How to Finance a Fifth-Wheel Camper

A fifth-wheel camper provides a myriad of vacation options.

A fifth-wheel camper provides a myriad of vacation options.

If you dream of vacations that have all of the comforts of home without the expense and confinement of a hotel, purchasing a fifth-wheel camper might be the choice for you. These campers connect to your pickup using a wheel-plate mounting in the truck's bed that allows you to disconnect from the trailer and sightsee in your truck. While you might be able to borrow the money required to purchase the camper from a relative or friend, the average price of $20,000 to $35,000 -- according to RVNetLinx -- makes that impossible for most people. According to Bankrate.com, fifth-wheel campers are a luxury item and require a good credit score for loan approval from a third-party financier.

Order your credit reports from AnnualCreditReport.com. While these reports -- one each from TransUnion, Equifax and Experian -- do not give you your credit score, if the reports show no late payments, defaults, judgments or bankruptcies, you should have a high score. Essex Credit Corp. typically requires its applicants have a credit score of 690 or above.

Gather your financial information. Financiers typically require proof of income and lists of any assets and debts before approving a loan. Make copies of your two most recent pay stubs and your last two W-2 forms for income verification. Self-employed applicants need to have their last two income tax returns available. Make a list of any assets; include your available cash, investment and retirement accounts, property and automobiles. Make a list of any debts; include any loans and credit card debt.

Talk with your insurance agent about coverage for your fifth-wheel camper. If you intend to live in the camper, you might require a floating homeowner policy as well as coverage for the camper and its contents. Regardless, the seller of the camper will want to see proof of insurance before you take the fifth wheel. Your agent will give you the information the seller requires.

Select a lender and request an application. Your dealer might offer incentives such as additional accessories or equipment upgrades if you finance through it, but a bank might offer a lower interest rate if you are a current customer. According to Pedata RV Center, some dealerships require you to finance your purchase through them.

Complete the application and submit it to the lender along with any required paperwork or processing fees. You can receive approval in a few hours as long as all of your paperwork checks out.

Tip

  • You might be able to deduct the loan's interest from your taxes if you do not have a second mortgage. Talk with your tax professional to see if you qualify for the deduction.

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