Reston, Va. – RVIA reports that financing remains readily available for well-qualified borrowers looking to purchase an RV.

"For the great majority of people who pay their bills on time and honor their loan commitments, there is money in the market to finance an RV according to our finance company members," said RVIA President Richard Coon. "The misconception that creditworthy customers can't finance an RV is simply not true."

Consumers typically arrange an RV loan through an RV dealer, who can most of the time provide on-the-spot financing through one or more major RV financing lenders.

Terms for RV loans can extend up to 20 years and the average down payment is 12 percent. The median term for new RV loans is just over 18 years for new RVs and about 17.5 years for used RVs, according to the Survey of Lenders' Experiences, an annual nationwide survey conducted by RVIA of financial institutions concerning their RV lending portfolios.

"We do not have any difficulty securing financing for our customers as long as they have an adequate down payment and a good credit score," said Lyle Schaap of Schaap's RV Traveland.

To learn more about financing options and RVing visit GoRVing.com