The 2021 Survey of Lenders’ Experiences details the results of RVIA’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.
The research found RV wholesale loans totaled $16 billion in 2021. Meanwhile, lenders made 276,838 retail indirect loans to consumers in 2021, totaling more than $13 billion. The average down payment on retail indirect loans for RV purchases was 21%, with an average of $53,908 financed for new RV purchases and $60,044 for used RV purchases.
The RV market is continuing to grow and RV lending volume is also on the rise, RVIA said. Against this backdrop, the data shows RV financing continuing to be a profitable market for banks.
In documenting the stability and potential RV loan profitability, the 2021 Survey of Lenders’ Experiences is a helpful tool for RV industry members to use in educating banks and financial institutions about the RV lending market, RVIA said.
The 2021 Survey of Lenders’ Experiences concentrated on the largest lenders in the wholesale and retail indirect markets. Together they constitute approximately 80% of national lending activity.