The RV Industry Association completed its nationwide survey of financial institutions concerning their RV lending portfolios, and results are available in the 2020 Survey of Lenders’ Experiences.
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, RVIA said.
The research found that the dollar volume of RV wholesale loans was $11.2 billion in 2020. Meanwhile, there were 255,343 retail indirect loans to consumers by reporting institutions in 2020, totaling more than $9.6 billion in dollars funded. The average down payment on retail indirect loans for RV purchases was 18.2 percent, with the average amount financed $45,869 for new RV purchases and $49,036 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 Banker Association.
In documenting the stability and potential profitability of RV loans, the 2020 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 2020 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. Copies are available for sale to non-members in the association store here.
