's license (clear and legible - more specific instructions may apply depending on the State of residence); an insurance binder listing IncredibleBank as the lien holder; copy of the signed purchase agreement, if applicable; proof of deposit, if applicable; additional documents as required.
  • IncredibleBank requires income verification on all loans. You may be asked to provide information such as: a completed personal financial statement; if salaried, a year-to-date paystub and/or most recent W2 and two (2) years of 1040 tax returns with all schedules and statements; if self-employed, the most recent two (2) years of personal federal tax returns including all schedules and two (2) years business returns including all schedules and K-1s, if applicable; if retired, Social Security, Retirement, or Disability Benefit Award letter, current pension statement, annuity statement, investment and/or deposit account statements.
  • The minimum loan amount we offer is $100,000 and the maximum is $3,000,000.
  • We offer a variety of terms; the longest term available is 240 months. We do not allow you to defer the first payment.
  • Documents required to transfer ownership into your name vary from state to state and also depend on the type of transaction. You will be provided with a checklist indicating which title documents are needed when you receive your loan package. It is very important to deliver all the documents requested within five (5) business days of your loan funding.

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Timing of the Loan Process with IncredibleBank

From IncredibleBank

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 the timing of our financing process.

  • A credit review on an application is generally completed within 1-2 business days. A credit decision may be sent via email (if you provided one on your application). Remember to check your Junk or Spam folder in addition to your Inbox, and add our email address to your Safe Senders list.
  • For either a refinance or a purchase, you can expect your loan to fund within 1-2 business days after your 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 and do arise. Delays in providing documentation by any party can cause the funding to take longer than anticipated.)
  • Each state varies in the length of time that it takes to process title work, allowing you to obtain plates and registration. The standard time to receive your plates and registration is 2-3 weeks after your loan funds; however, your experience may vary.
  • If you are unable to provide the required documentation within 5 business days of funding your loan, you may incur additional fees. (Please let your Sales Rep know if you plan to be traveling or out of town so we can help.)
  • Documents required to transfer ownership into your name vary from state to state and also depend on the type of transaction. You will be provided with a checklist indicating which title documents are needed when you receive your loan package. It is very important to deliver all of the documents requested within five (5) business days of your loan funding.

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Costs, Fees and Rates of a Motor Home Loan

From IncredibleBank

You've researched the costs of purchasing and owning a motor home, 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.

  • You can finance a coach with a minimum of a 10% down payment. We may require more for credit, cash flow, and collateral.
  • We do not offer a pre-approval because our loan decisions consider not just the applicant(s) but the collateral, as well. You may apply using the motor home you are currently interested in - should you find a different motor home, you can change the collateral within your application. The updated collateral must remain within approval guidelines. (Please note that rates and terms may change based on your final loan amount - your Sales Rep can guide you through these questions.)
  • We do not charge an application fee.
  • A loan processing fee will apply. Additional closing costs may apply based on your loan circumstances.
  • Taxes, title, registration and/or loan processing fees may be included in your loan amount, however it is subject to the loan amount meeting our loan-to-value (LTV) guidelines. You may also choose to pay for these costs out of pocket. In this case, payment must be received prior to funding your loan.
  • Your interest rate depends on your loan amount, the loan term requested, the age and type of motor coach and your planned use for the vehicle.
  • All IncredibleBank loans are simple interest loans. You only pay interest on the principal owed.
  • There may be a pre-payment penalty if the loan is paid off within the first six (6) payments.
  • We can set up your loan payments to automatically deduct from your bank account. Please let your Sales Rep know prior to closing that you'd like to set up your payments this way.

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Buying a Motor Coach with a Business Loan

From IncredibleBank

In addition to the other tips on this page, there are a few things you should know about purchasing your motor coach using a business loan.

  • IncredibleBank does allow loans to be in the name of a corporation or a limited liability corporation (LLC). Please be prepared to provide your corporation documents or LLC documents when requested.
  • IncredibleBank requires income verification on all loans. You may be asked to provide information such as: a completed personal financial statement; if salaried, a year-to-date paystub and/or most recent W2 and two (2) years of 1040 tax returns with all schedules and statements; if self-employed, the most recent two (2) years of personal federal tax returns including all schedules and two (2) years business returns including all schedules and K-1s, if applicable; if retired, Social Security, Retirement, or Disability Benefit Award letter, current pension statement, annuity statement, investment and/or deposit account statements.
  • The minimum loan amount we offer is $100,000 and the maximum is $3,000,000.
  • We offer a variety of terms; the longest term available is 240 months. We do not allow you to defer the first payment.
  • Documents required to transfer ownership into your name vary from state to state and also depend on the type of transaction. You will be provided with a checklist indicating which title documents are needed when you receive your loan package. It is very important to deliver all of the documents requested within five (5) business days of your loan funding.

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Guide to Financing with IncredibleBank

From 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 over 150 motor coach owners like you get on the road in the coach of their dreams.

  • IncredibleBank requires income verification on all loans. You may be asked to provide information such as: a completed personal financial statement; if salaried, a year-to-date paystub and/or most recent W2 and two (2) years of 1040 tax returns with all schedules and statements; if self-employed, the most recent two (2) years of personal federal tax returns including all schedules and two (2) years business returns including all schedules and K-1s, if applicable; if retired, Social Security, Retirement, or Disability Benefit Award letter, current pension statement, annuity statement, investment and/or deposit account statements.
  • 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 the particular motor home or trailer.
  • We don't finance "full-timers."
  • IncredibleBank does allow you to place your motor home into a trust. Please be prepared to provide your trust documents when requested.
  • Prior to closing your loan, you will be asked to provide: a copy of your driver's license (clear and legible - more specific instructions may apply depending on the State of residence); an insurance binder listing IncredibleBank as the lien holder; copy of the signed purchase agreement, if applicable; proof of deposit, if applicable; additional documents as may be required.
  • The minimum credit score required for published rates is 700.
  • Professional conversions: Up to 15 years old, and maximum mileage of 200,000.
  • Class A diesel coaches: Up to 12 years old, and maximum mileage of 75,000.
  • We do not currently lend in Hawaii or Alaska.
  • The minimum loan amount we offer is $100,000 and the maximum is $3,000,000.
  • We offer a variety of terms; the longest term available is 240 months. We do not allow you to defer the first payment.
  • We require a motor home inspection on all units except new ones. We will contact an independent third party vendor and arrange for the inspection to take place wherever the motor home is located.
  • We do not currently list any motor homes or motor coaches for sale.
  • Documents required to transfer ownership into your name vary from state to state and also depend on the type of transaction. You will be provided with a checklist indicating which title documents are needed when you receive your loan package. It is very important to deliver all of the documents requested within five (5) business days of your loan funding.
  • If you live in an "owner held" state, IncredibleBank will need your title to secure the lien and update your registration with the new lienholder information. Your registration must be current. (If your registration is due within 30 days of completing your loan application, please let your Sales Rep know.)
  • You can transfer any personalized plates to your new unit if it is the same type of motor home. For example, a travel trailer plate cannot be transferred to a motor home. (Remember to inform your Sales Rep of your plans prior to your loan closing.)
  • You will need a Vehicle Identification Number (VIN) Verification, which is a procedure in which a licensed automobile dealer, police officer or other official verifies that a unit's VIN matches the unit's paperwork. This procedure is required in some states for a motor home that has never been titled or registered in that state. (Your Sales Rep will let you know if this will be required for your loan.)
  • The titling and registration of your motor home will be handled by the dealership, Montana attorney, or you (the customer) depending on the situation.

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Learn about Industry Partners

From IncredibleBank

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

Learn More

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