Top Ten Questions about Financing your RV Purchase at Lichtsinn RV

At Lichtsinn RV we have the knowledge and experience to help guide you through your purchase of a new or pre-owned RV.  In the United States, 70 to 80 percent of the 11 million households that currently own an RV have a loan.  We’ve prepared a list of the top ten questions about “financing your RV” that we get here at Lichtsinn RV.



How does the process work? 

Most guests call us to complete a credit application over the phone.  It takes about five to ten minutes to complete verbally.   Alternatively, you can complete our online credit application on our secure website or you can also visit us in person.  Usually credit decisions take a day or less.   We work with trusted industry lenders that offer RV specific terms and rate advantages.

How do RV loans work?

Unlike traditional automobile loans and mortgages, RV rates are typically lower for longer term loans.   Most guests opt for a fixed rate twenty-year loan. This provides a lower monthly payment while still providing the flexibility to pay the loan off at any time with no penalty.  We will do whatever we can to help you get the monthly payment and loan term that best suits your budget.

Why should I finance my RV at Lichtsinn RV? 

We work with many national lenders who are competing against each other to provide our guests the most competitive rates. We also handle the whole process for our guests saving time and money! Our lenders are also using only your RV as collateral while some banks and credit unions will ask for other items such as CD’s, investment and even your home. Our goal is to make this process as seamless and easy for our guests as possible while working to help obtain competitive rates!

Are there fees or closing costs?

All of our loans carry no fees at closing, no closing costs and no points.

What are my payment options?

We offer both monthly and bi-weekly payment options.  The bi-weekly payment option can help shorten your term and save you thousands of dollars.

Are there pre-payment penalties?

There are no prepayment penalties and so you can pay extra each month or pay the whole RV off in a lump sum in the future if you choose.

Which lenders do you use?

We work with several lenders across the country to bring you the most competitive and flexible financing options available.   We have partnerships with Bank of America, US Bank, Bank of the West, Huntington Bank and several other major lenders.   We allow them to compete to help get you the lowest rate.

How much money do I need to put down?

Most of our lenders are currently requiring 10% down for RV financing.  There are 0% down options for some well-qualified customers.  Keep in mind that the more you put down the lower your payments will be and you’ll end up paying less in interest over the term of your loan.

Do I need to put my home up for collateral?

The only collateral you’re using to secure a loan at Lichtsinn RV is the RV itself.    You will not need to put up your home for collateral.

Can I deduct the interest on my RV loan?

Yes, in many cases.  According to the RV industry association, under the U.S. tax code, RV buyers can deduct the interest on certain loans used to purchase RVs as a mortgage on a second home. RVs qualify for a second home mortgage interest deduction because they are a popular weekend and vacation ‘home’ for middle-class Americans.

If you have any questions call (1-800-343-6255) or email the Lichtsinn RV Business Office today to find out more about financing your RV purchase.


Experience the Best® at Lichtsinn RV, the #1 Winnebago Dealer in North America for the last six consecutive years. Lichtsinn RV is located 1 mile north of Winnebago Industries in Forest City, IA and we proudly sell new Winnebago motorhomes and pre-owned RVs from various manufacturers. While at Lichtsinn RV, you can expect no delivery miles on new RVs, a complimentary half-day educational orientation of your RVexcellent guest reviews, an assigned support team from sales, parts, service and the business officesuperior accommodationsno-hassle pricing and competitive financing. See our extensive new and used inventory here.

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Affording Your RV Begining the RV lifestyle may seem like a daunting task, but our blog series Affording an RV will clear up misconceptions and reveal that RVing is an affordable, enjoyable way of traveling with family and friends.

Buying an RV

From family bonding to affordable getaways to spontaneous road trips – the reasons to buy an RV are endless. Here are some of the top reasons why there’s never been a better time to buy:

  • Many RV models allow a family of four to save up to 59% on vacation costs over other forms of travel. That’s a calculation that takes into account RV ownership costs, including payments, insurance, maintenance, tires, tax breaks, registration and depreciation.
  • In today’s economy, there are great deals available on new RV models. Consider pre-owned units for more savings.
  • Financing is readily available for qualified borrowers.
  • You may qualify for a tax deduction because the interest on your RV loan is generally deductible as second-home mortgage interest. Check with your financial advisor to see if you qualify for the deduction.

Pre-Owned RVs

Buying a pre-owned RV is a great way to make your vacation dream a reality for less. Whether you’re looking for a towable or motorized RV, check with Lichtsinn RV because we often receive RVs as trade-ins on new vehicles.

Just like buying a pre-owned car or truck, RV dealers provide a thorough predelivery inspection of the used RV. You can visit Lichtsinn RV to compare units and features and to find out about extended service agreements.

Renting an RV

There’s no better way to try before you buy than by renting an RV. Many people rent RVs simply for a change of pace by taking an RV trip to a special event or destination.

You can rent near home and journey to your final destination, or fly and pick up your RV at the other end. More than 460 national chain outlets and local RV dealerships rent RVs, including state-of-the-art, late-model-year units. A growing number of campgrounds offer on-site RV rentals as well.

Even if you’re driving or towing an RV for the first time, features like automatic transmissions, power steering, large external mirrors and rearview cameras make it easy for experienced drivers to adjust to the difference in size, height and weight.

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