The RV Industry Association (RVIA) has released the results of its 2021 Survey of Lender’s Experiences, a nationwide survey of financial institutions about their RV lending portfolios.
The survey report gives an in-depth look at key data from the wholesale and retail indirect RV lending markets, illustrating why RV loans remain an attractive product for financial institutions to include in their portfolios, as per RVIA’s News & Insights report.
The research found that the dollar volume of RV wholesale loans was $16 billion in 2021. Meanwhile, there were 276,838 retail indirect loans to consumers by reporting institutions in 2021, totaling more than $13 billion in dollars funded.
The average down payment on retail indirect loans for RV purchases was 21% with the average amount financed at $53,908 for new RV purchases and $60,044 for used RV purchases.
As the RV market continues to grow and the RV lending dollar volume is also on the rise, survey data shows that RV financing remains a profitable market for banks.
In documenting the stability and potential profitability of RV loans, the 2021 Survey of Lenders’ Experiences is a helpful tool for RV industry members to use to educate banks and financial institutions about the RV lending market.
The 2021 Survey of Lenders’ Experiences concentrated on the largest lenders in the Wholesale and Retail Indirect markets that together constitute approximately 80% of national lending activity.
Members may access the Survey of Lenders’ Experience here. Copies are available for sale to non-members in the association store here.
The RV industry appears to be on a splendid streak, with $16 billion in wholesale loans and 276,000 retail loans last year. What are your musings on this?