Is there a minimum amount one can finance an RV?

Depends totally on the bank you chose. You do not have to use the bank the dealer wants you to. Call your bank, Make your own deal

Dealers don't really finance anything. They just sell your loan to their providers. The best way to finance is to get your own loan pre-approved before you go looking. I found my CU had the best RV loan rates, YMMV. This way you can ask the dealership if they can get a better rate. My experience is that they generally can't.

You will probably find that most lenders won't finance older RVs or RVs with high mileage (above 100K). Also the lower the loan amount, the shorter the time they would finance. Using your bank or CU also opens up getting a signature loan, an equity loan, or a refinance on a other vehicle to get you the cash you need. This information is being offered with no comment from me on the sensibility of any of these financing options.

Most lenders are not interested in small loans. They cost more to process than they can ever earn in interest. Rates will skyrocket on small amounts. You would probably be better off using a low interest credit card.

I am looking to finance maybe $6000 over 36 months on a $12k RV. I know it is very small but I like holding onto my cash, and I usually pay the loan off early and it helps build my credit.

If the minimum is $8K, finance that much and pay it down to your $6K target quickly.

Dutch_12078 wrote:
If the minimum is $8K, finance that much and pay it down to your $6K target quickly.

Once you take the loan, it does nothing to just chunk a little off the top of an amortized loan. Now if you're not taking the loan to term you can save interest by paying it off early but again makes no difference when you apply he extra $. Only the end date matters.

To the OP, you should call a bank, not a bunch of goofballs on a forum for this question.....unless you think someone here may be a potential lender...lol.

I do agree with Dutch thou. $6k, 8k who cares. Sounds like you can pay cash but would rather build credit. The difference in payment is minimal.

If the minimum is $8K, finance that much and pay it down to your $6K target quickly.

This is what I would do, unless you are in a position where you can get an unsecured note for the $6K. Take the $8K then slap the extra $2K down on it immediately but make sure they apply it to principal. Look into a credit union and see what their rules are. You can join most for a nominal fee and they often are less restrictive with better interest rates.

95jersey wrote:
I am looking to finance maybe $6000 over 36 months on a $12k RV. I know it is very small but I like holding onto my cash, and I usually pay the loan off early and it helps build my credit.

I recommend you finance the full $12k and still pay it off in 36 months. Assuming the interest rate is the same. Even get the terms for 10 or 15 years if the rate is the same. Make sure there are no prepayment penalties. If times get hard it will give flexibility. And if good times continue then you are still clear in 36 months.

This is totally dependent on the bank. Lots of small local banks will provide a personal loan under this amount unsecured. Heck you could put it in a credit card. We bought a car that way once, credit card had 0% so we used the card and paid it off before the 0% expired. No shortage of lenders out there.

Own a house? How about a home equity loan?? I'd go with whatever gave me the best interest rate on the amount I needed. Good luck!