RVIA’s 2022 Survey of Lenders’ Experiences reported over $9 billion in RV indirect lending made in 2022.
RV wholesale lending totaled $21 billion during the year. The report found over 200,000 indirect retail loans made to consumers.
The report surveys lenders constituting about 80% of all RV lending in the U.S. The report, which is open to RVIA members and available for purchase by non-members, provides an in-depth look at key data from the wholesale and retail indirect RV lending markets.
The 2022 indirect retail funding level is a drop from 2021, when the survey reported over $13 billion in indirect retail lending. Wholesale funding, however, rose 31% from 2021, which registered $16 billion.
The 2020 survey found $9.6 billion in indirect retail lending and $11.2 billion in wholesale funding.
The 2022 average down payment on indirect retail loans was just under 18%. The average amount financed was $60,102 for new RV purchases and $60,305 for used RV purchases.
In 2022, the RV industry shipped over 493,000 RVs, the industry’s third-best year on record. The RVs had a retail value of over $27 billion, the report found.
RVIA said the 2022 Survey of Lenders’ Experiences data shows RV financing continues to be a profitable market for banks.
