December 2024: Trends and Insights for the RV Lending Industry
As the holiday season unfolds, the RV lending landscape presents exciting opportunities for both lenders and borrowers.
Consumer Demand for RVs
Holiday Sales Boost: December traditionally sees a surge in RV sales as dealerships promote end-of-year deals. Financing options play a critical role in closing these deals.
New Buyer Demographics: Younger generations, particularly Millennials and Gen Z, are entering the RV market, with many prioritizing financing options over cash purchases.
Interest Rate Trends
Stable Rates: Interest rates in the RV lending market have remained steady despite fluctuations in other sectors. This stability is driving more buyers to explore financing rather than waiting for potential rate drops.
Loan Terms: Longer loan terms (120-180 months) continue to gain popularity, as they allow borrowers to manage lower monthly payments on high-value RVs.
Predictions for 2025
Sustained Growth: The RV market is expected to continue its upward trend into 2025, driven by lifestyle shifts favoring outdoor recreation and travel.