Survey of Lenders' Experiences Now Available

Annually, the RV Industry Association conducts an annual nationwide survey of the RV lending portfolios of major financial institutions. Data is gathered from both Wholesale lenders and from Retail Indirect lenders. The survey concentrates on the largest lenders in each category. Together these lenders constitute approximately 80% of RV lending activity in the United States. Among these large lenders, the Wholesale portfolio respondents average 33 years of experience, and the Retail Indirect respondents average 29 years of experience.

The latest survey found that the dollar volume of RV wholesale loans was over $18 billion in 2023. Meanwhile, there were over 200,000 retail indirect loans to consumers by reporting institutions in 2023, totaling more than $9 billion in dollars funded. The average down payment on retail indirect loans for RV purchases was just under 22%. The average amount financed was $67,216 for new RV purchases and $64,635 for used RV purchases.

Overall, 2023 was a down year for the RV industry. Throughout most of the year RV shipments were off compared to their respective months from the previous year, apart from the final two, which saw growth and signaled optimism as the calendar turned to 2024. 

During a soft market for most of the year, there were still 313,174 wholesale shipments with a retail value of $20.27 billion in 2023, a year that saw the RV industry contending with economic headwinds such as stubborn inflation trends and high interest rates that impacted both the wholesale and retail market.

Despite these challenges, the long-term outlook for the RV market remains favorable. Interest in the outdoors and RVing has exploded over the last few years. The median age of new RV buyers has dropped to only 32 years-old and these buyers are more diverse than ever before. RVers are enjoying the health benefits of recreating in nature. The RV industry continues to be an economic powerhouse with the latest data from the Bureau of Economic Analysis showing that RVing has been the top contributor to the conventional outdoor recreation economy for two years running.

By documenting the stability and potential profitability of RV loans, this survey continues to be a helpful tool for RV industry members to use in educating banks and financial institutions about the RV lending market. 

Members can view the study below and copies are available for sale to non-members in the RV Industry Association store.

View the study