The recently released 2017 Survey of Lenders’ Experiences details the results of the RV Industry Association’s annual nationwide survey of financial institutions concerning their RV lending portfolios. The report provides an in-depth look at key data from both the wholesale and retail indirect RV lending markets and illustrates why RV loans continue to be an attractive product for financial institutions to include in their portfolios.
The research found that the dollar volume of RV wholesale loans was $13.3 billion in 2017. Meanwhile, there were 202,926 retail indirect loans to consumers by reporting institutions in 2017, totaling more than $8.4 billion in dollars funded.
The average down payment on retail indirect loans for RV purchases was 13.4 percent with the average amount financed $45,368 for new RV purchases and $46,822 for used 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 Bank Association, stated RVIA.
The 2017 Survey of Lenders’ Experiences concentrated on the largest lenders in the wholesale and retail indirect markets that together constitute approximately 80 percent of national lending activity.
Members may access the Survey of Lenders' Experience here.