If you are citizen of United States of America then you must be quite familiar about car title loan. Car title loan is loan provided with car title as security for repayment of loan. Likewise, RV title loan stands for Recreational Vehicle title loan. What are RV title loans? First of all, let’s answer this question. It is different from car title loan as Recreational Vehicles are used as security for loan. Recreational vehicle is a vehicle designed with living area for accommodation. Such vehicles are used when we go for dry picnics, and other recreational activities. They are also found commonly in Movie sets for accommodation of actors when they are off the shoot. Recreational Vehicles are generally found with different names by different manufacturers as 5th wheel, travel trailer, camper, motor-home, pop-up trailer and others
In United States of America, lenders have made provision for borrowing title loan with recreational vehicle title as security. Thus, it has become quite easier for recreational vehicle owner to borrow some loan with their recreational vehicle. In present days RV title loans have been quite common way to get some money for recreational vehicle owner. But the condition of vehicle needs to be good to get good amount of loan. The amount mainly depends on availability of different parts of trailer. Lesser parts of trailer will give you lesser amount of loan. The interest rate of such recreational vehicle title loan is similar to car title loan. So, lenders need your proof of income to lend you some money.
Difference between car and RV title loan
There is no such difference between car and RV title loans. The major difference between RV and car title loan is RV title loan uses title of trailer as the security to get loan. Moreover, title loan amount that we get from lender in RV title loans is much less than that of car title loan. Likewise, car title loan isn’t generally provided after inspection of the condition of your car while recreational vehicle loan needs inspection of the trailer before passing the loan.
When we need RV title loan?
Suppose we are in a trip with our family and on the way, you are in short of money. Then, you need lender to borrow some amount so that you could enjoy the trip nicely. But no one would lend you money without a security. In that case you can use your recreational vehicle trailer title as security to get some amount of money which you can use during your trip.
In other case, suppose you have urgent need of money due to some financial problem. In that case you can visit a nearby lender and apply for recreational vehicle title loan. You can repay the loan with necessary interest within the contract period. In this way, we can use your recreational vehicle to help you during financial crisis and urgent need of money.
Thus, if you have a RV and get into financial trouble, don’t worry you can apply for RV title loan to borrow some loan and manage your trouble with that amount.