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Best RV Loans for February 2024

My Financing USA, NASA FCU, and Southeast Financial stand out for RV financing

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More and more people are turning to motorhomes and other recreational vehicles (RVs) for vacations. In 2012, manufacturers shipped 285,749 RVs. In 2022, that number jumped to 493,268 due to dealership demand—an increase of nearly 73% over 10 years.  

But if you’re new to RVs, the cost can be intimidating. Depending on whether you opt for a towable or motorized vehicle and the class of vehicle you choose, the average cost can range from $5,000 for a small folding camping trailer to $140,000 for a type A motorhome.  

Few people can cover that cost outright, so RV loans are useful financing options. To help you find the right loan for your needs, we identified the best RV loans based on their rates and fees, loan amounts, repayment terms, and vehicle requirements. 

The 5 Best RV Loans for February 2024

  • Best for Poor Credit: My Financing USA
  • Best Credit Union: NASA Federal Credit Union
  • Best for Large Used Loans: Southeast Financial
  • Best for Fast Funding: LightStream
  • Best Loan Marketplace: LendingTree

Unsecured personal loans are another option if you need to finance an RV, although loan amounts may be lower than what you’ll find with RV loans. See the best personal loans to check your potential rates and terms.

  • Our Top Picks
  • My Financing USA

NASA Federal Credit Union

  • Southeast Financial

LightStream

  • LendingTree
  • See More (2)

Final Verdict

  • How to Choose

Methodology

Best for poor credit : my financing usa.

 My Financing USA

  • Used APR Range: 6.24%–19.95%
  • Used Loan Amounts: $10,000 and up
  • Used Loan Terms : 5 to 20 years

Lowest interest rates among top lenders we reviewed

Low credit score requirement of 550

Long loan terms available

Offers refinancing and purchase loans

High loan minimum

Document fee of $495

Application and approval process can take days to complete

We chose My Financing USA for the best RV loans for bad credit because it scored highly in our analysis and it has the lowest credit score requirement of all the lenders we evaluated. 

While some other lenders require borrowers to have good to excellent credit, My Financing USA has a credit score minimum of just 550. Plus, you can qualify even if you have declared bankruptcy in the past, a rarity for RV loans (but multiple or open bankruptcies may be disqualifying).  

My Financing USA works with a set of partners to offer loans for new and used RVs, and you can also refinance existing loans. You can purchase RVs from dealerships or private parties.  

You must borrow at least $10,000, which is higher than some lenders' minimums. My Financing USA’s loan process can also take longer. According to the company, same-day decisions are possible, but other factors can cause it to take longer.   

  • Recommended minimum credit score: 550
  • Maximum debt-to-income ratio: 40% to 50%
  • You must have a consistent source of income.
  • You cannot get refinancing in Alaska or Hawaii.
  • Maximum loan-to-value ratio: Varies by partner lender
  • Maximum accepted mileage: Not disclosed
  • Maximum accepted age of vehicle: Not disclosed
  • Private-party vehicle purchases allowed: Yes
  • Vehicles cannot be used for commercial or full-time use.

If you intend to make your RV your primary residence, be aware that the majority of RV loan lenders won’t lend to full-timers. You’ll have to find a lender that offers loans specifically for full-time RV use, such as Alliant Credit Union , or use a personal loan .

Best Credit Union : NASA Federal Credit Union

  • Used APR Range: 7.09%–10.29%
  • Used Loan Amounts: $5,000–$125,000
  • Used Loan Terms : 3–15 years

Low loan minimum

Membership open to the general public

Offers purchase loans and refinancing options

Cannot apply online

Higher rates for older vehicles

Shorter loan term maximums

When you’re shopping for a loan, a credit union can be an excellent place to start. As nonprofit organizations, they often have lower rates than banks and other financial institutions. However, credit unions often restrict their membership to certain groups.

NASA Federal Credit Union’s membership is open to the general public—one reason why it's our choice for the best credit union for RV loans. NASA FCU has good rates and a low loan minimum, and it offers both purchase loans and RV loan refinancing.

However, NASA FCU does not allow you to apply for a loan online. Instead, you have to visit a branch in person or call its customer service center. 

Though NASA FCU has competitive rates for its RV loans, be aware that vehicles 2018 and older will have higher rates.

  • Vehicles from model years 2019 through 2014: One percentage point higher
  • Vehicles from model years 2013 and older: Two percentage points higher
  • Minimum credit score: Not disclosed
  • Minimum income: Not disclosed
  • Employment qualifications: Not disclosed
  • Membership requirements: Open to NASA employees, eligible employees of other organizations, members of the National Space Society (NSS), and relatives of members (NSS membership starts at $25/year, and NASA FCU will pay for the first year)
  • States available: 50 states and D.C.
  • Maximum loan-to-value ratio: Not disclosed
  • Maximum accepted mileage: No maximum
  • Maximum accepted age of vehicle: No maximum
  • Private-party vehicle purchases allowed: No

Best for Large Used Loans : Southeast Financial

 Southeast Financial

  • APR Range: 7.99% and up
  • Loan Amounts: $10,000–$4,000,000
  • Loan Terms : Up to 20 years

Very high loan maximum

Low credit score minimum

$10,000 loan minimum

Limits on older vehicles

Low mileage restrictions for refinancing

Motorhomes and RVs can be significant investments. Motorized type A motorhomes average $100,000 to $140,000, but more luxurious versions can be in the seven figures. Some RV loan lenders have fairly low loan maximums of $150,000 or less for used vehicles, which is why Southeast Financial is our pick for the best lender for large used loans. 

With Southeast Financial, you can finance up to $4 million to purchase your dream RV or motorhome, and the lender will finance used vehicles that are up to 12 years old. Depending on your credit and the loan amount, you may have as long as 20 years to repay the loan.   

Southeast Financial does have a minimum loan of $10,000. And if you intend to refinance your existing RV loan, your vehicle must have fewer than 90,000 miles.

Southeast Financial doesn’t disclose its minimum income criteria, but you must meet these other requirements: 

  • Minimum recommended credit score: 575
  • Minimum recommended down payment: 10%
  • Maximum accepted age of vehicle: 12 years old
  • Vehicles cannot be used for commercial use.
  • Conversion vans are not eligible for financing.

Best for Fast Funding : LightStream

  • APR Range: 7.49%–16.14%* with autopay
  • Loan Amounts: $5,000–$100,000
  • Loan Terms : 2–12 years

Quick loan funding

No vehicle restrictions

Unsecured personal loans

Relatively short loan term maximum

Relatively low loan maximum

Good to excellent credit required

When you find a great deal on a used motorhome or RV, you may not have time to wait for a traditional RV loan lender to review your application. That’s why LightStream is the best for fast funding; you can borrow up to $100,000 and receive the money as soon as the same day you apply.  

LightStream can fund the loan the same day if you apply on a business day, your application is approved, and you review and sign the agreement and provide bank details by 2:30 p.m. ET. 

LightStream’s loans are unsecured, so it doesn’t have any age or mileage restrictions; it's worth exploring for because its rates for RV loans (and other auto loans) are lower than for most other purposes.

Good to excellent credit is required to qualify for a loan, and LightStream has shorter loan term maximums than other lenders. But for those who need $100,000 or less quickly, it can be a good choice. 

  • Minimum recommended credit score: Good to excellent credit required (typically 680, but may vary)
  • You must be the age of majority in your state.
  • You must have a verifiable source of income.
  • LightStream takes into consideration your credit history, assets, and debt-to-income ratio (DTI).
  • Available in all 50 states and Washington, D.C.
  • Maximum accepted vehicle age: No maximum
  • Maximum loan-to-value ratio: No maximum
  • Allows private-party vehicle purchases: Yes

Best Loan Marketplace : LendingTree

 LendingTree

  • APR Range: Starting at 6.24%
  • Loan Amounts: $5,000–$10 million
  • Loan Terms : 4–20 years

Highest loan maximum

0% down payment options

Rates vary by lender

Most lenders will not lend to full-timers

Processing fees may apply

When nothing but the latest, most luxurious RV model will do, LendingTree is an excellent place to find a loan. It connects you with partner lenders that offer financing up to $10 million, as high as any lender we evaluated. 

LendingTree’s partners are flexible, with loan terms as long as 20 years, and some partners have 0% down payment options. You can check rates and terms with several lenders at once, saving some time and hassle. Just be aware that LendingTree only has a select number of partners, and it’s probably worth your time to explore other lenders as well.

Take note that eligibility requirements, rates, and added fees vary by lender. Mot of LendingTree’s partners will not lend to full-timers, so you’ll probably have to look elsewhere if you intend your RV to be a primary residence. 

Qualifications vary by partner lender. 

Vehicle restrictions vary by partner lender. 

Whether you have your heart set on a vintage teardrop trailer or a posh motorhome, there are many options for RV loans. If you’re dealing with poor credit, My Financing USA is a good first stop. Some lenders, such as NASA FCU or LightStream, offer smaller loans with competitive rates for new and used vehicles. And if you want to shortcut the process and apply with several lenders at once, LendingTree can help you quickly check rates with a few popular lenders.

Guide to Choosing the Best RV Loans

What is an rv loan.

An RV loan is a type of installment loan specifically designed for the purchase of travel trailers, campers, and motorhomes. They are usually secured, so the vehicle serves as collateral , and lenders typically require a down payment. 

RV loans usually have much longer repayment terms than car loans . Repayment terms can be as long as 20 years, while car loans usually have terms ranging from two to eight years. 

Comparing RV Loans

When shopping for an RV loan, keep the following factors in mind: 

  • Annual percentage rate (APR) : The APR has a significant impact on your total repayment cost. With RV loans the APRs can be into the double digits.
  • Vehicle restrictions: Many lenders have restrictions on the type of vehicle you can buy, its age, and its mileage. If you’re shopping for an older RV or a high-mileage vehicle, finding a lender may be more challenging. 
  • Repayment terms: Generally, RV loans have repayment terms ranging from 5 to 20 years. A longer repayment term will give you a more affordable monthly payment, but you’ll pay more in interest. 
  • Down payment requirements: Although there are some companies that allow you to finance 100% (or more) of the RV’s price, most RV loan lenders require down payments. The minimum required often ranges from 10% to 25%. 
  • Vehicle use restrictions: Most RV loan lenders only issue loans for vehicles for recreational use; if you intend to use your RV as a primary residence or for commercial purposes, you may have fewer loan options. 
  • Credit requirements: Most lenders require good to excellent credit, but there are some lenders that will accept lower credit scores. 

How To Get an RV Loan

Follow these steps to get an RV loan:

  • 1) Create a budget: RVs can vary in price, starting as low as $5,000 and costing as much as $1 million or more. Make a list of your expenses and income, and see what you can realistically afford to pay each month for an RV. Keep in mind that there are other expenses beyond the purchase price, such as insurance, fuel, and maintenance. 
  • 2) Check your credit: View your credit reports at AnnualCreditReport.com to make sure the information is correct. If there are any issues bringing your score down, dispute them with the credit bureaus. 
  • 3) Narrow down vehicles: Some lenders require you to have a specific vehicle in mind before you can apply, so narrow down your list of vehicles to a few models in your price range. 
  • 4) Submit your information: Fill out the lender’s application, including information about your income; you’ll usually have to consent to a hard credit check . 
  • 5) Wait for approval and disbursement: It can take longer to hear back about an RV loan than it might with other loan types. In fact, it can take a week or more before your loan is ready to close, so don’t be discouraged if you don’t hear back right away. If your application is approved, the lender will work with the dealership to disburse the loan, or you can receive the funds in your bank account if you’re buying from a private party. 

Frequently Asked Questions

When is the best time to get an rv loan.

Typically, the spring and summer are the busiest months for RV sales, so deals tend to be scarce. During the fall and winter, demand for RVs drops, so you’re more likely to score a deal. Learn more about how to get the best car loan so you can save money on your next vehicle.

Is RV Loan Interest Tax-Deductible?

In some cases, you can deduct the interest you pay on your RV loan by taking advantage of the home mortgage interest tax deduction . To qualify, your RV has to serve as a second home, and the vehicle usually needs to have both kitchen and bathroom facilities. If you aren’t sure if you’re eligible, contact a tax professional. 

What’s a Good Interest Rate for an RV Loan?

Several factors affect the rates on RV loans, but the best RV loans tend to have single-digit interest rates. Getting the best rates on a car loan can take some work, but it’ll pay off.

Are RVs a Good Investment?

From a purely financial perspective, a new RV is rarely a good investment. According to J.D. Power, RVs depreciate by about 20% as soon as they leave the lot. And their fuel and maintenance costs can be significant.  

However, you may find that an RV is still a good investment for your family. You may find that an RV allows you to go on inexpensive vacations, or increases how much time you spend together. In those terms, an RV can be well worth the cost. 

The Balance is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate RV loans, we collected hundreds of data points across 16 RV loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs.

Edwin Tan / Getty Images

RV Industry Association. " Historical RV Data ." 

RV Industry Association. " RV Types, Terms, and Prices ." 

My Financing USA. " RV Loans ."

My Financing USA. " Frequently Asked Questions ," Click "What Are Your Rates and Terms?"

My Financing USA. " Frequently Asked Questions ," Click "What Are the Minimum Application Requirements?"

My Financing USA. " Frequently Asked Question ," Select "How Long Does It Take After You Apply."

NASA Federal Credit Union. " Recreational Vehicle Rates ."

NASA Federal Credit Union. " Recreational Vehicle Loan Rates ."

NASA Federal Credit Union. " Welcome to a Brighter Financial Future ."

Southeast Financial. " Motorhome Financing and Loans ."

Southeast Financial. " Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers ," Click "What Amount of Money Will You Finance?"

Southeast Financial. " Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers ," Click "What Are Your Loan Terms?"

RV Magazine. " The Most Luxurious RVs for 2022 ."

Southeast Financial. " Motorhome Refinancing ."

Southeast Financial. " Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers ," Click "What Kind of Credit Do I Need To Meet Your Loan Requirements?"

Southeast Financial. " Loan Tips To Maximize the Benefits From Your Recreational Vehicle Financing ."

LightStream. " RV Loans and Refinancing ."

LendingTree. " RV Loans & Rates ."

RV Share. " When Is the Best Time to Buy an RV? " 

Internal Revenue Service. " Publication 936: Home Mortgage Interest Deduction (2022) ," Page 4.

JD Power. " How Much Do Campers Depreciate? " 

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RV Loan Calculator: Monthly Payments on Motorhomes, Campers and Trailers

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An RV loan calculator can show what your monthly payments on an RV loan may be, as well as how much you’ll pay in total interest.

Use this RV loan calculator to estimate the cost of financing a new motorhome, camper or trailer.

» COMPARE: Best RV loans

How to calculate RV loan payments

Here’s what to expect from an RV loan. You can adjust the loan amount, term or rate to see different results in the calculator.

Loan amount: This is the amount you expect to borrow. Unsecured RV loans range from $1,000 to $100,000, so the latter is the maximum amount you can enter into this calculator. Secured loans can be more than $500,000. Get an estimate of the RV’s purchase price before you start shopping for a loan so you know which lenders offer large enough loans.

Repayment term: This is how many years you’ll need to repay the loan. Unsecured RV loan terms are usually two to seven years, while secured RV loan repayment terms can be up to 20 years. You can enter any repayment term into this calculator. You’ll pay more interest overall with a longer repayment term, while a shorter repayment term means higher monthly payments.

Annual percentage rate: The annual percentage rate is the interest rate you expect to get plus any fees. The rate you get on an unsecured loan is determined by a mix of your credit score and history, as well as your income and existing debts. With a secured loan, the RV’s age and mileage also factor into your rate.

RV loan calculator

» Learn more about the best RV loans .

Secured vs. unsecured RV loans

The RV you plan to purchase can be used as collateral to secure your RV loan. An unsecured loan does not require collateral.

Secured RV loans are more common at banks and credit unions. These loans may require a down payment, which means cash upfront but a lower loan amount. Because the RV is collateral for the loan, a lender can take it from you if you fail to make payments.

Unsecured loans are mostly found at online lenders. These loans don’t require collateral or a down payment, but may have higher rates than secured loans. Online lenders will typically let you pre-qualify , so you can check your potential rate without affecting your credit score.

Here's what average estimated APRs are on unsecured personal loans, based on FICO score ranges:

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Jan. 1, 2024, through Jan. 31, 2024. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 — are unlikely to qualify. Information in this table applies only to lenders with maximum APRs below 36%.

To determine which RV loan is best for you, compare the pros and cons.

Pros and cons of secured and unsecured RV loans

Common questions about rv loans, where can i get an rv loan.

RV loans are available from online lenders, banks and credit unions. Banks and credit unions will be more likely to offer secured loans, which typically have lower rates, but may require a down payment.

How long are RV loans?

RV loan repayment terms vary based on the type of loan and the lender you choose. You can expect terms ranging from two to seven years for unsecured loans. For secured loans, terms can be as long as 15 or 20 years.

How do I apply for an RV loan?

You can apply for an RV loan directly with the lender. Most lenders offer online applications, but you may need to visit a branch to close the loan.

When you apply for the loan , you’ll supply personal information, including your Social Security number and vehicle details if the loan is secured. You may also be asked to supply verification documents like proof of identity, employment and income.

Approval and funding time vary. Online lenders are usually the fastest, with funds available in your account one or two business days after closing the loan.

NerdWallet recommends comparing loans to find the lowest rate and best features for you.

Other loan calculators

Credit score loan calculator : See what rate you could qualify for on a personal loan, based on your credit score.

Debt-to-income calculator : Find out your debt-to-income ratio, which most lenders consider when you apply for a personal loan.

Personal loan calculator : Check estimated interest rates and payments for a personal loan, based on your credit score.

On a similar note...

rv travel trailer loans

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Explore the open road in style with the right financing..

Woman and man looking out the window of their RV

Shop and finance your next RV all in one place.

Browse new and used RVs from our participating dealerships. When you find one you want, just complete our easy online application. If you’re approved, the dealer will have your pre-approval ready when you arrive for a smoother purchase experience.

rv travel trailer loans

Pre-approval puts you one step ahead.

Know what you can spend so you can shop with confidence for a new or used RV. Your U.S. Bank RV financing pre-approval is good at any of our participating dealerships. 

Before you apply...

Your U.S. Bank pre-approved financing amount is good for 60 days,  only at our participating dealers.  Find one now using our dealer locator – or start your application right away and search for participating dealers later.

Tools to help get your adventure started

Estimate your rv payment..

Use our RV financing calculator to estimate your rate and monthly payment for a new or used RV.

Search participating dealerships.

When you’re ready to buy, your U.S. Bank RV financing pre-approval is good at any of our participating dealerships.

RV buying tips

rv travel trailer loans

What kind of RV is right for you?

Learn about different RV styles and hit the road in your dream vehicle. 

rv travel trailer loans

Should you buy a new or used RV?

When buying an RV, there are good reasons to consider both new and used. Let us help you decide.  

rv travel trailer loans

How I did it: Deciding whether to buy an RV

U.S. Bank Vice President Jen Wendt discusses the considerations that went into her family’s decision.

rv travel trailer loans

Costs of owning an RV

Be sure you consider the long-term costs of RV ownership when budgeting for your purchase.

TAKE THE NEXT STEP

U.S. Bank assists its customers by working with dealers across the nation. Financing pre-approval is only valid at a dealer with which U.S. Bank works. U.S. Bank is not affiliated with these dealers and makes no representations or warranties regarding the dealers, their inventory, related products or services. All vehicle and related product information included on this site is provided by the dealer, who is solely responsible for the content, representations about itself and the vehicle, including pricing, services and promotional statements. U.S. Bank does not endorse third-party products, services or other vehicle content. Any questions about the vehicle, pricing or related products should be directed to the dealer. The dealer will work with you to finalize financing terms.

The dealer may request your permission to obtain information from one or more credit reporting agencies. The dealer will ask for your photo identification (driver’s license) and/or other identifying documents. U.S. Bank reserves the right to withdraw an approval if your identity cannot be verified or if there have been changes in your credit status as of the date of sale.

Offers are subject to credit approval. Rates are subject to change. Additional restrictions may apply. Member FDIC.

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Best RV Loans

We found the best rv loans with the lowest rates are offered by these loan providers: PenFed Credit Union, U.S. Bank, and LightStream

Daniel Robinson Photo

Daniel is a MarketWatch Guides team writer and has written for numerous automotive news sites and marketing firms across the U.S., U.K., and Australia, specializing in auto finance and car care topics. Daniel is a MarketWatch Guides team authority on auto insurance, loans, warranty options, auto services and more.

Rashawn Mitchner Photo

Rashawn Mitchner is a MarketWatch Guides team editor with over 10 years of experience covering personal finance and insurance topics.

Rather than paying cash, most people will probably need to borrow money to purchase a recreational vehicle (RV). However, finding good rates on RV loans isn’t as simple as finding the best auto loan rates , and you don’t have as many options.

However, armed with knowledge of the market and a good loan shopping strategy, you should be able to find a financing option that helps you get the camper of your dreams. We at the MarketWatch Guides Team put together this guide on RV loans to help you understand what you should look for and what you need to know about RV financing.

Key Takeaways :

  • Lightstream offers the best RV loan rates at a 5.24% starting APR.
  • RV loan rates range from 5.24%-9.74% for new campers and 6.49%-10.24% for used RVs.
  • RV loan terms typically range from 3-12 years but can stretch as long as 20 years.

RefiJet Logo

  • Average monthly savings of $150
  • Work with a personal loan concierge to compare options
  • A+ BBB Rating

Auto Credit Express Logo

  • Financing for customers with bad, limited, or no credit
  • Offers special military rates
  • A+ BBB rating

CarsDirect Logo

  • Rates as low as 0% on select cars, trucks and SUVs
  • Free Online Quotes – Get Your CarsDirect Target Price Today
  • Local dealers compete to provide the best rates for new vehicles

MyAutoLoan.com New & Used Logo

  • Below-average credit scores accepted
  • Great interest rates
  • Smooth and easy online experience

Upstart Logo

  • No application fee
  • Lending platform that partners with banks
  • Approval and loan terms based on many variables, including education and employment

All APR figures last updated on 7/14/2023 – please check partner site for latest details. Rate may vary based on credit score, credit history and loan term.

Why You Can Trust The MarketWatch Guides Team

The MarketWatch Guides Team is committed to providing reliable information to help you make the best possible decision about financing for your vehicle. Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. After 300 hours of research, the end result was an overall rating for each provider, with the companies that scored the most points topping the list.

Learn more about our methodology and editorial guidelines .

Best RV Loan Companies

In the sections below, we will break down our top picks for RV financing in 2023. We’ve listed the starting APR for each of these lenders, but keep in mind that only borrowers with excellent credit will qualify for these rates.

PenFed Credit Union

Starting APR : 5.24% when using PenFed Car Buying Service, 5.94% otherwise Loan amounts : $500 to $150,000 Loan terms : 36 to 84 months Availability : 50 states Minimum credit score : 650

Pentagon Federal Credit Union, or PenFed, was designed for military members and their families but is now open to the public. After 88 years in business, PenFed has built itself into a fantastic financial institution, as evidenced by its A+ rating on the BBB. 

You have to be a member to take advantage of the company’s low auto loan rates, but joining is easy. PenFed also has no prepayment penalty fees, offers preapproval and is a great option for auto loan refinancing .

Starting APR : 9.74% Loan amounts : $5,000 to $150,000 Loan terms : Up to 60 months Availability : 50 states Minimum credit score : Not listed

U.S. Bank offers competitive rates and a vehicle marketplace that makes it easy to browse dealerships. The 160-year-old bank allows you to finance or refinance your new or used RV with loans up to $150,000. To get the best APR, your RV has to be new and your loan term has to be 48 months or less, with an amount higher than $25,000.

Some perks of U.S. Bank include 24-hour customer service, a 0.5% rate reduction discount and no application fees. In our 2023 auto loans consumer survey , U.S. Bank was the third most popular company to borrow from. 

We also like that the U.S. Bank online loan application process is quick and easy. With U.S. Bank, you’ll need a credit score of 800 or higher to qualify for an RV loan. 

Read more in our full U.S. Bank auto loan review .

LightStream

Starting APR : 8.49% with autopay and 8.99% without Loan amounts : $5,000 to $100,000 Loan terms : 24 to 144 months* Availability : 50 states Minimum credit score : Not listed

The online lending arm of Truist Bank, LightStream offers both auto and RV-specific loans. The company also offers a 0.5% rate reduction as an autopay discount, and its RV loans don’t come with prepayment penalties.

Although LightStream doesn’t specify a minimum income or credit score to qualify for a loan, it does state that applicants need good credit. For LightStream, this means having several years of credit history, a variety of account types, solid payment history and a stable income.

Read more in our full LightStream review .

*Terms vary by loan type.

What Is an RV Loan?

An RV loan is used to finance the purchase of a camper. While some RVs cost $10,000 or less, some can cost upward of $300,000, and others even break $1 million. That means many RV buyers will need to borrow money to purchase one.

Can You Use a Car Loan To Finance an RV?

You can’t use a vehicle loan to finance an RV. That’s because campers are fundamentally different from cars. While they do function as motor vehicles, they’re also much more complicated and have different risk factors than cars do. That’s why some lenders offer loans designed specifically for RVs.

But there are similarities between auto loans and RV loans. Like car loans, many RV loans are secured. That means the loan is backed by something of value — in this case, the camper itself.

Personal Loans for RVs

Depending on your financial situation, a personal loan may be an option for less expensive RVs like teardrop trailers and other small towables. Some lenders may suggest or even require this option.

While personal loans often come with higher interest rates than other RV loans, they do have advantages. For example, many don’t require collateral. In that case, the lender won’t have a lien on your camper and you’ll own the title immediately.

How RV Loans Work

RV financing works much like other types of loans. With RV and other loans, you work with a lender to determine how much you can borrow and what your payment terms are.

There is variation in this lending space, but most RV loans have a few things in common:

  • Terms : Smaller RV loans might have terms of only two or three years. But loans for bigger, more expensive RVs like Class A motorhomes and fifth-wheel trailers sometimes have longer terms of 10 or 20 years.
  • Down payment : Most secured RV loans require you to make a significant down payment . Many lenders ask you to put down 10% to 20% of the purchase price to be eligible.
  • Rates : Most RV loans have a fixed interest rate, so you’d pay the same at the end of the loan term as you would at the beginning. However, you may find financing options that have variable interest rates, meaning your payments could fluctuate over time.

How To Get an RV Loan

The application process for getting an RV loan is similar to the process for other loans. But like other major financial decisions, there is strategy involved in finding the most favorable deal for your situation. Here are seven steps to getting the best RV loan rates.

1. Determine Your Budget

There’s huge variation in the types and prices of RVs. The first step in the loan process should be deciding what you can realistically afford. To do that, you’ll need to take the entirety of your personal finances into account.

Consider your income, then review your fixed expenses, such as home payments and monthly bills, as well as variable expenses like going out to eat. This will help you get an idea of how much disposable income you might be willing to allocate to an RV loan payment. 

A financial planner is a great resource to turn to when determining what you should be able to comfortably afford in the form of a monthly payment. Keep in mind that an RV will likely entail other related costs like insurance, maintenance, fuel and storage. 

2. Check Your Credit Score

Your credit score is one of the biggest factors in your loan eligibility and the interest rates lenders will offer you. The higher your score, the lower your interest rate is likely to be.

Many banks, credit unions and credit card companies offer free credit score monitoring as a service. But if yours doesn’t, you’re entitled to check your credit score for free once every 12 months. If you’ve already used your free opportunity, you can pay for a subscription to Equifax or TransUnion to check out your score.

Your credit score is an important piece of information to have when you’re shopping for RV loans. That’s because most loan calculators and similar tools require you to know a general range of your score to give you realistic rate estimates.

3. Save Up for a Down Payment

Most lenders will require you to put at least 10% to 20% down to secure a larger loan on a more expensive RV. However, you can always put down more. Doing so doesn’t just reduce the amount you need to borrow, but it can often help you get more competitive rates and pay less in total over the lifetime of the loan as well.

4. Decide on Your Loan Type

Depending on your financial situation and the RV you want to buy, you may have the option to choose between a secured or unsecured RV loan. There are advantages to both loan programs.

A secured loan typically has lower interest rates, since you’re backing that loan with collateral. But with a secured loan, the lender will have a lien on your collateral — in this case, your RV. That means if you fail to make payments, the lender can repossess your camper.

If, on the other hand, you choose an unsecured loan, there’s no collateral needed. That means there won’t be a lien on your RV and therefore no risk of repossession from the lender. You’ll own the title outright right away.

5. Compare Lenders

Once you know your purchase budget, your down payment amount and the type of loan you’re looking for, it’s time to start shopping for a lender. If your current financial institution offers the type of loan you’re looking for, that’s always a good place to start.

Be sure to fill out loan applications, get offers from multiple lenders and compare them before making a decision. In most cases, you’ll have plenty of loan options to choose from. In addition to banks and other traditional financial institutions, there are also online lenders who specialize in RV loans.

Compare more than just annual percentage rate (APR), which is usually the figure you’ll see advertised. It’s important to note that some lenders ​​won’t finance RVs that will be used as full-time residences. There are several other factors you’ll want to consider before choosing a lender:

  • Origination fees : Some lenders charge higher fees to originate a loan than others. While this can be wrapped into your loan, it is still a cost to consider when you compare.
  • Late payment penalties : Not every lender penalizes you if you’re late or miss a payment. But some have high fees and may even increase your interest rate if you do.
  • Prepayment penalties : Paying your RV loan off early can save you a substantial amount of money you’d otherwise pay in interest. But that interest is how lenders make money, so some charge a penalty for paying your balance off before the end of your loan term.
  • Fixed or variable interest rate : Most RV loans come with a fixed interest rate, which means your rate will stay the same over the lifetime of your loan. But some offer a variable interest rate. In that case, your interest rate can fluctuate with interest rates.

6. Get Preapproval

You don’t need a preapproved RV loan to shop for a camper, yet having one can be an advantage for several reasons:

  • Budget confidence : A preapproved RV loan gives you a specific, concrete budget. You’ll know exactly how much RV you can afford, helping you narrow down your options.
  • Negotiating power : With a preapproved loan in hand, you’re a cash buyer in the eyes of the dealership. That gives you a better negotiating position when you’re ready to buy because the dealership gets all the money upfront and doesn’t have to worry about you making monthly payments.
  • Shopping ability : Getting credit approval guarantees you’re able to get a loan, but it doesn’t obligate you to that loan. So while third-party financing will typically get you better rates, there’s always the chance the dealership has special deals. You can even present your preapproval and ask if the dealership can beat that rate.

7. Buy an RV

With your loan approval in hand, you can now shop for the right RV for you. Check local dealerships and online listings to see what options are available. Always negotiate whatever price you’re offered.

RV Loan Interest Rates and Term Lengths: What to Know

In our research, RV loan interest rates start anywhere from 5.24% to 9.74%. However, these rates are reserved for borrowers with the highest credit scores . Terms typically range from 36 to 84 months for many loans, but in the case of larger loans for RVs, terms extend as far as 240 months or 20 years.

However, the range and variety of terms and rates for RV loans is as diverse as the RV world itself. For smaller, less expensive RVs like travel trailers and pop-ups, lenders may suggest a personal loan. Other lenders have loan products just for RVs.

What Factors Affect RV Loan Rates?

Just like with auto financing, RV loan lenders consider several variables in determining your creditworthiness and rates. Here are some of the most important factors:

  • FICO ® score : Your numerical credit score is one of the primary factors in determining your rates. Borrowers with good credit scores get access to the lowest rates, while those with lower credit scores usually end up paying higher interest rates.
  • Credit history : In addition to your credit score, lenders also look at your credit report history. Missed credit card or loan payments, late payments, a high rate of new credit applications and other missteps can all bring your rates up.
  • Loan-to-value (LTV) ratio : How much you want to borrow compared to how much the RV is worth is also a factor, especially if you’re using it as collateral for the loan. You may see lower rates with a lower LTV ratio.
  • Debt-to-income (DTI) ratio : Lenders may also look at how much you pay in debts each month compared to your income. A higher DTI may result in higher interest rates on your RV loan. If it’s too high, you may not be able to get one.

How To Get Better Rates on an RV Loan

If you’re not satisfied with the rates you’re offered on RV loans, there are some things you can do that might earn you more favorable ones. While nothing is guaranteed to work, here are a few things worth trying:

  • Increase your down payment : By increasing your down payment, you’re decreasing the amount of money you need to borrow and decreasing your LTV ratio — both of which may help lower your rates.
  • Pay off debt : Paying off a big chunk of a credit card or other debt can reduce your monthly debt payments and bring your DTI ratio down. That makes you less of a risk to meet your loan obligations and may get you a better interest rate.
  • Improve your credit score : Bringing your credit score up takes time and there is no easy fix. But by doing things like reducing your DTI ratio and making all of your loan and credit card payments on time, your score will go up. When it does, you’ll likely get better loan offers.
  • Shop around : Some lenders specialize in serving different types of borrowers and may be able to get you a better rate. Credit bureaus consider multiple hard credit checks within 30 days as just one hard credit check. That means it doesn’t hurt to complete a loan application with several lenders to compare.

Graphic showing seven tips to improve your credit score

Best RV Loan: The Bottom Line

When it comes to RV loans, you have a lot to consider. As the RV lifestyle continues to grow in popularity, more and more lenders are taking notice and developing specific RV loan products. By taking a strategic approach to your search for a loan, you can find rates and terms that work for you and get you out on the open road.

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RV Loans: FAQ

Here are some frequently asked questions about RV loans:

Where can I find the best rv loans?

Through our extensive research, we found that PenFed Credit Union, U.S. Bank, and LightStream are the lenders that offer the best RV loans. However, the best RV loan lender for you depends on your unique situation, so we recommend comparing offers before choosing a loan provider.

What are average rv loan rates currently?

The average starting RV loan rate currently is around 7.82% based on data from top camper financing lenders. However, the rates you will receive depend on your credit score and credit history among other factors.

What is the average loan term for an RV?

The average loan term for RVs sits around 8 years or 84 months. Most lenders offer terms from one to 20 years, depending on the amount of the RV loan. Some lenders offer short-term personal loans for smaller RV purchases like teardrop trailers, while others offer long-term loans for RVs that cost hundreds of thousands of dollars.

What credit score is needed to finance an RV?

Although it’s possible to finance an RV with a credit score in the 600 range, getting the best rates typically requires a score closer to 800. The industry standard credit score for RV financing ranges from 660 to 700.

What is the best month to buy an RV?

Similar to the best time to buy cars , RV sales are at their lowest in October and November, making these months a great time to try to get a good deal on an RV. If you want to get a good price, avoid buying an RV during the spring and summer, when demand is at its peak.

Our Methodology

Because consumers rely on us to provide objective and accurate information, we created a comprehensive rating system to formulate our rankings of the best auto loan companies. We collected data on dozens of loan providers to grade the companies on a wide range of ranking factors. The end result was an overall rating for each provider, with the companies that scored the most points topping the list.

Here are the factors our ratings take into account:

  • Industry standing : Our research team considered ratings from industry experts and each lender’s years in business when giving this score.
  • Rates and discounts : Auto loan providers with low APRs, good discount opportunities and high loan amounts scored highest in this category.
  • Availability : Companies that cover a variety of circumstances are more likely to meet consumer needs.
  • Customer service : This score is based on customer satisfaction ratings and transparency. We also considered the responsiveness, friendliness and helpfulness of each loan company’s customer service team based on our shopper analysis.

Our credentials:

  • 300+ hours researched
  • 25 companies reviewed
  • 2,000+ consumers surveyed

*Data accurate at time of publication.

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Key takeaways

  • The type of RV you buy and how often you plan to use it could impact the RV loan terms you're offered.
  • RV loan terms can be up to 20 years for secured options or two to seven years for unsecured loans.
  • Loan amounts for RVs can range from $10,000 to over $1 million.
  • RV loans can be obtained from various lenders, such as banks, credit unions, online lenders and RV dealerships.

RV loans work similarly to other types of installment loans . If you qualify, the lender gives you a lump sum to pay for your RV and you make monthly payments of principal and interest until it’s paid off.

With RV prices ranging between $10,000 and $1 million, most people finance them by taking out an RV loan . The RV financing process can be as simple as getting a personal loan or as complicated as qualifying for a mortgage to buy a home, depending on how modest or luxurious your RV is.

Gaining a better understanding of how these loans work can help you decide whether they’re a good fit for you.

What is an RV loan?

An RV loan is a secured loan used to finance the purchase of an RV, camper or travel trailer. Lenders generally qualify you for an RV loan based on your credit, income, total debt and the specifications of the RV you’re financing. Your RV becomes collateral for this type of RV loan and the lender can repossess your RV if you default.

You can also use an unsecured personal loan to buy an RV. Since your RV isn’t collateral for the loan, you qualify based on your credit income and debt-to-income (DTI) ratio. Both secured and unsecured RV loans are usually installment loans, which means you receive all of your funds at once and make monthly payments based on the terms you’re approved for.

Secured RV loans vs. unsecured loans

There are different benefits and drawbacks to financing an RV with a secured or unsecured loan . The amount you need, your credit profile, what type of RV you’re buying and what you’re using it for will have an impact on which RV loan type is best for you.

Pros and cons of secured RV loans

You’re likely to be offered a secured RV loan if you buy your vehicle from a dealership. There may be special discounts or perks for using a dealership’s in-house lender.

Alternatively, your credit union or local bank may offer secured RV financing with rates and terms based on your banking relationship. Online RV lenders may also offer secured loan options for good and bad credit.

  • May be able to buy and finance your RV in one place.
  • Possible lower rates and fees than unsecured personal loans.
  • Higher loan amounts available than unsecured loans.
  • Terms of up to 20 years are usually available.
  • Lender could repossess your RV if you can’t repay the loan.
  • RV may not be eligible for financing.
  • The approval process may be more difficult with a down payment required.
  • Special dealer or lender perks may only be available through a preferred lender.

Pros and cons of unsecured personal loans to buy an RV

You don’t need to have an RV picked out to get a personal loan to buy one. This may give you an edge if you’re buying a used RV and need funds quickly to outbid someone else.

Personal loan amounts typically start at $1,000, making them a good option to finance smaller or older used RVs for occasional use.

  • Quick funding turnaround.
  • No risk of losing your RV to repossession.
  • Less documentation required for approval.
  • No RV eligibility requirements.
  • Typically higher rates and fees than secured RV loans.
  • Terms are usually capped at seven years.
  • May not be eligible for higher loan amounts.
  • May be difficult to qualify with bad credit.

How do RV loans work?

Depending on the cost and size of your RV, RV loans can work like an auto loan or a mortgage.  The lender considers your creditworthiness, income and how much debt you have to qualify you for the loan. Each lender has different requirements to keep in mind while choosing the best fit for your finances.

Lenders will also consider the type of RV you’re buying, how often you will use it, how old it is and its condition. If it’s a driving RV — rather than one you tow — lenders may also use similar criteria to auto lending and evaluate the mileage, age, make and model of the vehicle.

All this information will also influence how much you can borrow and how long you have to pay it off. RV loans spread the payment out as long as 20 years, making the payment more affordable.

If you plan to live in your RV for extended periods of time or as your main residence there may be additional restrictions. Some lenders won’t finance a vehicle you intend to live in on a full-time basis.

How RV loan interest rates and terms work

RV lenders offer a variety of terms and interest rates that are tied to your financial profile.

RV loan interest rates

Rates start around 7 percent as of January 2024 — if you have stellar credit. The best RV loan rates typically go to borrowers with scores in or above the mid-700s. You may also get an extra incentive on your rate with a down payment of 10 to 20 percent.

Secured RV loan rates are often lower for newer vehicles compared to older used ones. For unsecured loans, your rate will be heavily dependent on your credit score and could range from around 7 percent to 36 percent.

RV loan terms

Luxury RV lenders may offer secured loan terms for as long as 20 years, while you may be limited to a term of 10 years or less for older used campers and trailers. If you opt for a personal loan, you’re typically limited to terms between one and seven years.

Some lenders allow co-signers

If you’re having trouble qualifying for an RV loan on your own, adding a co-signer with good credit and a stable income could help you qualify. Just remember: They‘re equally responsible for monthly payments as you, and will be forced to pick up the cost or take credit damage if you can’t make the payments.

Determining if an RV loan is right for you

A secured RV loan can be a good way to finance your coach, camper or trailer if the monthly payment is affordable and you have the room in your budget to handle a long term debt. It’s even more important to pick the right RV loan if you plan to live in your RV — a default could be like losing a home in a foreclosure .

If you’re buying a low-cost RV for occasional vacation use, a personal loan may be a better option. It may be easier to finance a smaller loan amount for a shorter term so you can pay your trailer off earlier and enjoy payment-free camping sooner rather than later. You may also want to consider renting an RV if you don’t plan to take it out more than once a year.

Where to get an RV loan

Several types of lenders provide RV loans. The best place for you to get one from will depend on where you have existing accounts, how much you want to borrow and what you qualify for.

  • Banks. Banks can offer RV loans, and if you have an existing relationship with one, you might qualify for an interest rate discount.
  • Credit unions. Many credit unions offer RV loans, and rates are often lower than traditional banks since they are member-owned not-for-profit institutions.
  • Online lenders. Online lenders typically offer RV loans with fast funding — some lenders can send your funds as soon as the same or next business day.
  • RV dealerships. Check for in-house financing or financing through a partner lender if you’re buying from an RV dealer.

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Compare the Best RV Loans

  • RV Loan FAQs
  • RV Loan Company Reviews
  • Why You Should Trust Us

Best RV Loans of March 2024

Our experts answer readers' personal loan questions and write unbiased product reviews ( here's how we assess personal loans ). In some cases, we receive a commission from our partners ; however, our opinions are our own.

Getting an RV loan is more similar to getting a home loan than an auto loan. They can be large loans that are harder to obtain. However, there aren't nearly as many lenders offering RV loans as there are lenders offering auto loans or mortgages .

Best RV Loans

  • LightStream RV Loans: Best for competitively low interest rates
  • Truist RV Loans: Best for large loans
  • Alliant Credit Union RV Loans: Best for wide range of RV types
  • Southeast Financial RV Loans: Best for poor credit

Next Step: See if you're prequalified for a loan with no impact on your credit score.

It can take some work to find one. But whether its a small trailer to pulled behind your vehicle or a luxurious Class A motorhome , there's probably a loan for it. 

Lightstream Lightstream RV Loans

7.99% to 16.64% with AutoPay (Rates vary by loan purpose.)

Undisclosed

$5,000 to $100,000

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Truist Truist RV Loans

8.61% to 10.61%

starts at $10,000

Alliant Credit Union Alliant Credit Union RV Loans

Starts at 7.04%

Up to $300,000

Southeast Financial Southeast Financial RV Loans

Starts at 7.99%

$15,000 to $4 million

RV Loan Frequently Asked Questions

RV loan term lengths will vary based on your lender and the amount you borrow. Larger loans for RVs tend to be longer, but each lender varies on the maximum length of time. It is possible to pay off an RV loan early in many cases. If you think might do so, be sure to avoid lenders with prepayment penalties.

Yes, you can get a 10-year term on an RV loan. RV loans can be much larger than auto loans, and many lenders will give you more time to pay them off.

Some companies offer RV loans for borrowers with bad credit , but you'll probably pay a high interest rate. RVs are luxury items, and loans for RVs already have higher interest rates than car or home loans. They're also generally harder to qualify for as a result. In our research, we found that many RV lenders require a minimum credit score of 700 .

Best RV Loan Company Reviews

Lightstream rv loans.

LightStream is an online lender backed by Truist (Member FDIC) that's known for quick funding and low interest rates on a variety of loan types, including RV loan rates. The bank has also gotten top marks from Insider for personal loans and auto loans . So, it's no surprise that LightStream also offers competitive RV loans. 

While this lender doesn't offer massive RV loans — the maximum loan amount is $100,000 — the typical buyer can finance their RV comfortably within this amount and get a competitively low interest rate from LightStream in the process. While some lenders exclude some types of RVs, LightStream is open to most all of them, including trailer-style RVs.

Truist RV Loans

Truist is best for RV loans over $100,000. While that figure seems high, it's probably necessary if you're considering one of the class A or C motorhomes that Truist finances with secured loans — these are generally more expensive RVs. 

Truist is best for luxury RV purchases or financing large motorhomes. It's worth noting that Truist's RV loans may require a down payment since they're so large. Truist charges the same rates for both new and used motorhomes, which could be helpful for buyers looking for a used motorhome. 

Alliant Credit Union RV Loans

Alliant has a litany of RV types it can finance. The RVs you borrow for must be less than 15 years old and have mileage under 75,000. 

Alliant is a credit union, so you need to join Alliant to take out a loan. To qualify, you can work with one of the credit union's partner organizations, be a family member of an Alliant member, or work in a community near the credit union's corporate headquarters in Illinois. If none of those apply to you, you can qualify by joining Foster Care to Success , and Alliant will cover your $5 joining fee.

Southeast Financial RV Loans

Southeast Financial is best for borrowers with poor credit. Other RV loan lenders don't allow borrowers with credit scores below 600 take out a loan, but Southeast Financial welcomes borrowers with poorer credit. Even if you have previous bankruptcies, the lender will still consider you for a loan. Keep in mind that the shakier your financial situation, the higher an interest rate you'll likely pay.

You'll also be able to get any type of RV you'd like with Southeast Financial — you won't have to worry about the restrictions you'll have to keep in mind with other lenders. Provided you have solid credit, you'll be able to borrow up to $4 million, which is a significant amount of money to finance the vehicle you want. 

Which RV Lender Is the Most Trustworthy?

The Better Business Bureau, a non-profit organization focused on consumer protection and trust, evaluates businesses using factors like their responsiveness to consumer complaints, honesty in advertising, and clarity about business practices. Here is each company's score:

All of our top picks are rated A- or higher by the BBB. Keep in mind that a high BBB score does not ensure a positive relationship with a lender, and that you should keep doing research and talking to others who have used the company to get the most comprehensive information possible. 

None of our top picks have any recent public controversies.

Other RV Lenders We Considered

  • Bank of America : Bank of America only offers RV loans indirectly through select dealerships. You won't be able to apply online on your own, or purchase outside of a dealership.
  • Navy Federal Credit Union : Navy Federal's loans for RV purchases start with APRs higher than those found at other lenders.
  • USAA : A popular option for financing for military families, USAA's interest rates are not the most competitive for RV financing. 
  • US Bank : Interest rates start lower at other banks. Additionally, a 1% prepayment penalty applies if you pay off your loan within a year of opening it. 

Other ways to finance your RV purchase

The lenders we've looked at aren't the only way you can get an RV loan. You might want to consider checking with your local credit union to see if they have RV financing available. Oftentimes, credit unions offer these types of loans. If you're a member or are open to joining a credit union, it could be beneficial to find out if it offers RV loans.

Another popular way to finance small RV purchases is with a personal loan . However, these unsecured loans may have higher interest rates than an RV loan. If you can qualify for an RV loan, it's probably your best bet. 

How can I get an RV loan?

RV loans are much tougher to qualify for than an auto loan, with most RV lenders requiring a minimum credit score of 700 and requiring large down payments.

There are several things to expect in the process of getting an RV loan once you've found the trailer or motorhome you want to finance.

  • Gather information on your employment, income, and other loans : Since RV loans can be large, expect to be asked for a lot of info on your income and assets. Like a home loan, some RV lenders ask to see two years of income history and tax returns. You may also need information on where you live and other debts you have.
  • You'll need an inspection on the RV: Like buying a house, you'll need to have the RV inspected before you're able to get a loan on it. An inspection will likely cost between $150 and $200. 
  • You'll likely need to get a newer RV in order to finance it : Most RV lenders require that RVs are model year 2009 or newer. If you're looking for a vintage RV or trailer, financing might not be ideal. In these situations, you might want to consider waiting until you can pay with cash, or using a personal loan instead.

Why You Should Trust Us: Our Methodology

Insider considered many factors important to RVers, including: 

  • A wide variety of RV types financed: We aimed to find lenders that accepted the most types of RVs, and tried to include lenders that financed both motorhomes and trailers when available. 
  • Interest rates: We compared the best interest rates from each lender, and the whole range if available.
  • Loan fees:  We looked for the lenders that have the lowest fees on RV loans, prioritizing those that have no fees. 
  • Better Business Bureau ratings: All lenders that took top spots in our roundup have A ratings with the BBB. 
  • Nationwide availability:  We looked for lenders that had loans available in most states, if not all 50.

See our full ratings methodology for RV loans » 

Editorial Note: Any opinions, analyses, reviews, or recommendations expressed in this article are the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any card issuer. Read our editorial standards .

Please note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed, or may no longer be available.

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Best RV Loans of March 2024

My Financing USA, NASA FCU, and LightStream offer the best RV loans in 2024, but check with local lenders too

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Buying an RV to enjoy fun family adventures ranks as one of the top goals on many people’s lists. There’s nothing quite like the thrill of traveling to new outdoorsy places, all while having the same comforts of home for when summer thunderstorms kick up or cold shoulder-season temperatures would otherwise have you shivering in your sleeping bag. 

RVs are expensive, though. Depending on the type you’re looking to buy, you can expect to pay anywhere from $5,000 to $140,000 or more for a new model. That’s where finding the right financing comes into play. We’ve rounded up the best RV loans to help you enjoy more time on the road with less stress. 

  • Best for Low Rates: My Financing USA
  • Best Credit Union: NASA FCU
  • Best for Large Used/Refinance Loans: Southeast Financial
  • Best for Quick Funding: LightStream
  • Best for Large New Loans: LendingTree

Most of the loans below are secured by vehicles, but you can also use an unsecured personal loan to finance a new or used RV. Rates may be higher and loan amounts may be lower, but you typically have easier applications and more flexibility. See the best personal loans to check your options.

  • Our Top Picks
  • My Financing USA
  • Southeast Financial

LightStream

  • LendingTree
  • See More (2)

Final Verdict

  • How to Choose

Methodology

Best for low rates : my financing usa.

 My Financing USA

  • Used APR Range: 7.24%–19.95%
  • Used Loan Amounts: $10,000 and up
  • Used Loan Terms : 5–20 years

Among the lowest available interest rates

Low minimum credit score requirement

No mileage limit for used RVs

Lender network offers multiple loan options

Document fee of $495

Doesn’t offer loans for live-in RVs

My Financing USA operates a lender network, which means it’ll match you up with one of its partners rather than offering you a loan itself. That’s great because you’ll be casting a wider net, making it more likely to land on a good offer. Indeed, the network offers some of the cheapest RV loan rates around, especially if you have good credit. 

If your credit isn’t the best, you may still qualify for a loan because the company accepts people with relatively low scores. But the lower your score, the higher your rate is likely to be.

My Financing USA doesn’t disclose which lenders are in its network, unfortunately. And since it only presents you with one option it’s hard to know if you’ve already been considered by another lender when you go to shop around. It charges a document fee of $495 which is financed into the loan amount. This is in addition to any other fees your actual lender might charge, like origination fees. Funding can be in as little as 48 hours.

  • Recommended minimum credit score: 550
  • Maximum debt-to-income ratio: 40%
  • States available: All except Alaska and Hawaii
  • Income: Must have a consistent source
  • Down payment: May need to make a 10% to 15% down payment depending on credit and lender
  • Maximum loan-to-value ratio: Varies by partner lender
  • Maximum accepted mileage: No maximum
  • Maximum accepted age of vehicle: Not specified
  • Private-party vehicle purchases allowed: Yes
  • Vehicles: Cannot be for commercial or full-time use 

Best Credit Union : NASA FCU

  • Used APR Range: 7.34%–18.00%
  • Used Loan Amounts: $5,000–$125,000
  • Used Loan Terms : 3–15 years

Skip-a-payment option

Great rates

Lower minimum loan

No discounts offered

Old vehicles are charged higher rates

No online application

Most credit unions are only open to a small group of people, but NASA FCU allows anyone to join via a membership to the National Space Society. The credit union will even cover your first year's dues, after that you'll have to pay to remain a member of the National Space Society. You don’t need to be a member to get pre-qualified and to apply for the loan, but you will need to become a member if you’re approved. If you run into tough times, you may also be able to use the credit union's skip-a-payment option to take a month-long break from payments.

These factors, along with its attractive rates and flexible loan terms, help make NASA FCU our top-rated credit union that’s available to the general public.

The biggest downside is that you can’t use a NASA FCU RV loan to buy an RV from a private-party seller, meaning you’ll need to stick with the dealerships. Make sure to always pay on time, too, to avoid late payment fees and damage to your credit.

  • Minimum credit score: Not disclosed
  • Minimum income: Not disclosed
  • Employment qualifications: Not disclosed
  • Membership requirements: Open to NASA employees, eligible employees of other organizations, members of the National Space Society (NSS), and relatives of members (membership to NSS starts at $25/year, and NASA FCU will pay for the first year)
  • States available: 50 states and D.C.
  • Maximum loan-to-value ratio: 100%
  • Maximum accepted age of vehicle: No maximum
  • Private-party vehicle purchases allowed: No

Best for Large Used/Refinance Loans : Southeast Financial

 Southeast Financial

  • APR Range: 7.99% and up
  • Loan Amounts: $10,000–$4,000,000
  • Loan Terms : Up to 20 years

Loans up to $4 million

Low minimum credit score of 575

Many loan options from partner lenders

No loans for cheaper RVs

Conflicting loan information

Doesn’t offer loan pre-qualification

Southeast Financial is another lender marketplace, serving as a go-between for you and the actual lender providing the funds for your RV. Compared with most other RV lender networks, Southeast Financial offers the potential for the largest loans for used and refinanced RVs. Like most other lender networks, however, it provides very few—and often conflicting—specifics about the loans you might be offered and the lenders it works with. 

Southeast Financial may not be a good lender if you’re looking for a smaller RV loan since its lowest loan amount is $10,000. However, the lender makes credit accessible to most people with a minimum credit score of just 575. Just be careful not to borrow more than you need, though, lest you end up in more debt than you can handle. 

  • Minimum recommended credit score: 575
  • Minimum recommended down payment: 10% or more, in most cases
  • Maximum accepted age of vehicle: 12 years old
  • Maximum mileage: No maximum
  • Vehicles cannot be used for commercial purposes
  • Conversion vans and park models are not eligible for financing

Best for Quick Funding : LightStream

  • APR Range: 7.49%–16.14%* with autopay
  • Loan Amounts: $5,000–$100,000
  • Loan Terms : 2–12 years

Can be used for any RV

Same-day funding available

Stricter credit requirements

Below-average customer satisfaction ratings

LightStream is a popular option for people with good credit looking for a low-cost, speedy personal loan—and that’s exactly what this is. Although the company markets several loan options, they’re all the same basic loan just repackaged for different purposes; LightStream loans used to finance vehicles tend to have lower rates than its loans for other purposes. That means its “RV loan” is actually an unsecured personal loan, which has its pros and cons . Namely, since it’s a personal loan, it means you can use it for whatever type of RV you want. 

It is an inexpensive loan, however. LightStream doesn’t charge any fees at all, ever, and it’ll even beat the rate of any identical loan offer by 0.10% (read: personal loans, not secured RV loans). It’s also one of the fastest lenders, and can wire the funds right into your account if you’re approved and set up the transfer before 2:30 p.m. ET on a business day. 

One final downside: the company ranked a bit below average among other personal loan lenders in J.D. Power’s 2023 survey of overall customer satisfaction.  

Unsecured loans are typically harder to get than secured loans unless you have good credit, and often come with lower loan limits, shorter term lengths, and higher interest rates too. 

  • Minimum recommended credit score: Good to excellent credit required
  • Must be the age of majority in your state
  • Must have a verifiable source of income.
  • LightStream takes into consideration your credit history, assets, and debt-to-income ratio (DTI)
  • Maximum accepted vehicle age: No maximum
  • Maximum loan-to-value ratio: No maximum
  • Allows private-party vehicle purchases: Yes

Best for Large New Loans : LendingTree

 LendingTree

  • APR Range: 6.24%–19.95% (and possibly higher)
  • Loan Amounts: $5,000–$10,000,000
  • Loan Terms : 4–21 years

Largest new RV loan amounts

Low starting APR

Get offers from several lenders

Not very transparent

May generate a lot of spam

LendingTree is one of the largest loan marketplaces out there, including for RV loans. It has some downsides, but it’s worth considering if you’re looking for low rates and a higher-than-normal loan amount for a new RV. You can check rates and terms with a variety of companies, saving time and giving you an overview of where you stand as a borrower.

LendingTree has the rather annoying tactic of not disclosing any of the real details you need to make a good decision about whether to apply or not. That’s particularly bothersome since some of the (undisclosed) lenders it partners with may do a hard credit check on you before you even complete a full loan application with them. In addition, the company has a reputation for generating a lot of spam from potential lenders. 

If approved, LendingTree may present you with up to five loan offers, better than similar marketplaces that only come back to you with one.  

  • Recommended minimum credit score: Varies by lender
  • Qualifications vary by partner lender

If you’re looking for the absolute lowest rates, try using the loan marketplaces My Financing USA and Southeast Financial first to get a good head start on finding the best RV loans—particularly if you have credit score challenges. 

If time is of the essence and you have good credit, LightStream may be your best option for an affordable loan. Finally, if you prefer working with a credit union and aren’t eligible for a better RV loan from a local lender, consider applying with NASA FCU, which accepts anyone as a member.

Guide to Choosing the Best RV Loans

What is an rv loan.

An RV loan is exactly what it sounds like—a loan used to purchase a recreational vehicle, or RV. Although that’s a rather broad descriptor, the term RV generally describes large vehicles used as temporary living quarters for camping and travel, including motor homes, travel trailers, truck campers, etc.  

Most RV loans are secured loans, meaning the RV itself serves as collateral for the loan . This makes them very similar to car loans, which are secured by the car you’re buying. Just like with a car loan, if you don’t repay your RV loan, your lender will repossess your RV. Since secured loans have that extra layer of built-in protection for lenders, they’re often more willing to offer lower rates and to approve less creditworthy applicants.

However, there’s one big difference between RV and car loans: RV loans are typically for much longer term lengths, since they’re generally larger loans. (An RV is essentially a big car that you can live in with all the comforts of home, after all.) Since lenders often charge higher interest rates on longer-term loans to begin with—and since you’ll probably pay that higher rate for longer—RV loans tend to be more expensive over the long run than your average car loan.

Check your budget before you purchase an RV to make sure you can afford the loan payments on top of all the other costs, like RV insurance , fuel, park admission, and campground fees.

Understand the Cost of an RV

RVs come with many considerations beyond those of a typical vehicle. For one thing, RVs tend to be much more expensive than cars, with prices ranging from a few thousand dollars to millions of dollars. Luxury RVs often come with additional amenities and internal features to make them comfortable for long-term occupation. When using your RV there may be additional costs to keep in mind, including campground rental and hookup fees.

How to Compare RV Loan Lenders

There are several factors to consider when comparing RV lenders. These include:

  • Annual percentage rate (APR): The lower the APR, the less you’ll end up paying over time. Shop around with a variety of lenders to find the lowest rates you can get.
  • Maximum loan amount: RVs can be much more expensive than other vehicles, so you should choose a lender with a maximum amount that meets your needs. Be sure to check the loan-to-value ratio , and make sure any extra costs will be covered.
  • Loan terms: Because RVs tend to be more expensive, they also often come with longer term lengths. Keep in mind that you’ll end up paying more interest over a longer term, and pay attention to the total cost you’ll end up paying for the loan.
  • Credit score requirements: Some lenders require borrowers to have a certain minimum credit score. To qualify for the best rates, try to get your credit score as high as possible before applying.

How to Apply for an RV Loan 

Applying for an RV loan is similar to the process of applying for a regular car loan . You’ll need to gather some documents and information beforehand, including your name, address, and Social Security number; figure out the type of RV you plan to purchase; and determine how much money you’ll need. Before you apply, you’ll likely need to save up a down payment of at least 10% to 20%.

You should also work to improve your credit score in order to qualify for lower interest rates, especially because RV loans tend to last a long time. It’s a good idea to compare quotes from different lenders in order to make sure you’re getting the best deal possible.

Frequently Asked Questions

When is the best time to buy an rv.

The best time to buy an RV is after the camping season winds down in most of the country, typically between October and January. That’s when most people are looking to get rid of their current RVs and most dealerships are looking to offer deals during the seasonal lull in sales. RV shows can also be good places to negotiate a bargain with dealers, and these typically happen between January and March each year.

Are RV Loans Tax-Deductible?

RV loans may be tax-deductible. If your RV has dedicated “sleeping, cooking, and toilet facilities,” then you may be able to claim it as a second home for the purposes of taking advantage of the home mortgage interest deduction . It’s best to speak with a tax professional who can advise you on your individual situation. 

What Is a Typical RV Loan Payment?

RVs tend to vary in cost more than most cars do, making apples-to-apples comparisons difficult. Here are a few examples of what some RV loan payments might look like, however:

New type A motorhome:

  • RV price: $100,000
  • Down payment: 10%
  • Loan term: 20 years
  • Monthly payment: $1,185
  • Total interest paid: $194,427

New travel trailer:

  • RV price: $30,000
  • Down payment: 15%
  • Loan term: 10 years
  • Monthly payment: $396
  • Total interest paid: $17,574

Used pop-up trailer:

  • RV price: $4,000
  • Down payment: 0%
  • Loan term: 5 years
  • Monthly payment: $81
  • Total interest paid: $866

Are RVs a Good Investment?

No, RVs are not usually seen as good monetary investments. If you get good use out of your RV it can be a good quality-of-life “investment,” but in purely financial terms, RVs aren’t a great investment if you’re hoping to sell one for more than you paid. According to J.D. Power, RVs tend to lose their value quite quickly. Unless you were one of the lucky people able to sell your used RV for a premium during the pandemic RV rush, chances are you’ll have to sell it at a loss when you do eventually part ways with it.

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate RV loans, we collected hundreds of data points across more than 15 RV loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs.

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Make this the year when your travel dreams come true. Buying a recreational vehicle (RV) travel trailer can help you see the country on your own terms. When you buy an RV travel trailer, you enjoy the flexibility of leaving your trailer at the campsite and driving your car or truck wherever you want to go. Later, you can return to your RV trailer and relax. Your family will love taking the trailer out for a weekend trip or cross-country journey . 

My Financing USA can help you achieve your dream of owning an RV travel trailer. Our team finds lenders who offer terms you can afford. Regardless of your credit score or financial goals, working with us has several advantages over getting a personal loan or going through a single dealership. We have greater flexibility, which means you get better choices. Our team can help you get started. 

We provide a safe and easy loan process, and filling out our application only takes a few minutes. Our services are available within the 48 contiguous states. Get on the road to RV travel trailer ownership when you learn more about our financing process. 

How to Apply for a Travel Trailer Loan

Get approved for a loan quickly so that you can begin shopping for your dream Travel Trailer. You could have your money in hand in as little as 48 hours! The first step is filling out our application, which only takes five minutes. Our pre-qualification process reduces the number of inquires from lenders by only sending you to lenders that match your needs. If we can't get you approved on the first try, we offer a free credit consultation to help you learn how to improve your chances and save more money in the future. 

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How to Finance an RV: 12 Steps to Buying a Home Away From Home

Adventurous individuals may consider buying an rv and traveling the country in a home on wheels—but rvs don’t come cheap. it’s vital for potential buyers to understand how to finance an rv so they can make the best financial decisions..

By Tara Seboldt | Published Mar 1, 2024 10:58 AM

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Homeownership is a dream for many—owning a home provides a sense of freedom for the owner to make their home their own through DIY projects, professional home improvement projects, and personalized decor. The one drawback of homeownership is that your home can’t come with you on vacation—unless you own an RV. And for some, an RV isn’t just a vehicle— it’s a home on the road, lived in for months at a time.

Whether someone wants to travel full-time or is looking for mobile vacation lodging, an RV offers them the freedom to explore the country in a familiar and comfortable setting. However, the relatively high cost of an RV can make it difficult for new buyers to purchase the model they want up front. Luckily, there are many different RV financing options to help buyers purchase their dream home on wheels. Before they begin shopping, aspiring RV owners will want to learn how to finance an RV and how to get an RV loan that fits their budgets.

“To finance an RV, you have options like a bank, credit union, or RV dealership,” explains Eric Croak, certified financial planner and president of Croak Capital , a wealth management firm in Toledo, Ohio. “I always advise people to compare different financing options to find the best one for their needs. Look at the interest rate, length of the loan, and the monthly payments when making your choice.”

Before You Begin…

A RV on the road in a mountain setting.

The purchase cost is only one of several expenses of RV ownership. RV shoppers will want to consider all of the RV costs and maintenance needs before financing an RV.

For example, a policy from one of the best RV insurance companies is often an afterthought for customers when purchasing an RV. However, RV insurance coverage is a must-have and is required by law, so shoppers will want to remember to leave room in their budget for RV insurance costs .

Other potentially overlooked expenses of owning an RV include regular vehicle maintenance, the cost of gas, and the cost of storage or parking when the RV isn’t in use. Additionally, some RV owners choose to upgrade the standard features of their RV, such as investing in one of the best RV mattresses for better sleep or upgrading their retractable awnings to a more durable and attractive fabric.

STEP 1: Determine a budget for your RV purchase.

Before applying for RV camper financing, shoppers will want to determine how much they’re willing to spend on an RV. The cost of an RV varies widely among vehicles. A brand-new, large luxury model, for example, might cost an RV buyer as much as $400,000. Smaller used models with few or no bells and whistles could be as little as $10,000—or potentially less. RV shoppers can look at their current income and expenses to come up with an amount they would be comfortable spending on an RV and could pay back without causing too much disruption to their everyday finances.

“Before you begin looking for an RV, I recommend determining how much you’re able to spend,” advises Croak. “Considering everything from the size and design to your budget and the maintenance—there’s a lot to weigh up when shopping for an RV. Do thorough research, ask plenty of questions, and then do some more research—this ensures you make a well-informed choice when you’re ready to purchase an RV.”

Much like when a home buyer is shopping for a home, an RV buyer may want to create a list of the features they require on an RV, as well as the features they would like to have but can live without. This gives them a better idea of how much an RV with their preferred features will cost, and whether it’ll fit in their budget.

STEP 2: Check your credit score.

An RV buyer’s credit score and overall financial profile are among the most important factors in securing an RV loan. In general, the higher a borrower’s credit score, the better RV loan rates they’ll be offered by a lender. A borrower with a low credit score may have their application denied and be unable to secure a loan to purchase their RV. It’s a good idea for an RV shopper to check their credit score before they start applying for RV loans. There isn’t a standard minimum credit score requirement for lenders when it comes to RV loans, so buyers can ask each lender for their specific requirements to see if they will qualify.

If a buyer’s score suggests they’ll have trouble qualifying for a loan, they may want to put off their RV purchase while they work on improving their credit score. Generally, the best way for someone to improve their credit score is to make consistent on-time payments on credit cards and loans. It’s also helpful to avoid racking up too much debt and increasing their credit utilization percentage. Depending on a person’s current credit score, it could take months, or even years, for these actions to make a significant impact.

STEP 3: Save for a down payment.

As with credit score requirements, different lenders may have different down payment requirements for RV financing. Some lenders, for example, may require a borrower to put forward between 10 percent and 20 percent of the purchase price as a down payment. On a more expensive RV, this down payment could add up to a significant amount of cash. For example, a buyer hoping to purchase a $100,000 RV with a 20 percent down payment would need to put down $20,000 in cash to secure their loan.

In addition to lender credit score requirements, which can affect interest rates, down payments can greatly affect the monthly loan payment and interest costs over the life of the loan. The more money a borrower puts down on their RV, the lower their RV monthly payment. For this reason, borrowers may want to save up as much as possible before buying their RV.

STEP 4: Decide on the best type of loan and compare lender terms and rates.

Once a borrower knows how much they plan to spend on an RV and have a down payment saved, they can look at their loan options. Typically, there are several ways to finance an RV, including:

  • RV-specific loans through traditional lenders such as banks or online lenders
  • Personal loans
  • Home equity loans
  • Home equity lines of credit (HELOC)
  • Cash-out refinancing
  • Dealership RV financing

RV buyers will want to shop around to find the best loan terms and RV financing rates. Interest rates on RV financing vary significantly between loan type, RV purchase price, and lender. Borrowers will want to be careful when comparing loan products to ensure they’re making an “apples to apples” comparison and getting the best loan for their needs.

For example, a loan with a shorter term may have a higher monthly payment but a lower interest rate than a loan with a longer term. This means that by the end of the loan, the borrower will have paid less overall in interest despite the higher monthly payment, which means they’ll ultimately pay less for the RV. In addition, a borrower’s credit profile and financial situation can impact their RV finance rates.

An RV is parked in a wooded park.

STEP 5: Look into RV loans through a traditional or online lender.

Many banks, credit unions, and online lenders offer RV financing for borrowers. Typically, traditional lenders will offer secured RV loans, which means the RV itself is used as collateral for the loan. If the borrower defaults on the loan, the bank can repossess the RV and sell it to recoup some of its costs. Traditional lenders also tend to have the strictest loan requirements, such as a higher minimum credit score or a lower debt-to-income ratio (the amount of debt the borrower owes in relation to their regular income).

Online lenders or those that specialize in RV financing may be able to offer borrowers more flexible lending requirements or terms. Bad credit RV loans, for example, may be available for borrowers with “fair” or “poor” credit scores. Nontraditional lenders may also offer unsecured RV loans, which don’t require collateral (though this will mean a much higher interest rate since there’s nothing for the lender to fall back on if the borrower defaults). Both traditional and online lenders often have a preapproval or prequalification process for borrowers, which helps them get a clearer picture of their total budget and monthly payment before they head to the dealership.

STEP 6: Consider a personal loan to finance your RV purchase.

Personal loans can generally be used for whatever the borrower wants—including the purchase of an RV. Most banks and other financial institutions offer personal loans for qualified borrowers. Personal loans are generally most practical for used or lower-value RV purchases. Many personal loan lenders have loan amount limits that are lower than other types of RV loans, which can limit the purchasing power of the borrower.

In addition, personal loan rates tend to be higher than those of other types of loans, especially for larger loan amounts, because they are unsecured. The higher average RV loan rates make personal loans less practical for purchasing a high-value RV. For instance, if a buyer wants to purchase a $150,000 RV with a personal loan but their bank only offers personal loans up to $50,000, the buyer would still need to cover the remaining $100,000 needed to buy the RV.

STEP 7: Determine whether a home equity loan is a good option for RV financing.

Thise with a certain amount of equity in their home may be able to use it to finance their RV purchase. A home equity loan is a type of term financing that uses the equity in a borrower’s home as collateral for the loan. The best home equity loans (such as one from U.S. Bank or Flagstar Bank ) tend to have fixed interest rates, which means rates will stay the same for the life of the loan. Fixed interest rates help the borrower budget for their loan by knowing their exact monthly payment and how long it will take to repay the loan.

“If you have a house, using a home equity line of credit can be a good choice,” says Croak. “These usually have lower interest rates than RV loans, and they’re always less than credit card rates. But remember, your house is what you’re risking. If you don’t keep up with payments, you could lose your home.”

Borrowers considering a home equity loan may want to check with their lender about loan requirements. Most home equity lenders have loan amount limits and equity requirements when it comes to offering a home equity loan. For example, a lender may only offer loans up to 80 percent of the equity in a home. In this case, if a borrower has $100,000 in equity, they would qualify for up to $80,000 in financing.

STEP 8: Consider taking out a home equity line of credit (HELOC) to help pay for your RV.

Much like a home equity loan, a home equity line of credit (HELOC) uses the equity in a home to secure financing. The difference between loan types is that a home equity loan is a lump-sum loan with a fixed rate, while a HELOC is more like a credit card with a borrowing limit and a variable rate. Qualified homeowners will receive a credit limit based on the equity in their home. They can then choose to withdraw as much or as little from their line of credit as they like, up to their limit. Any money borrowed is paid back over time, plus interest. Opting for one of the best HELOC lenders  means a borrower won’t take out more money from their home’s equity than they need to finance their RV.

STEP 9: Look into whether a cash-out refinance can help you with your RV purchase.

Another way for shoppers to use their home equity to finance an RV purchase is by opting for a cash-out refinance from one of the best mortgage refinance companies (such as PNC or Caliber Home Loans ). Refinancing a mortgage replaces the original loan with a new one that typically has a shorter term or lower interest rate. If the homeowner has enough equity in their home, they can do what’s known as a cash-out refinance, where they refinance their home for more than they owe on their current mortgage and receive the difference as a lump-sum payment of cash that they can use to fund their RV purchase.

A cash-out refinance could be a good option, especially if the borrower’s original mortgage was taken out at a time when interest rates were high and current interest rates are much lower. The lower interest rate would mean a lower monthly mortgage payment, and using a cash-out refinance to purchase an RV means the borrower will only have one payment each month rather than two.

An RV is parked on top of a hill on a nice clear day.

STEP 10: Check loan rates through the RV dealership. 

Many RV dealerships offer financing on-site. Dealer financing can be a good RV financing option for buyers who want to make their purchasing process as simple as possible. Generally, buyers can apply for financing at the dealership after they select the RV they wish to purchase. Dealerships typically offer financing through in-house loans or partnerships with third-party lenders.

Getting a loan through the dealership may give the buyer more bargaining power in the transaction. Dealerships who offer financing often make money off the loan, so it’s in their interest to work with a buyer on a sale or risk the buyer choosing a different dealership for their RV purchase. Buyers who choose dealership financing may be able to adjust the purchase price of their RV or negotiate a more favorable interest rate on their loan. The downside to dealer financing, however, is that buyers may not qualify for the loan they need to get the RV they want.

STEP 11: Get prequalified with several lenders. 

Prequalification is the process of getting an RV loan quote from a lender. Buyers might think of a prequalification as a soft application for a loan. While the process varies from one lender to another, it generally includes a lender looking over a potential borrower’s credit score and financial profile. If the applicant is qualified, the lender offers a loan quote that includes potential rates and fees. “Applying to multiple mortgage lenders lets you compare interest rates and fees, helping you find the best deal,” explains Croak. “In my experience, having more than one offer puts you in a stronger position to negotiate and get a better loan package.”

Borrowers will want to note that prequalifying for a loan doesn’t necessarily mean their application will be approved. While a prequalification generally indicates a lender would offer a borrower a loan, the loan terms may vary slightly from the original quote. With several prequalified RV loan quotes in hand, a borrower can narrow down their loan choices.

In most cases, a prequalification doesn’t affect a borrower’s credit score. Lenders typically use a “soft pull” on a borrower’s credit report when offering loan quotes. However, not all lenders use this method. Borrowers will want to ask each lender about what kind of credit inquiry they use and the effect on their credit score if it’s unclear.

STEP 12: Find an RV and submit the loan application.

Once a borrower has an RV budget, loan type, and prequalification in hand, they can officially start the shopping process. Similar to shopping for loans, it’s often a good idea for buyers to visit multiple RV dealerships before buying. Shopping around lets buyers look for the best price on the make and model of RV they want. Additionally, buyers may have more negotiation room with a dealer if they know another dealer has the same RV.

After finding the RV they want and negotiating a price, the buyer can submit an RV financing application. Many lenders approve new loan applications quickly, but some loan types may take longer than others to approve. Home equity loans and HELOCs, for example, may require extra steps to verify the equity on a borrower’s home. Meanwhile, most dealership-offered financing can be completed the same day that the borrower buys their RV. Loan applications generally ask for information about the borrower’s identity as well as their financial information, such as the name of their employer and proof of their income. If a lender approves the application, the borrower simply needs to review their loan terms and sign the agreement to secure the loan.

Finding an RV and securing financing is easy with these 12 steps. It’s recommended that borrowers shop around for the best type of loan, loan terms, and RV prices before they commit to a purchase. Additionally, borrowers may want to carefully consider their financial situation before purchasing an RV. Coming up with a defined budget and maximum monthly payment amount can help an RV buyer avoid taking out a larger loan than they can comfortably afford.

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Bankrate

What is an RV loan?

Key takeaways.

  • An RV loan can be used to finance anything from a trailer to a luxury class-A motorhome.
  • Secured RV loans provide lower rates and more flexible eligibility requirements but use your vehicle as collateral.
  • Unsecured RV loans require a better credit profile but don’t come with the same risk if you default.

While traveling the world in a recreational vehicle (RV) can be fun, it often comes at a substantial cost. The price of an RV ranges from $10,000 to $1 million, depending on the type of RV you want. If you can’t pay for one in cash, taking out an RV loan is a possible solution.

But before you take out an RV loan, it’s best to familiarize yourself with the pros and cons so you can assess whether they’re a good fit for you.

What an RV loan is

An RV loan is a type of installment loan used to finance the purchase of an RV, camper or travel trailer. You can find these loans at various places, such as banks, credit unions and online lenders.

While some are relatively similar to an auto loan , the amount financed and loan terms are sometimes more reminiscent of the mortgage process. This is in part due to the fact that luxury RVs can cost about as much as a small house.

Secured RV loans vs. unsecured RV loans

Both loan types offer different benefits and drawbacks when looking into purchasing an RV. The amount you need, your credit profile and how you’ll use the RV will all affect which is best.

Pros and cons of secured RV loans

A secured RV loan requires you to use the RV as collateral, which means the lender can repossess your RV if you don’t repay the loan. Since the lender is taking on less risk in this scenario, you generally receive a lower interest rate than an unsecured RV loan.

  • Possible lower interest rate.
  • Higher loan amounts than unsecured RV loans.
  • Lender can take your RV if you fail to repay the loan.
  • Some lenders may require a down payment.

Pros and cons of unsecured RV loans

Unsecured RV loans, on the other hand, don’t require you to use the RV as collateral. Because of this you may need a stronger credit profile to qualify.

  • Lender can’t immediately repossess your RV if you default.
  • Application process is usually quicker than applying for a secured loan.
  • Typically higher rates than secured RV loans.
  • May be difficult to qualify with bad credit.

How RV loans work

Larger RV loans are most often secured , meaning the cost of the loan is backed by collateral. In this case, the collateral is the RV itself. Although the specifics for each borrower can vary, it is handled like any other type of installment loan. The borrower will secure financing from a lender and then pay that money back over an agreed-upon time frame, usually between two and 20 years.

RV loans might carry specific restrictions regarding the use of the recreational vehicle. Some lenders, for example, will not allow borrowers to finance a vehicle if it will be their main residence . When exploring differing lender options, consider the type of RV you wish to purchase along with eligibility requirements .

RV dealership financing

Dealership financing allows buyers to handle payment directly through the RV dealership. After setting your sights on the RV of your choice, the dealer will likely talk you through various in-house or partner lenders.

  • Best for: Those looking for a simple process who would prefer to handle financing and buying in one place.

Online lenders

Securing your RV via an online lender usually comes with the option to apply for loan preapproval. This allows you to walk into a dealership with cash in hand, which can speed up the purchase process. When comparing online lenders, consider any special features offered, such as rate discounts or the ability to skip a payment.

  • Best for: Those who want to compare options before they arrive at the dealership.

Bank or credit union loans

Loans from banks or credit unions offer the benefit of working with an established financial institution. Similar to online lenders, preapproval may be available. This is especially a good option for those with previous bank or credit union relationships, as you may qualify for lower interest rates.

  • Best for: Those who prefer a brick-and-mortar experience or have a longstanding relationship with a financial institution.

Current interest rates for RV loans

As of December 2023, RV loan interest rates range from around 7 percent for borrowers with stellar credit. If you apply for an RV loan with bad credit, you’ll likely receive a much higher interest rate. If that’s your situation, adding a co-signer with good credit and a stable income may help you qualify for a lower rate. You could also take steps to boost your credit score before applying to ensure you get the best rates.

How to get an RV loan

With a potentially high price tag on the line, it is important to approach the shopping process for your RV loan with extra care. Pay close attention to available rates, terms and approval requirements .

1. Set a budget

RVs can cost up to $1 million dollars depending on the type — Class A, B, C, travel trailer or fifth wheel — so setting a strict budget is essential in sticking to your payments.

Also, consider the RV’s age. Weigh an older used model against a newer one with more advanced features but faster depreciation.

The monthly cost also goes beyond just the sticker price. Insurance, upkeep and storage will all add to your monthly RV expenses.

2. Save for a down payment

Ahead of exploring loan options, it is smart to save for a down payment. Lenders offering secured RV loans may require a down payment of 10 to 20 percent. A down payment lowers your overall loan cost, lowering how much you have to borrow.

3. Check your credit

An excellent credit score is one of the most important factors when it comes to securing competitive rates for all loans, RV loans included. A score that falls in the mid-700s or higher will likely secure you the best rates.

Ahead of setting out, explore your credit standing so you can apply with an understanding of the expected cost. If your credit is lacking, consider adding a co-signer to help qualify for a better rate.

4. Compare lenders

After getting a firm idea of the type of loan you will best qualify for and what you can reasonably afford you can compare lenders . Apply for prequalification with at least three lenders before deciding on one.

Frequently asked questions

Secured RV loan terms are longer than auto loans due to the higher loan amounts. Most RV terms range from two to 10 years, but they can be anywhere from one and 20 years.

They are not the same, but there are similarities if you choose to live in your RV.

To get the best interest rates and terms, you’ll need a credit score that is at least in the mid-700s. But no outright minimum is needed to get an RV loan, as requirements vary by lender.

An RV loan may be disbursed within a business day of approval, depending on the type and amount you take out.

What is an RV loan?

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Kamaz FTL hauler registers NatCar brand

rv travel trailer loans

MOSCOW. Sept 4 (Interfax) - National Carrier JSC, the full truckload freight trucking company headed by former Globaltruck CEO Ilya Sattarov that Russian truck maker Kamaz founded this summer, applied to register the brand NatCar at the end of August, the registry of federal intellectual property service Rospatent showed.

The NatCar brand is also mentioned in the recruitment ads of National Carrier, which is actively looking for E-class drivers. It is offering working with this year's model Kamaz diesel trucks from the flagship K5 line and new dry goods (curtainsider) and refrigerated trailers.

National Carrier was founded on July 7 in Moscow with charter capital of 1 billion rubles, the Unified State Register of Legal Entities showed. The company registered two branches in early August, in Yekaterinburg and Elektrostal, Moscow Region. The company specializes in truck logistics and associated activities, including digitization processes.

A spokesman for National Carrier told Interfax earlier that the company plans to provide FTL trucking services using its own fleet, "as well as the resources of hired truckers." The company's fleet will initially consist of 400 semi-trailer trucks with a 50/50 ratio of curtainside to refrigerated trailers, and it plans to primarily operate on domestic routes, he said.

The company has preliminary agreements with major customers among marketplaces and retailers in the FMCG and DIY segments, the spokesman said. Strong demand for trucking services is expected toward the end of the year, so there is interest from customers, he said.

Kamaz marketing director Ashot Arutyunyan announced at the International Moscow Automotive Forum at the end of August that the truck maker was the principal investor in National Carrier. He did not comment on the new company's shareholder structure, but said it is a Kamaz startup.

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