The 2020 Survey of Lenders’ Experiences provides the findings of the RV Industry Association’s (RVIA) nationwide survey of financial institutions regarding their portfolios of RV loans, the RVIA reported.
The report offers a comprehensive review of key information from both retail and wholesale indirect RV lending markets. It also explains why RV loans continue to be a popular product for banks to add to their portfolios.
The study revealed that the value for RV wholesale loans in 2020 was $11.2 billion. There were 255,343 indirect retail loans to consumers from reporting institutions in the year 2020 which amounted to over $9.6 billion in dollars financed.
The median down payment for retail indirect loans to purchase RVs was 18.2 percent, with the median amount borrowed $45,869 for brand new RV purchases, and $49,036 for second-hand RV purchases.
“With the RV market continuing to grow and the dollar volume for RV lending also on the rise, the data shows that RV financing continues to be a profitable market for banks, especially when considering the delinquency rate for RV loans continues to be among the lowest of other consumer loans tracked by the American Banker Association,” the News & Insights article said.
In assessing the potential and stability of RV loans, the survey is an excellent instrument for RV industry players to use to inform financial and banking institutions about the RV loan market.
This survey focused on the top lenders within the Wholesale and Retail Indirect markets which comprise around 80 percent of all national lending activity.