Wells Fargo manages RV loans under its specialty vehicle financing division. You can use its RV loans to buy a wide range of both new and used vehicles including: Campers. Motor homes.
Correspondingly, can you deduct RV interest on taxes?
Yes, in most states, the interest on your RV financing is tax-deductible. This is typically available whether your RV is your primary or secondary home, though some states may have their own requirements.
Similarly, how long does Wells Fargo underwriting take?
After we receive all required documents: • An underwriter will review and a credit decision will be made within seven business days. You will be contacted to discuss the credit decision. You will get a rate lock without fees, subject to credit approval.
What FICO score do RV lenders use?
Most RV lenders use a 660 to 700 FICO score, but it is possible to finance your RV even with a lower or bad score. FICO is short for Fair Isaac and Company. They are the originator of the idea of a credit score so that lenders and creditors can assess the risk of lending you money or extending a new line of credit.
The average RV loan has a higher interest rate than the typical car loan, and also tends to be longer. According to data from S&P Global, the average RV loan’s interest rate is 6.17% for a new RV purchase and a 36-month loan term, and 6.15% for a 60-month loan on a new RV purchase.
Like auto loans, many RV loans are secured by the vehicle itself. … But this makes unsecured loans riskier for lenders, so they often charge higher interest rates. If you have credit scores on the lower side, getting an unsecured loan can be harder because lenders may consider you a higher risk.