Survey of Lenders' Experiences

The Survey of Lenders’ Experiences details the results of the RV Industry Association’s nationwide survey of financial institutions concerning their RV lending portfolios. Together these lenders constitute approximately 80% of RV lending activity in the United States. 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.

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.

Despite 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. However, 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.

Members Click Here to View the Full Study