Recreational vehicle loans also called RV title loans is short payback period loan which are mostly taken during critical financial condition. Recreational vehicle title loans are also easier to process and get the loan like car title loan in United States of America. The main requirement is you need to have a recreational vehicle with good conditioned trailer with all accessories. If some accessories are lost from the vehicle or aren’t available in the trailer then amount of money as loan will be less. Generally, RV title loans range from around 2000 US dollar to near about 50000 US dollar. But there is no compulsion that you must take 2000 US dollar. You can take whatever amount you want to take as loan, why not that might be 500 US dollars. Each borrower should fulfill basic requirement to get RV title loans and they are explained in section below.
Requirements to get recreational vehicle loan
There are different requirements to get recreational vehicle title loan in major cities of California. Requirements of RV title loans are similar to car title loans with slight change in some points. These requirements are briefly listed below.
- First off all you need to fill up a form provided by the company. You can fill the form visiting the lender’s office, online or by any other available method.
- You need to have a proof of residence. Proof of residence might be any document proving you to be the resident of the city. Lenders feel difficult to lend loan to people from other cities. Proof of residence can be anything that will prove you are resident of that particular city. You can submit electricity, telephone or any other bill as proof of residence.
- They also look for proof of income so that they can get ensured that you will definitely pay their loan. Some lenders also check your credits. But bad credits don’t hamper your chances of getting loan. Moreover, you need to have driving license and other vehicle documents such as insurance paper.
- The main requirement is title of your recreational vehicle trailer. Thus, the company will make quick evaluation of your recreational vehicle value at present value and they will at maximum provide you 50% of the present value as the car title loan. Other 50% is kept for security, so that in case you cannot repay the interest the company can collect pit by selling the vehicle in auction.
- Your recreational vehicle with trailer must be made available for inspection and evaluation by the inspector of the company.
Thus, if you fulfill these requirements and provide all necessary documents you can collect your money in less than an hour.
What about the repayment?
Repayment of a recreational loan must be made within the period of time as per the contract. If someone fails to repay the total loan with interest, the lender can take you recreational vehicle and sell it in auction. From auction he can get his money back along with interest.