It’s a general experience to go low in cash at some point in our respective lives. It can be a very depressing moment. It doesn’t matter if you just lost your job or getting a new one or even have miscellaneous expenses due to an unexpected event. It is normal to run low in cash even if you carefully budgeted your expenses. For those who own an RV, motor home, fifth-wheel, trailer vehicle, pop-up trailer, camper or toy hauler, getting a title loan with their RV can serve as an easy way to solve all their negative cash flow problems.
RVs which is also known as recreational vehicles comes in different types and have numerous names it can be called by, such as; travel trailer, camper, fifth wheel, motor home, and pop-up trailer. RVs when maintained properly is very valuable and utilizing this value is very essential as it can help for sourcing of funds through sale of the RV, renting of the RV, or through its use as collateral for an RV title loan. Just like a car loan an RV title loan operates in similar process even though RVs are very different when compared with the everyday sedan, SUV or compact car.
Application for RV title loan is very easy. Finding a lender is even easier; just use this list of lenders to find the best one near you. When you apply, your vehicle is not taken from you and you are allowed to use it to enjoy and continue to have fun as usual. All that is needed is the title of the RV which serves as collateral for the loan collected. Known to be a fast and simple process an RV title loan proves the value of your RV as a great investment. So not only can it be used for just travelling or having frequent getaways it can also help increase your resources in terms of wealth.
The minimum amount of money that can be borrowed using an RV collateral loan can be $2,500 depending on the state and their state regulations. It is vital though to know the worth of equity in you RV as this ensures that you get a pink slip loan on your RV. Generally, most lenders are always protective of their loans and tend to stay around the $2,510 mark or a little bit higher.
The RV title and the vehicle must be your own and in your possession for smooth processing of the title loan. Also the condition of the title is essential for the loan, as a salvaged title lowers down the worth of the vehicle when compared with one that has a clean title. Full coverage of the camper is needed as liability insurance does not serve due to the RV being used as collateral by the lender. Another positive aspect of this loan is the fact that your credit score is not considered. The important and only thing considered is the Vehicle, no consideration of credit history and you would likely secure a higher interest rate.
Documents Needed
- Original vehicle title
- Vehicle Insurance Proof
- Ability to repay Proof
- Income Proof
- Government Issued ID
- Four Attestations
- Vehicle Pictures
- Residential Proof
- Terms of Loan
As soon as the above documents are being provided, the RV is being inspected for verification of all info provided. After the thorough inspection and verification, loan terms are agreed on and signed off before the cash is officially yours.
