Photo by Tima Miroshnichenko/

During the pandemic, many RV buyers were attracted to the RV life for its freedom from lockdowns and quality family time as opposed to collective confinement in their homes. And since then, you’ve enjoyed the benefits and cherished memories that an RV lifestyle brought you. But as the rules of the pandemic fade and we all begin returning to work, the RV lifestyle now seems like something of a luxury. You want to sell your motorhome.

You begin searching the web for ways to “sell my RV fast” or “who buys used RVs near me.” But before you can sell or consign your RV you must be in the most advantageous financial position as the owner.

The problem may be that you are upside down on your RV loan, or so you’ve been told. Depending on what kind of loan you got to purchase your camper and what financial institution holds your loan, you may feel stuck. But that’s not necessarily the case.

Here’s what to do if you owe more money on your RV than it’s worth:

  •       Step One – Find Out What Your RV Is Worth. Owing more on your RV than it’s worth is called a lien. It’s a scary word but it doesn’t have to be. Once you know the true market value of your camper you can begin making a plan to reduce the difference you owe and make your RV sellable. Use an official price guide like NADA. Take into consideration the unit, model, brand, and the year it was manufactured. Add value for upgrades that were done by the manufacturer or yourself. And don’t forget to add in the unused value of any service contract or warranty. Then factor in the mileage, overall mechanical condition, and aesthetic condition. If things are cracked or broken this will of course detract from the value if they aren’t repaired.
  •       Step Two – Compare with Local Comparable RVs for Sale. A few hours on the internet checking prices on models in similar conditions will give you a good idea of the true market value.
  •       Step Three – Calculate the Difference You Owe. Pull out your loan paperwork and calculate what you owe on your loan against the true market value. Once you have this figure it will be easier to make a targeted plan to reduce the lien amount so you can sell your RV.
  •       Step Four – Decrease the Amount You Owe. There are a few ways you can do this. Choose the ones that work best for you:

1- Rent Your RV – By allowing other families to enjoy your RV as you work on repaying the loan, you can enjoy a bonus flow of cash that can be applied toward the principal. This money can either be used to make the payments or be added to your regular payments to pay the loan off faster.

2 – Restructure – Speak with your financial lender about restructuring your RV loan. You may find they are more amenable to this option than you realized.

3 – Refinance – If your lender isn’t amenable, try to find another lender to take over the loan and refinance it with better terms. To utilize this option, you will probably need a very high credit score.

4 – Sell the Payments – Some lenders will, with the proper binding documentation, allow the buyer of your RV to assume the payments. It’s not common and may already be restricted in the original loan documents, but it’s worth speaking to them about it.

  •       Step Five – Sell Your RV/Motorhome/Camper. After reworking your finances with your lender or successfully renting it out to make bigger payments against the loan principal, you can finally get your head above water on the loan. Once this is accomplished the rest is easy. Simply find a reputable RV consignment dealer in your area who specializes in selling used RVs. Their experience and expertise will give you the best advantage and garner the highest possible price at closing.

For more information about selling an RV you owe money on, contact Easy Escapes RV today. Good luck!

863 450 4915