RV FAQs
 
What types of RVs can I finance?
We offer financing options for: Class A, B & C Motorhomes, 5th Wheels, Travel Trailers & Folding Camper Trailers (Pop-ups), Truck Campers, and Horse Trailers with 50% living quarters. We also offer financing options for Bus Conversions. Different rates, down payment requirements, and restrictions may apply.

Essex does not offer financing for: Park Models, Travel Trailers containing either sliding glass doors or front bay windows, Horse Trailers with less than 50% living quarters.
 
What is the oldest RV I can finance?
For purchases, we can finance RVs 2009 model year and newer. For refinances, we can finance RVs 2007 model year and newer.
 
Does Essex offer RV loans for people residing in all 50 states?
Yes, Essex offers RV loans in all 50 states.
 
What are the largest and smallest RV loan amounts that Essex offers?
The minimum loan amount for pleasure use is $10,000 in all states where Essex originates loans. The minimum loan amount for full-timer use (the vehicle is used as a residence) is $25,000 in all states where Essex originates loans. The maximum loan amount in all cases is $2,000,000.
 
What are the shortest and longest terms available?
We offer a variety of terms ranging from 4 years to 20 years depending on the loan amount and age of the collateral. Please see our rate tables for all rates and terms available.
 
Is there a maximum number of miles allowed on an RV I am looking to purchase or refinance?
Yes, the maximum mileage allowed for gas engines is 60,000. Maximum mileage allowed for diesel engines is 100,000.
 
Can I apply for financing through Essex if I am not a United States Citizen?
Yes, as long as you reside in the US.
 
Does Essex work with dealers/brokers?
Yes, we work with dealers/brokers across the US.
 
Does Essex finance Full-Timers?
Yes; our minimum loan amount for Full-Timers is $25,000. Please see our full rate table to view current rates and terms for Full-Timer financing.
 
How much of a down payment do I need?
10% for $10,000 - $150,000 Purchase price plus Tax, Title, License & Loan Processing fees
15% for $150,001 - $250,000 Purchase price plus Tax, Title, License & Loan Processing fees
20% for $250,001 - $500,000 Purchase price plus Tax, Title, License & Loan Processing fees
25% for $500,001+ Purchase price plus Tax, Title, License & Loan Processing fees
Additional down payment may be required.
 
Does Essex require a minimum credit score?
Yes, the minimum FICO credit score considered for published rates is 690.
 
What might disqualify me from getting an RV loan with Essex Credit?
The following situations, in addition to other factors, may negatively affect a loan decision: a high debt to income ratio, unverifiable income, a credit score below 690, bankruptcy, outstanding collections, delinquent payment history, limited installment loan history, insufficient collateral value (LTV).
 
Does Essex offer pre-approvals?
Essex does 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 RV you are currently interested in and should you find a different RV, the collateral can be changed.The updated collateral must remain within approval guidelines. Please note that rates and terms may change based on your final loan amount.
 
How do I apply?
Fill out and submit our secure online loan application or download our .pdf application and then fax or mail it to Essex Credit. Or call us at 866-377-3948, and we will take your application over the phone.

Essex Credit, A Division of Bank of the West
12677 Alcosta Blvd. Suite 400
San Ramon, CA 94583
Fax: 866-377-3939
 
How long will it take to receive a credit decision?
A credit review on an application is generally completed within 1-3 business days. A credit decision will be sent via email if an email address was provided on your application. Remember to check your Junk or Spam folder in addition to your Inbox.
 
Does Essex charge an application fee?
No, Essex does not charge an application fee.
 
Does Essex charge closings costs or other fees?
Yes, a loan processing fee will apply and varies depending on the nature of the title work associated with the unit you are financing. Please contact your Sales Representative for more detailed information.
 
Can I finance any taxes, title, registration and/or loan processing fees?
Yes, taxes, title, registration and/or loan processing fees may be included in your loan amount subject to the loan amount meeting our LTV (Loan to Value) guidelines. You may also choose to pay for them out of pocket; in which case, payment must be received prior to funding your loan.
 
Does Essex require income verification on all loans?
Income verification is generally only required on loan amounts $150,000 and above. However, Essex reserves the right to require income verification on any loan application.

If income is being verified, you may be asked to provide such info as:
- Completed Personal Financial Statement
- If salaried, year to date paystub and/or most recent W-2 & two (2) years 1040 tax returns with all schedules and statements.
- If self-employed, most recent two (2) years personal federal tax returns including all schedules & two (2) years business returns including all schedules & K-1's, if applicable.
- If retired, Social Security, Retirement, and/or Disability Benefit Award letter, current pension statement, annuity statement, investment and/or deposit account statements.
 
What will my interest rate be?
Your rate depends on your loan amount, the loan term requested, the age and type of RV and planned vehicle use. Please see our full rate table to view current rates. Pleasure use rates published on Essex websites are available for RV purchases 2009 model year and newer and RV refinances 2007 model year and newer. Rate bumps apply for truck campers, folding camping trailers, and horse trailers with 50% living quarters.
 
How is interest on Essex loans calculated?
All Essex loans are simple interest loans. You only pay interest on the principal owed.
 
What other documentation will I need to provide prior to closing my loan?
You will be asked to provide:

- Copy of Driver’s License – clear and legible; more specific instructions may apply depending on State of residence
- Insurance binder listing Bank of the West as the lien holder
- Copy of the Purchase Agreement (if applicable)
- Proof of Deposit (if applicable)
- Additional documents may be required
 
When is an RV inspection required?
Inspections are required on:

- All Private Party purchases
- All RV’s with loan amounts $250,000+
- All RV’s with loan amounts $100,000 - $249,999 AND 4 model years and older
- All RV’s with loan amounts $50,000 - $99,999 AND older than 6 model years

Essex reserves the right to request an RV inspection on any RV loan transaction.
 
How do I get an RV inspection completed?
Essex will contact an independent 3rd party vendor and arrange for the inspection to take place wherever the RV is located.
 
If I am approved, how long will it take to fund my loan?
A refinance loan generally funds 7-10 business days after loan approval and receipt of all requested documents.
A purchase loan generally funds 5-7 business days after loan approval and receipt of all requested documents.
If an inspection is required, you can expect your loan to fund in 12-14 business days after loan approval and receipt of all requested documents.
For individuals who use their unit as a primary residence, an additional 3 business days should be added to the normal funding period.

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.
 
Is there a pre-payment penalty on Essex loans?
There is no pre-payment penalty or minimum interest charge when Essex is the lender.
 
Does Essex allow loans to be in the name of a Corporation or a Limited Liability Corporation (LLC)?
Yes, Essex does allow either as a Joint Borrower along with a qualified related individual(s). The purpose of the loan must be personal as Essex does not provide financing for commercial purposes. We are unable to process Montana LLC’s at this time.
 
Will Essex allow me to place my RV in a trust?
Yes, please be prepared to provide your trust documents when requested.
 
If I own my RV free and clear, can I borrow against it?
No, Essex does not currently offer a cash out loan program.
 
If I bought my RV with cash and now would like to obtain a loan, can Essex help me?
Yes, our Cash Recapture Program allows you to get a loan within 60 days of your original purchase. All terms and conditions must meet purchase program guidelines. An Original Purchase Agreement or Bill of Sale must be provided.
 
Can I defer my first payment?
Yes, you may qualify to defer your first payment up to 45 days. Interest is not deferred.
 
Can my payments be automatically deducted from my bank account?
Yes, just let your Sales Representative know prior to your loan closing.
 
Does Essex offer repossessed RVs for sale?
No, Essex does not currently list any RVs for sale.
 
How long will it take to obtain my plates and registration?
Each state varies in the length of time that it may take to process the title work. The standard time to receive your plates and registration is 3 to 4 weeks after your loan funds; however, your experience may vary.
 
What documents are needed to transfer ownership into my name?
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 what title documents are needed when you receive your loan package. It is very important to deliver all of the documents requested within 5 business days of your loan funding.
 
Do I have to send my title to Essex if I live in an “owner held” state?
Yes, the title is needed to secure our lien and update your registration with the new lienholder information.
 
Can I transfer my personalized plates?
Yes, personalized plates can be transferred to your new unit as long as it is the same type of RV. For example, a travel trailer plate cannot be transferred to a motorhome. Remember to inform your Sales Representative of your plans prior to your loan closing.
 
What happens if I am traveling/out of town and unable to provide the supporting documents needed to title and register?
If you are unable to provide the required documentation within 5 business days of funding your loan, you may incur additional fees.
 
Does my registration have to be current?
Yes, your registration must be current to update it with the new lienholder information. If your registration is due within 30 days of completing your loan application, please let your Sales Representative know.
 
What is a VIN Verification and will I need to get one?
A VIN (Vehicle Identification Number) Verification is a procedure in which a licensed automobile dealer, police officer or other official verifies that a unit’s vehicle identification number matches the unit’s paperwork. A VIN verification is required in some states for an RV that has never been titled or registered in that state. Your Sales Representative will let you know if this will be required for your loan.
 
Who will be handling the titling and registration of my RV?
In most cases, Essex’s internal Lien Department handles the titling and registration of your RV. In some states, it is necessary for us to use an independent 3rd party vendor to complete the titling and registration.
 
 
 

KOA