We are often asked for advice on where to get financing for purchasing a renovated used RV from a private seller. Here are some options to consider:

Your Local Bank or Credit Union

Most banks and credit unions offer financing options that can be applied toward the purchase of an RV. If you choose to work with a local lender, be sure to think through in advance exactly how the funds will be transferred from your bank or credit union to the seller’s bank account. 

The seller will want to be protected and may be hesitant to accept a cashier’s check unless they have some way to verify it. On the other hand, you too will want to protect yourself and make sure you actually get the RV (and title) you paid for before transferring funds. If the seller lives too far away to meet you at your bank, the logistics of working with a local lender can be difficult.

A National Bank or Credit Union

Obtaining financing from a bank or other lending institution with branches in multiple states may make it easier to safely transfer funds from buyer to seller provided there is a branch location that’s convenient for both of you. Of course, the buyer, seller, and lender will need to agree on the details of the transaction before signing paperwork, transferring funds, or exchanging property.

An Online Lending Institution

These days online lending institutions can greatly simplify the financing process, and if you have good credit, a lender who specializes in financing RV purchases is an option you may want to consider.

One company like this to take a look at is LightStream. They offer low fixed interest rates and loans ranging in amounts from $5,000 to $100,000 to customers with good credit without any restrictions on the RV’s age or model type.

You can contact them for more information about how the funding process works to make sure it’s a good fit for both buyer and seller.

What Makes LightStream Different:

Here’s how customers with good to excellent credit can benefit with LightStream:

  • Rate transparency: Each loan page on their website displays potential rates and monthly payments depending on loan purpose, loan amount, and term lengths before you apply or submit sensitive information.
  • Speed and ease: LightStream’s online loan application takes minutes, and customers can get funds fast.
  • Financing for smaller loans: Unlike many lending agencies, LightStream processes loans for as little as $5,000, which may help with financing the purchase of a small travel trailer. They can also finance larger purchases with loan amounts up to $100,000.

To visit the LightStream website, and begin the application process, click here.

(Please note, RV Inspiration LLC may receive a referral fee from LightStream through this link.)