Transferring recreational vehicle loan payments to a buyer is not possible because banks have restrictions on this type of loan swapping transaction. Generally, an RV owner wishing to sell the vehicle to someone else must pay off the existing loan before listing it for sale.
An RV owner who wishes to sell the vehicle to another person but cannot pay off the loan can ask the buyer to take out a separate loan for the full asking price to make the purchase. The original owner uses the money from the sale of the RV to pay off the outstanding loan balance, and the new owner is responsible for paying his lender for the loan. It is best to avoid arrangements where the buyer sends the financial lender loan payments on behalf of the seller; this leaves sellers legally on the hook for the loan if the buyer stops paying.
An RV owner should be aware of the current market value of his used vehicle when deciding on a selling price. Lenders approve loan amounts for the current market value of the vehicle, which is at least 40 percent less than what it was worth when new; however, a buyer who qualifies for a recreational vehicle loan is likely to get a good deal on a long-term loan.
Selling an RV involves a lot of paperwork, and an owner must deal with people who may not be serious buyers. An owner can choose the consignment sales method and have a qualified dealer handle the selling and paperwork.