The 2020 Survey of Lenders’ Experiences details RVIA’s nationwide financial institution survey concerning their RV lending portfolios.
The report, available to RVIA members or for purchase by non-members, provides data from the wholesale and retail indirect RV lending markets, RVIA said.
RV wholesale loans totaled $11.2 billion in 2020, the survey found. Meanwhile, reporting lenders made 255,343 retail indirect loans to consumers in 2020, totaling more than $9.6 billion.
The average down payment on retail indirect loans for RV purchases was 18.2%. The average amount financed was $45,869 for new purchases and $49,036 for used purchases.
“With the RV market continuing to grow and the dollar volume for RV lending also on the rise,” RVIA stated, “the data shows that RV financing continues to be a profitable market for banks.”
Survey results found RV loans’ delinquency rate to be among the lowest consumer loan default rate tracked by the American Bankers Association.
The 2020 Survey of Lenders’ Experiences included wholesale and retail indirect market lenders. Together they constitute about 80% of national lending activity in the markets.