RV FAQs
 
What will my interest rate be?
Your rate will vary. It depends on many factors, which include your loan amount, your down payment, your credit profile and the age and value of your RV. As soon as we process your application, we will let you know your interest rate and program options.
 
How long will it take to process my application?
Complete our online loan application and you may be approved within minutes.
 
How much of a down payment do I need?
The typical amount down is 10% - 20%.
 
What are the largest and smallest RV loan amounts that you offer?
There is no maximum. Minimum loan amount for pleasure use is $10,000 in all states except for CT, IL, KY ($15,001) and AK, FL, IA, KS, MN, NE, NY, OH, PA, TN ($25,001).
 
How is interest on your loans calculated?
All our loans are simple interest loans. You only pay interest on the principal owed.
 
Do you have an application fee?
No, Essex Credit Corporation does not charge an application fee.
 
What types of RVs can I finance?
Class A, Class B and Class C Motorhomes, Travel Trailers, 5th Wheels, Truck Campers and Van Conversions.
 
How do I apply?
JUST FILL OUT OUR SECURE ONLINE LOAN APPLICATION or download our .pdf application and then fax or mail it to Essex Credit Corporation. Or call us at 866-ESSEX-4-U (866-377-3948), and we will take your application over the phone.
 
What is the oldest RV you will finance?
We can finance RVs manufactured as old as 10 current model years.
 
Do you require a minimum credit score?
No, however you must have excellent credit and this typically means a minimum credit score of 690.
I am a foreign national. Can I get financing through you?
Yes, as long as you reside and work in the United States.
 
Do you offer repossessed RVs for sale?
No.
 
What are the shortest and longest terms available?
The shortest term is 4 years. The longest is 20 years.
 
Do you finance loans for people residing in all 50 states?
No. We do not currently lend in AL, DE, ID, LA, MI, MS, MO, NV, ND & VT.
 
Do you finance loans to corporations?
Yes, we do lend to corporations, but only when the RV is for personal use. We do not finance RVs that will be used for commercial purposes.
 
Do you offer pre-approvals?
Yes, you may apply online now and get an Instant Credit Decision.
 
Do you work with dealers/brokers?
Yes. We work with dealers/brokers across the continental US.
 
Do you finance full-timers?
Yes; our minimum loan is $25,000.
 
Do you offer equity out programs?
Yes, you may receive cash out up to $50,000.
 
Do you require income verification on all loans?
Yes.
If I bought my RV for cash and now would like to obtain a loan, can you help me?
Yes. Our Cash Recapture Program allows you to get a loan within 6 months of your original purchase.
 
Can I defer my first payment?
Yes, you may defer your first payment up to 90 days.
 
Will you allow me to place my RV in a Limited Liability Corporation?
Yes.
 
Will you allow me to place my RV in a trust?
Yes.
 
Can my payments be automatically deducted from my bank account?
Yes. Just let your sales representative know before the closing of your loan.
 
 

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