What documents do I need to obtain a Mobile home or RV loan?
While the exact requirements can vary by lender, the baseline requirements are:
- Class-D License, and Class-A if the size of mobile home is large
- Government-issued ID (e.g. driver’s license)
- Insurance documents
- Mobile home/vehicle registration
- Proof of employment
- Proof of income (e.g. bank statements and/or employment pay stubs)
- Credit report
Where can I get a mobile home or RV loan?
You can get financing for a mobile home from a dealership, bank, credit union, or an online lender. Rates will vary based on the option that you choose.
Is employment necessary for a mobile home loan?
While employment is not a stringent criteria, it is the most commonly checked factor to ensure that the loan will be repaid in time. Alternatively, if the borrower is not employed, then he/she will need to use the mobile home or RV as collateral.
Can I get a mobile home or RV loan with bad credit?
Yes, you can. Your primary option would be online lenders as they are less strict with approvals. You’ll likely have to pay a higher interest rate, because bad credit means you are a riskier customer for the lender. Shop around to find the best rates you can get.
How much should my down payment be for a mobile home?
The best practice is to make sure that you are able to make a down payment of at least 20% of the total cost of the mobile home or RV. You need to make sure that the down payment is large enough for you to afford the monthly payments to pay off the remainder of the loan.