The 2021 Survey of Lenders’ Experiences details the results of the RV Industry Association’s 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 $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 $53,908 for new RV purchases and $60,044 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. 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 educating 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.