Credit union RV loans are back on the road after the industryslowed to a stop during the recession.

Sales on RVs have grown steadily, reaching an eight-year high of356,735 units shipped nationwide in 2014, according to theRecreational Vehicle Industry Association. Shipments showed an 11 %gain year-over-year, and a 116% gain since the industry's recessionlow of nearly 165,000 units shipped in 2009.

According to the RVIA's most recent ownership report, thefastest-growing cohort of RV owners in 2013 were Gen Xers aged 35to 44 years old, which was just slightly less than the industry'slargest cohort of owners, who are between 45 and 54 years old. Theaverage American RV owner was 50 in the 1980s; today that age is 48and falling.

Robin L. McKenzie, senior vice president/ marketing andcommunications of Redwood Credit Union in Santa Rosa, Calif., saidthe trend looks like it will continue into 2016.

“RV loans are very popular with our members, especially duringthe summer, and our low rates and longer terms [up to 84 months]are attractive to borrowers,” she said of the $2.7 billion creditunion.

RV loans at Redwood were as low as 4.24% APR for a new RV withan 84 month term, and 4.74% APR for a used RV at 84 months.

In a survey conducted in December 2014 at the annual RVIA tradeshow in Louisville, Ky., 41% of survey respondents — the majorityof whom were RV dealers — said they expected sales to rise 5% to10% next year. Twenty-six percent of respondents expected 10% to15% growth.

“Historically, when the RV market is growing,a younger buyer does typically come back,” Randy Potts,president/CEO of RV manufacturer Winnebago, said.

The growth has driven the biggest surge in RV sales since theearly 1990's.

The industry has seen double-digit sales growth during the pastthree years, and this year, shipments of tow-behind travel trailersare expected to reach their highest levels.

The skyrocketing sales are fueled by the 10,000 or so babyboomers who are turning 65 every day, plus a large band offifty-somethings who are planning for an active or earlyretirement.

The average price of a basic tent trailer is less than $10,000.Travel trailers start at about $12,000 and can cost upward of$100,000 for a fifth-wheel. Camper vans, which are smaller versionsof the enclosed motor home, start at $40,000 and easily run intosix figures.

When RV purchase intentions are combined across current ownersand market entrants, a total of 21% of all U.S. households statedintentions to purchase an RV at some point in the future. Thisrepresented only a slight decline from the 23% rate in 2005, andwas ahead of the 16% rate in 2001.

“These purchase intentions are very encouraging for theindustry,” said Sid Johnson, chairman of RVIA's market informationcommittee and director of marketing at Jayco RV. “These surveyresults were collected in a challenging financial environment yetthey are very close to the 2005 data when the economy and consumeroutlook was much brighter. Overall, the results indicate strongdemand for RVs in the years ahead.