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RV Loan for 2005 Prevost Royale in Riverside California ($230K)

RV loan for $230K in Riverside, CA. Applicant is retired Highway Patrol officer. Wants to buy a 550 thousand dollar RV coach and needs to borrow 230 thousand dollars to make up the difference of his down payment of $220,000. We’ve had various RV loan requests submitted to CLF, but until now we have not really focused much attention on recreational vehicle financing – there were so many other loans to contend with. But since spring is coming, we thought that we would perhaps start journal our applicants and borrowers who need a loan to buy an RV – in this case the applicant needs to borrow money from a bank for a used RV.

Some banks and lenders will not lend money to their customers for used recreational vehicles, such as C-Class, B-Class, and A-Class coaches, and used boats. Some banks WILL approve used RV loans, and those are usually locally based banks with a strong community connection, and are willing to have a used RV appraised for current market value, and use the RV as the collateral on the loan. For borrowers it can be somewhat of a challenge find a lender that will go out of their way to lend them money for any kind of used vehicle. Used property….no problem. Used RVs…..problem – go figure.

Getting Approved for a Used RV Loan (the frustration of banking policy)

This is really frustrating for borrowers like the one in this RV loan saga who has good credit, great monthly income, a house paid off in the high $800,000 area and no debt. Not to mention a fantastic credit rating. The applicant and his wife also own a small business that pays them close to $100,000 a year in net profit. Sort of ridiculous when you consider that the RV he wants to buy is in MORE than excellent condition, and it only requires a quick visit to the RV dealership from a competent appraiser to realize that the loan would be very secure. Anyway….can’t change some other companies policy – it is what it is.

So this man and his wife are retired, making over ten thousand dollar in net income monthly due to his CHP pension and their small business. They want to buy this RV to do some touring throughout North America for a period of years. He found a big A-Class RV (coach) that is beautifully kept by the previous owner, and only has 70,673 miles on it. Even better, the RV was stored indoors in an aircraft hanger for it’s entire life span so far. This is a steal of a deal for any “right-minded” buyer and borrower. Below is the RV loan application form. This is not the whole application form of course, as to protect the privacy of the applicant and his wife.

Private Underwriter’s Loan Description :: RV Loan (Recreational Vehicle)

Why do you want a loan? :: I would like to buy a used RV that is in excellent condition. The RV is a 2005 Prevost Royale (two slide outs).

$230,000 RV Loan in Riverside, Moreno Valley, Redlands California (Amount of Loan Note)

How Much Do You Want To Borrow? :: $230,000 because I have agreed to pay the dealership a total of $550K for this coach and I have $220K for a down payment. I have a good pension and I have a small upholstery business that brings in a net profit of between $6000-$8000 per month. My total net income of $9,500-$11,500 per month, with no mortgage, no vehicle payments, and now personal loans with any bank. We own everything. Our only payments we make each month are for our his and her credit cards. These are Visa Cards we have with City National Bank. We pay on average $400-$1000 per month to our Visa bills. We never carry forward a balance rolling over the month on either of our credit cards.

Length of Employment :: Now retired from California Highway Patrol (Riverside)

Time at Address :: 21 years

Age :: 64

Anything else you can tell us to speed up approval? :: I own my house outright with no mortgage and no liens. Appraised at being worth between $800,000 – $850,000 in current market value.

Sex :: Male

Marital Status :: Married

Ever Claimed Bankruptcy? :: No

$230,000 RV Loan in Riverside, Moreno Valley, Redlands California (Applicant Residence History)

What City/Town, County, and State is your primary address in? :: Riverside Ca – in Riverside County (same name) We live between Fairmount Park and Mount Rubidoux Park on the South side of the Santa Ana River from Rubidoux. (Just off of Mission Blvd.) Used to live in Moreno Valley, Redlands, Colton, Fontana, and Highland at different times of our lives.

Zip: 92509

Have you checked your credit report lately? :: Yes

Would you consider your credit rating to be? :: Excellent (FICO 770)

Which bank do you use and which branch? :: City National Bank – Central Avenue Branch in Downtown Riverside

Collateral? :: I would like to use my home equity for security on the loan, if the lender does not want to use the RV as security, pending bank appraisal of coach of course.

Down Payment? :: Yes

If down payment, how much? Explain please. :: $220,000 down payment on the total principal for the purchase at $550,000 USD. I need to borrow the remainder for the purchase ($230K) and use my home equity as security on the note.

Do you a have co-signer or co-borrower? :: No

$230,000 RV Loan in Riverside, Moreno Valley, Redlands California (Employment Background – Retired)

Employment Background :: I was California Highway Patrol Officer based out of Riverside for 43 years and I am now retired. My wife and I plan to tour in an RV all over Mexico, United States, and Canada for the next few years. It’s a been a dream of ours for many years now, and since we are retired and the kids are all grown up, it’s time for us to play.

Loan Officer Conclusion(s) :: This was approved the same day of the application. This is what happens when you pay your bills on time, work hard, and look after your credit score for many decades. The RV loan was secured using the Prevost coach as collateral and there was no need to use the applicant’s (borrower’s) home equity as security. The RV is in mint condition. This was a slam dunk as far as most applications compare. 

Category: Rv Loan APR 5% APR 6% APR 7%
Loan Principal $230,000 $230,000 $230,000
Payment Schedule Biweekly Monthly Biweekly
Length of Term 20 Years 25 Years 15 Years
Amount to be paid $345,220.65 $403,067.38 $351,058.82
Total interest paid $115,220.65 $173,067.38 $121,058.82
Paid per installment $662.07 $1,325.15 $897.68
Total paid per annum $17,213.82 $15,901.8 $23,339.68



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  1. Daniel wrote:

    Either an Auto loan or personal with collateral
    Sioux Falls, South Dakota
    590 mine, 704 wife
    2 weeks

    We travel full time for my work. Employed full time, wife is retired. Wife draws both SS and a small pension. My company pays hourly, with weekly per Diem, and mileage. We are currently living in a rv and would like to move to a unit more capable for full time living. New to us RV is a 2013 New Horizons F47TYTSS that was custom built for its owners. This unit was approx $180000 new now offered for $90000. Well cared for and lightly used. Our current RV would be sold on Consignment with PPL Motorhomes in Texas. New RV needs to be purchased before current one is put on sales lot. We have a HDT converted semi truck that we will tow it with. Price is $90000 + $5000 taxes and registration in South Dakota. As is current RV, new RV would be our home for full time use. We have no other home-mortgage or vehicle loan. Current RV does have a balance owed. Our truck is collateral currently and can be again if needed. We refinanced with our current bank and used the truck to obtain a lower interest rate.
    Thank you

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