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Best RV loans of July 2024

• • Personal loans
• • Debt management

• • Auto loans

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What to know first: The best lenders for RV loans give you access to higher loan amounts at lower rates and longer terms to help you finance the perfect RV for your travel plans. You can expect loan amounts as high as $100,000 with repayment terms as long as seven years. Read more

Bankrate’s experts scored lenders with a 20-point system to pick the best personal loans to finance an RV. We looked in-depth at their APRs and fees, how easy they are to contact, customer reviews and the quality of information on their websites. Read our methodology for more details on how we chose the best RV lenders. 

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Table of contents

• Compare RV loan rates
• How to compare RV loans
• What are RV loans
• Current RV loan rates
• How to get an RV loan
• Methodology

Definition of terms

APR Annual percentage rate, or APR, represents the interest rate plus any additional fees that may impact the annual cost of your loan.

Estimated monthly payment How much you can expect to pay on your loan each month based on the loan principal, loan term and interest rate.

Term The period of time until your loan achieves maturity and is paid off in completion. Terms can be expressed in months or years, depending on the details of your loan.

Total interest and fees Total interest and fees include estimated interest over the life of your loan and origination fees, if applicable.

AutoPay Automated payments are recurring monthly charges on a bill's due date that are automatically deducted from the borrower's account. These are normally used for loans, mortgages and other bill payments.

Bankrate Score Bankrate's scores for personal loan lenders evaluate 11 data points related to loan costs and terms, as well as customer experience.

Max Loan Amount The max loan amount is the largest sum a lender will give. This amount may not be available to borrowers who don't have good or excellent credit.

Settlement Fee The estimated range of fees, as a percentage of your total debt amount resolved, that are owed to the debt settlement provider as payment for their services.

BBB Rating Represents the Better Business Bureau's opinion of how the business is likely to interact with its customers. The BBB is a non-profit organization which has helped provide unbiased information to consumers for over 100 years. The BBB rating is based on information BBB is able to obtain about the business, including complaints received from the public. BBB assigns ratings from A+ (highest) to F (lowest).

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PERSONAL LOANS

LightStream: Best overall RV loan

Bankrate Rating = 4.7 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

The annual percentage (APR) includes your interest rate, plus any loan fees. It reflects the total cost of borrowing.

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This lender is registered in states where it does business, has a Consumer Loan Company License and was vetted by the Bankrate Editorial team.

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LightStream offers the lowest minimum and maximum APRs of the lenders we reviewed. It even offers a rate beat program that allows approved customers to get a lower rate than a competitor’s quote. You’ll have up to $100,000 of borrowing power and can spread the payments out as long as 144 months, making it a cost-effective option for buying a pricey RV. Adding in the fact that LightStream doesn’t charge any fees and can potentially deliver your funds the same day you apply makes LightStream the clear best overall RV loan winner. 

• Good-to-excellent credit profile
• Several years of mixed credit
• Assets or savings
• Stable, sufficient income
• Few reported delinquencies

Same day if approved before 2:30pm EST, Mon-Fri

• Longer repayment option
• No fees or downpayment
• Borrowers choose when to receive the money
• High minimum credit score requirement
• High minimum loan amount
• No option for prequalification

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are .50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 9.99% APR with a term of 3 years would result in 36 monthly payments of $322.62. Truist Bank is an Equal Housing Lender. © 2024 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Upstart: Best for bad credit

Bankrate Rating = 4.8 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Check rate with Bankrate

If you’re new to building credit or have had some rough patches, you may still qualify for an RV loan with Upstart. Its unique approach to lending includes considering your income and job stability versus just your credit history. Nearly half of the 8,605 Upstart borrowers on Bankrate have taken advantage of that flexibility to consolidate debt, which can be a good way to build your credit score.

• Minimum income of $12,000 per year
• Verification of full-time employment or job offer
• Bank account information
• Reside in states other than Iowa or West Virginia
• Origination fee of up to 12 percent of loan amount
• $15 late fee or 5 percent of past-due amount
• $15 for ACH return or check return
• $10 fee for switching from paperless to paper documents

As soon as one business day following approval, though Upstart borrowers received their funds in an average of 1.8 days.

• Flexible qualifying requirements beyond credit score
• Competitive low APRs
• Bankrate Award-winner for bad credit loans
• High origination fees compared to competitors
• Limited repayment terms
• Pricey maximum APRs

The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. 

Upgrade: Best for fast funding

Upgrade offers loans to borrowers with scores as low as 600, making it a good choice if you want to finance an RV with some bumps in your credit history. You’ll be capped at a loan amount of $50,000, but you can spread your payments out over terms up to 84 months. If you’d rather spruce up your credit first, more than 50 percent of Upgrade borrowers on Bankrate used their loans to consolidate debt.

• U.S. citizen or permanent resident
• At least 18 years old
• Valid email address
• Valid bank account
• 1.85 percent to 9.99 percent origination fee
• $10 late fee
• $10 returned check fee

Up to 4 business days; up to 2 weeks if sent directly to creditors

• Low starting loan amounts in some states
• Accessible to fair credit borrowers
• No prepayment penalty
• Minimum income and credit score not specified
• Origination fee of 1.85 to 9.99 percent
• High maximum APR

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 8.49%-35.99%. All personal loans have a 1.85% to 9.99% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's bank partners. Information on Upgrade's bank partners can be found at https://www.upgrade.com/bank-partners/.

*Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds sent directly to you should be available within one (1) business day. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

Best Egg: Best for secured and unsecured options

Bankrate Rating = 4.6 /5 Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

Best Egg offers some of the most innovative secured loan options of the lenders Bankrate reviewed, including home fixture financing and vehicle equity loans for more than your car is worth. However, nearly half of the 2,864 borrowers who’ve taken out a Best Egg loan through Bankrate used the funds to consolidate their debt. That could be a good plan if you’d prefer to improve your credit score to qualify for a bigger RV loan amount in the future.

• Minimum 600 credit score
• Proof of $100,000 earnings plus a 700 score for the lowest rates
• Car or home fixture information for Best Egg’s specialized secured loans
• Reside in states other than Iowa, Vermont, West Virginia, Washington, D.C. or U.S. territories
• 0.99 to 8.99 origination fees

As soon as one business day following approval, though Best Egg borrowers received their funds in an average of 2.5 days.

• Wide array of secured loan options compared to competitors
• Low APRs available for higher earners with good credit scores
• Lower credit score minimum than many other lenders
• Secured loans could put you at risk of losing your collateral
• Origination fees may be steep
• Terms are limited to between 36 and 60 months

*Trustpilot TrustScore as of December 2022. Best Egg loans are personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender or Blue Ridge Bank, N.A., Member FDIC, Equal Housing Lender. The Best Egg Credit Card is issued exclusively by First Bank & Trust, Member FDIC, Brookings SD pursuant to a license by Visa International. Visa is a registered trademark, and the Visa logo design is a trademark of Visa International Incorporated. “Best Egg” is a trademark of Best Egg Technologies, LLC. Offers may be sent pursuant to a joint marketing agreement between Cross River Bank, Blue Ridge Bank, N.A. and/or First Bank & Trust and Marlette Marketing, LLC, a subsidiary of Best Egg, Inc. The term, amount, and APR of any loan we offer to you will depend on your credit score, income, debt payment obligations, loan amount, credit history and other factors. Your loan agreement will contain specific terms and conditions. About half of our customers get their money the next day. After successful verification, your money can be deposited in your bank account within 1-3 business days. The timing of available funds upon loan approval may vary depending upon your bank’s policies. Loan amounts range from $2,000– $50,000. Residents of Massachusetts have a minimum loan amount of $6,500 ; Ohio, $5,001; and Georgia, $3,001. For a second Best Egg loan, your total existing Best Egg loan balances cannot exceed $100,000. Annual Percentage Rates (APRs) range from 8.99%–35.99%. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0.99%– 9.99% of your loan amount, which will be deducted from any loan proceeds you receive. The origination fee on a loan term 4-years or longer will be at least 4.99%. Your loan term will impact your APR, which may be higher than our lowest advertised rate. You need a minimum 700 FICO® score and a minimum individual annual income of $100,000 to qualify for our lowest APR. For example: a 5‐year $10,000 loan with 9.99% APR has 60 scheduled monthly payments of $201.81, and a 3‐year $5,000 loan with 7.99% APR has 36 scheduled monthly payments of $155.12. To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents. Best Egg products are not available if you live in Iowa, Vermont, West Virginia, the District of Columbia, or U.S. Territories. TO REPORT A PROBLEM OR COMPLAINT WITH THIS LENDER, YOU MAY WRITE OR CALL– Operations Manager, Email: [email protected], Address: P.O. Box 42912, Philadelphia, PA 19101, Phone: 1-855-282-6353. This lender is licensed and regulated by the New Mexico Regulation and Licensing Department, Financial Institutions Division, P.O. Box 25101, 2550 Cerrillos Road, Santa Fe, New Mexico 87504. To report any unresolved problems or complaints, contact the division by telephone at (505) 476-4885 or visit the website https://www.rld.nm.gov/financial-institutions/

Prosper: Best for borrowers with good credit

on Bankrate

Prosper was the first company to offer peer-to-peer lending in 2005, which puts your application in front of several investors at once versus just one. You can borrow up to $50,000 for your RV with repayment terms as long as 60 months. If you’ve got too much credit card debt to qualify for the payment, consider consolidating your debt first: Prosper is also Bankrate’s 2024 award winner for best fair credit personal loan lender.

• Have a U.S bank account
• Have a Social Security number
• Origination fee of up to 5 percent
• $15 or 5 percent late fee
• $15 insufficient funds fee
• $5 or 5 percent check payment

Same day as approval

• Joint applications allowed
• No prepayment penalties
• Open to fair credit borrowers
• Multiple fees including origination
• High maximum interest rate
• No rate discount for autopay

For example, a three-year $10,000 personal loan would have an interest rate of 9.88% and a 7.99% origination fee for an annual percentage rate (APR) of 15.70% APR. You would receive $9,201 and make 36 scheduled monthly payments of $322.11. A five-year $10,000 personal loan would have an interest rate of 11.64% and a 7.99% origination fee with a 15.36% APR. You would receive $9,201 and make 60 scheduled monthly payments of $220.63. Origination fees vary between 1% and 9.99%. Personal loan APRs through Prosper range from 8.99% to 35.99%, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $50,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank.

SoFi: Best for flexible repayment terms

 SoFi gives borrowers with credit scores as low as 680 access to up to $100,000 for an RV purchase, which is 15 points lower than the overall RV loan winner LightStream. You can finance your RV for up to seven years. You can also add a co-borrower to help you qualify for a higher loan amount, which LightStream doesn’t allow. 

• Meet age of majority
• Be a U.S. citizen or resident
• Be an eligible non-resident
• Live in an eligible state
• Have a sufficient income or job offer

In a few days; larger loans may take longer

• Soft credit check with prequalification
• Variety of loan amounts and term lengths
• Member benefits
• High minimum credit score
• No co-signers

Fixed rates from 8.99% APR to 29.99%APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive.

Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.

Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

On This Page

Compare RV loan rates from Bankrate’s top picks

This table presents key details about the above lenders so you can easily compare them side-by-side.

A closer look at our top RV loan lenders

Here's a deep-dive into each lender, why it's the best in each category and specifically who would benefit most from borrowing from the lender.

Overview: LightStream, owned by Truist Bank , is one of the most competitive online lenders in the personal loan space, offering a quick application process, fast funding and low APRs. While LightStream's standard rates run from 8.89 percent to 24.29 percent, its RV loan option caps out at just 15.89 percent. 

Who it's for

Borrowers looking to take out a larger loan with a low rate and long repayment term. Loan terms of 85 to 144 months are available only to those financing at least $25,000.

Stand-out features

• Established in 2012 
• Available in all 50 states 
• Online application 
• Rate beat program
• Loan experience guarantee

Bankrate insights on LightStream borrowers

Here is what borrowers who took out loans with LightStream used their funds for.

• Credit card refinancing 7%
• Debt consolidation 26%
• Home improvement 31%
• Major purchase 19%

Upgrade: Best for fair credit

Overview: Personal loans from Upgrade come with the benefit of competitive, fixed rates, a simple application, a quick funding process and flexible borrowing amounts. These loans can be used to finance a new or used RV even if your credit is not the best. 

Borrowers with lower credit scores or who need a co-borrower.

• Established in 2016
• Joint applications
• Customer service 7 days a week 
• Adjustable payment date

Bankrate insights on Upgrade borrowers

Here is what borrowers who took out loans with Upgrade used their funds for.

• Credit card refinancing 13%
• Debt consolidation 40%
• Emergency 18%
• Home improvement 8%
• Major purchase 6%

Prosper: Best for peer-to-peer lending

Overview: Prosper is a personal loan pioneer — the company became the first firm to enter the peer-to-peer lending arena when it launched in 2005. Prosper offers unsecured personal loans through WebBank to customers with a variety of credit profiles that may come in handy if you need RV financing. 

Good credit customers who want more RV loan investor choices.

• Established in 2005
• Online application
• Available in 48 states
• Over 1.4 million customers served
• Next-day funding offered
• Prequalification available
• Payment due date changes allowed

Bankrate insights on Prosper borrowers

Sofi: best for adding a co-borrower.

Overview: A SoFi personal loan is a good choice for borrowers who have a stable income and slightly lower credit scores. Along with a fully digital experience, SoFi offers large loan amounts and accepts joint applications to give you more RV purchasing power.

Customers with slightly lower credit scores who want to borrow large loan amounts.

Bankrate insights on SoFi borrowers

Upstart: best for bad credit loans.

Overview:  Upstart looks at more than just your credit score when reviewing your application, which makes it a solid choice if you’ve got some credit history issues. The lender doesn’t publish a credit score minimum and offers loan amounts between $1,000 to $50,000, which should cover a smaller RV.

Borrowers with very little or no credit history may be a good fit for Upstart's innovative approach to lending. You could have your funds within one business day of applying if you qualify. 

• Low APRs for qualified borrowers
• Smaller loan amount minimums than competitors
• Seven-day-a-week customer support
• Transparent qualifying requirements online
• High customer service ratings

Bankrate insights on Upstart borrowers

Here is what borrowers who took out loans with Upstart used their funds for.

• Credit card refinancing 11%
• Debt consolidation 38%
• Home improvement 7%
• Major purchase 11%

Overview:  Best Egg gives borrowers creative secured and unsecured loan options. You could even use the equity in your car to buy your RV if you qualify. 

Best Egg is a good choice for midsize personal loans, and their unique secured loan options may give you more options for financing a new or used RV. Its credit score minimum also makes it a good choice for fair credit borrowers. 

• Equity loans for 250 percent of your car’s value
• Home fixture loans
• Rate discounts for the home fixture loan option
• Low minimum credit score
• Low starting APR for qualified borrowers
• Available in 47 states

Bankrate insights on Best Egg borrowers

Here is what borrowers who took out loans with Best Egg used their funds for.

• Credit card refinancing 9%
• Emergency 17%
• Major purchase 10%

How to compare RV loan lenders

For many, affording an RV requires financing. Consider these factors when choosing the best RV lender .

• Loan approval requirements: Every lender has a unique set of approval requirements . Lenders specializing in RV financing generally require a high credit score, low debt-to-income (DTI) ratio, steady income and clean credit history. 
• Available interest rates: To get the best interest rate available, compare quotes from lenders by prequalifying. The rates displayed on the lender website are the minimum and maximum you can qualify for. 
• Loan amounts: RV loan amounts can be high depending on the vehicle you want to buy. Use a loan calculator to determine exactly how much you need to borrow. Include costs like sales tax, insurance and immediate maintenance and repair costs. Borrow only what you need to avoid paying interest on money you're not using.
• Repayment options : RV lender terms tend to be long since recreational vehicles tend to cost more than cars. A longer repayment term keeps your payment low but costs you more interest in the long run. Consider each lender's repayment options to determine what will best align with your financial goals. 
• Customer experience: An important part of the lending process is your experience as a customer. Before applying, think carefully about whether you prefer an in-person or a completely online experience. Check with your local bank or credit union if you prefer in-person service.
• Perks and special features: Whether the lender has usage restrictions, discounts offered, additional features and special programs may help sway your decision when comparing similar lenders.

What are RV loans and how do they work?

While an RV loan is typically specific to the purchase or refinance of a recreational vehicle, it works like any other installment loan . 

They come from banks, credit unions, online lenders and dealerships. You’ll typically receive a fixed-rate loan in a lump sum and make monthly installment payments for the loan term. Most RV loan terms range between two and 10 years.

Some RV loans are secured loans , meaning they’re backed by collateral — usually the RV itself. That means even if you qualify based on your income and credit, the lender can reject your application if the RV doesn’t meet its requirements. 

Before diving into the lender comparison process, know exactly what you want from a lender to find the best loan for you and your financial situation. Loans will differ based on what type of vehicle you're financing, whether it’s new or used, and how you intend to use it.

Why are RV loans less common?

Mark Kantrowitz

Denny Ceizyk

Nationally recognized student financial aid expert

RV loans are less common because RVs are less common than other types of motor vehicles. Cars outnumber RVs 25 to 1. RV loans are also more specialized than other types of loans. RV loans involve higher loan amounts and longer repayment terms than most car loans. As recreational vehicles, there is less demand for RVs as compared with cars that are needed for your daily commute.

Senior Loans Writer

To a lender, an RV has some complicated risks associated with it. Because it’s a vehicle, it can depreciate quickly after you purchase it. With starting prices that may rival a home, lenders may not want to offer financing because they won’t recoup their costs if they end up repossessing an RV with lots of miles and wear and tear. If they do lend, they may want a higher down payment or they may limit the loan amount. You may have to meet higher RV loan approval standards. If you can’t meet the more stringent requirements, an unsecured personal loan may be worth considering since your RV isn’t part of the approval decision.

Types of RV loans

There are two types of RV loans: secured and unsecured . Which is right for you depends on your credit profile, the amount you require and whether you want to offer your RV as collateral for the loan.

• Secured RV loans:  Secured loans are generally easier to get approved for and have less stringent financial requirements. The lender can repossess your RV if you default. They may also take longer to approve since the RV must meet the lender’s requirements. 
• Unsecured RV loans:  This type of RV loan is simply a personal loan that you take out to fund the purchase of an RV. No collateral is required. Approval is based solely on your credit profile and financial health. Rates may be higher than secured loans because the lender takes on more risk without an asset to seize if you can’t repay the loan. 

Pros and cons of RV loans

Like every other type of loan, there are advantages and disadvantages to taking out a secured or unsecured RV loan. Here's what to be aware of before signing your final paperwork.

• No collateral is required to qualify for unsecured loans.
• Funding is often faster for unsecured loans.
• Some lenders offer RV-specific benefits.
• Higher loan amounts and longer terms may be available than other loan types.
• Interest rates and fees may be more expensive than other types of financing.
• If you fail to make the monthly payments, you risk losing your RV on a secured RV loan.
• You may need a down payment to qualify for a secured RV loan.

Insurance for RV loans

Money tip: To get a loan from most lenders, you’ll need proof of insurance. Depending on your insurance company and vehicle details, the insurance costs could add a significant amount to your monthly payment, so budget for that as well. To speed up the RV loan process, get a quote from your insurance company and ensure your coverage meets the lender's requirements.

What are the current interest rates for RV loans?

Current secured RV loan rates can range from around 7.50 percent up to almost 36 percent. If you have fair or poor credit your interest rate will likely be higher. In this case, consider saving for a larger down payment and working to improve your credit . 

What is considered a good interest rate for an RV loan? 

Your RV rate is considered “good” if it’s combined with a loan amount and term that gives you an affordable payment without a lot of origination fees. For example, you may be offered the lowest rate for a short term — like two years. However, you’ll make a bigger monthly payment than if you chose a slightly higher interest rate with payments spread out over a longer term, like seven years. Always shop around to get the best rate at the lowest cost. 

How to apply for an RV loan

The process of applying for an RV loan may vary depending on whether you choose a secured or an unsecured loan. Getting a secured RV loan is similar to taking out an auto loan .

1. Check your credit score

The best interest rates and terms are usually reserved for borrowers with mid-700 credit scores. Most lenders require a good credit score to qualify for an RV loan, typically a FICO score of 670 or above. If your score is lower than that, you may qualify for a fair or bad credit personal loan , but the interest rate and fees will be much higher. 

2. Decide whether you want a secured or unsecured RV loan

You may find lower-cost options on a secured RV loan since the lender can repossess the RV if you don’t repay it. You won’t risk losing your RV if you finance it with an unsecured loan, but the rate and terms may be more expensive. 

3. Have your income documents handy

You’ll need to verify you have enough monthly income to repay your loan and any other credit accounts that appear on your credit report. Lenders compare how much of your monthly income is spent on debts and see if you meet their debt-to-income  ratio standards. Consider a co-signer if you don’t qualify for the amount you need on your own. 

4. Compare loans from several different lenders

Always prequalify with at least three different lenders and compare the rates, fees, loan amounts and terms they offer to find the best fit for your finances. Make sure you’re comparing apples-to-apples loan types. For example, if you want a secured RV loan, only compare rates and terms at lenders that offer them.

5. Choose a lender and apply

Once you’ve reviewed your offer and picked the best option, follow the lender’s instructions to apply. Make sure this is the lender you prefer because this step requires a hard credit check, which will temporarily drop your credit score. 

6. Gather financial documents once you’re approved

The documents you need will vary from lender to lender but typically include paystubs, proof of your identity like a social security card or U.S. driver’s license, proof of your current address and bank statements or asset information. If you apply for a secured loan, the lender will also need detailed information about the RV you’re financing. 

7. Receive funds

If you take out a secured loan, your funds will be paid directly to the RV dealer. If you choose an unsecured personal loan, in most cases, the funds are paid to your bank account for you to use to buy your RV. 

Alternatives to RV loans

If an RV loan isn't your best financing route, there are a few other ways to fund your purchase. However, your options may be more limited due to the expensive nature of RVs.

Pay in cash

RVs are expensive vehicles, so paying in cash is impossible for many buyers. But if it’s an option for you, this route allows you to avoid paying interest. Since RVs depreciate like any other vehicle, a lightly used RV may be significantly more affordable than a brand-new one. 

Home equity loan

If you’ve built a lot of equity up in your home and a seven-year RV repayment term isn’t long enough, a home equity loan may be worth a look. The major benefit is you can choose terms as long as 30 years, although 10- or 20-year terms are more common. Rates are usually fixed and often lower than personal loans, especially if your credit score isn’t that high. 

One big drawback: The lender could foreclose on your home if you can’t repay the loan. Additionally, the lender will need to vet your home to approve you. You can expect the approval process to take several weeks.

Rent instead of buying

Buying may not be the best option if you aren't using the RV regularly. Consider how you'll use the camper and whether renting makes more sense . You may save on insurance, storage and maintenance costs if you're only planning on taking it out once or twice a year.

Frequently asked questions about RV loans

Can someone co-sign an rv loan.

Some lenders allow co-signers on RV loans. Remember, if someone co-signs on an RV loan with you, they are liable for the debt. The account typically shows up on their credit reports and could affect their ability to qualify for another loan.

How do I get a lower interest rate on my RV loan?

You can employ several strategies to be approved for a lower interest rate, like providing a larger down payment, choosing a shorter repayment term or borrowing a higher loan amount. Improving your credit score can also help decrease your debt-to-income ratio. Rates on newer RVs also tend to be lower than on used ones. Always compare quotes from different lenders to spot the best deal.

What is the average term for an RV loan?

According to J.D. Power , the average RV loan term is between 10 and 15 years. Some banks, credit unions or dealership lenders may offer terms as long as 20 years. 

Can you prequalify for an RV loan?

Most lenders allow you to prequalify if you decide to get an RV loan from a lender rather than financing through the dealership. This allows you to see terms you’re eligible for without hurting your credit.

The lender will perform a soft credit check to determine what you might be eligible for. You will still have to do a hard credit check when you officially apply. However, prequalifying gives you an idea of your terms with a particular lender without committing.

How we made our picks for best RV lenders

Bankrate's trusted personal loans industry expertise.

years in business

lenders reviewed

loan features weighed

data points collected

Finding the right RV loan can mean the difference between worry-free roadtrips and monthly payment headaches. To select the best personal loans for RVs, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories :

Affordability

The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 

Availability

Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.

Customer experience

This category covers customer service hours, if online applications are available, online account access and mobile apps.

Transparency

For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.

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We independently evaluate all of our recommendations. If you click on links we provide, we may receive compensation.

Best RV Loans for July 2024

If you're in the market for a new RV and want to finance it, My Financing USA is our top choice. This lending network matches you with different lenders to suit your needs.

Buying a recreational vehicle ranks as one of the top goals on many people’s lists. There’s nothing quite like the thrill of traveling while having the same comforts of home without having to tote a tent and sleeping bag. 

But, these vehicles are expensive. You can expect to pay between $5,000 to $140,000 (or more) for a new model. That’s where finding the right financing comes into play. We’ve reviewed 16 different lenders and rounded up the five 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)

The Bottom Line

Compare rv loans.

• How to Choose
• Pros and Cons
• How to Apply
• Alternatives

Why You Should Trust Us

Guide to rv loans, best for low rates : my financing usa.

 My Financing USA

• Used APR Range: 6.49%-19.95%
• Used Loan Amounts: $10,000 and up
• Used Loan Terms : 5–20 years

My Financing USA operates a lender network, which means it matches you up with a partner lender rather than offering you a loan itself. That’s great because you cast a wider net, making it more likely to land on a good offer. 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, 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 that ranges from $495 to $795, 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.

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 to $795

Doesn’t offer loans for live-in RVs

• Recommended minimum credit score: 550
• Maximum debt-to-income ratio: 50%
• States available: All except 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: Not specified
• 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

• APR Range: 6.84%-10.04%
• Loan Amounts: $5,000–$125,000
• Loan Terms : 3–15 years

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 even covers 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. This means you’ll need to stick with the dealerships. Make sure to always pay on time, too, to avoid late fees and damage to your credit.

Skip-a-payment option

Great rates

Lower minimum loan

No discounts offered

Old vehicles are charged higher rates

No online application

• Minimum credit score: Not disclosed
• Minimum income: Not disclosed
• Employment qualifications: Not disclosed
• Membership requirements: Membership is open to employees or retirees of NASA Headquarters, any NASA Center or Facility, or the National Academy of Sciences; employees or members of any NASA Federal Credit Union partner companies or associations; relatives or household members of a current NASA FCU Member. If none applies, NASA FCU will provide a one-year membership to the National Space Society, which entitles NASA FCU membership.
• States available: 50 states and D.C.
• Maximum loan-to-value ratio: Not specified
• Private-party vehicle purchases allowed: Not specified

Best for Large Used/Refinance Loans : Southeast Financial

 Southeast Financial

• APR Range: 6.99% and up
• Loan Amounts: $10,000–$4 million
• Loan Terms : Up to 20 years

Southeast Financial is another lender marketplace, serving as a go-between for you and the 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, Southeast Financial 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 want a smaller RV loan since its lowest loan amount is $10,000. However, it makes credit accessible to most people with a minimum credit score of 600. Just be careful not to borrow more than you need, though, lest you end up in more debt than you can handle. 

Loans up to $4 million

Low minimum credit score of 600

Many loan options from partner lenders

No loans for cheaper RVs

Conflicting loan information

Doesn’t offer loan pre-qualification

• Minimum recommended credit score: 600
• Minimum recommended down payment: 10% or more, in most cases
• States available: 48 states and D.C., not available in Hawaii or Alaska
• Maximum accepted age of vehicle: 12 years old
• Maximum mileage: Not specified
• Vehicles cannot be used for commercial purposes
• Conversion vans and park models are not eligible for financing

Best for Quick Funding : LightStream

• APR Range: 6.99%–15.89%* with autopay
• Loan Amounts: $5,000–$100,000
• Loan Terms : 2–20 years

LightStream is a popular option for people with good credit looking for a low-cost, speedy personal loan . 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 loans for other purposes. That means the RV loan is 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. LightStream doesn’t charge any fees at all 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, wiring the funds 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 slightly below average among other personal loan lenders in J.D. Power’s 2023 survey of overall customer satisfaction.  

Can be used for any RV

Same-day funding available

Stricter credit requirements

Below-average customer satisfaction ratings

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 accepted mileage: No maximum
• Maximum loan-to-value ratio: No maximum
• Allows private-party vehicle purchases: Yes

Best for Large New Loans : LendingTree

 LendingTree

• Loan Amounts: $5,000–$10 million
• Loan Terms : 5–20 years

LendingTree is one of the largest loan marketplaces out there, including for RV loans. It has some downsides but is worth considering if you want low rates and a higher-than-normal loan amount for a new RV. You can check rates and terms with a variety of companies, which saves time and gives you an overview of where you stand.

LendingTree doesn't disclose any real details you need to make a good decision about whether to apply or not. That’s particularly bothersome since some of the (undisclosed) lending partners may do a hard credit check on you before you even complete a full loan application with them. The company also 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.  

Large new RV loan amounts

Low starting APR

Get offers from several lenders

Not very transparent

May generate a lot of spam

• 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 you're short on time and 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. 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.

But, one of the major differences between RV and car loans is that RV loans are typically for much longer term lengths since they’re generally larger loans. Remember that 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—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. And don't forget insurance , which can depend on the type of RV and how you intend to use it.

How to Compare RV Loan Lenders

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

• Down payment: Some lenders require a down payment , which is a percentage of the purchase price. Others allow you to skip putting any money down in exchange for a higher interest rate or if you meet certain lending requirements.
• Annual percentage rate (APR): The lower the APR, the less you’ll pay 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 (LTV) 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.

Pros and Cons of RV Loans

Using less of your own money upfront

Years to pay

Lender helps through the purchase process

More money out of pocket

Lower your credit score

May not qualify

Pros Explained

• You use less of your own money upfront to purchase the RV: Since you're purchasing your RV using borrowed capital , you free up more of your own money for other purposes. This allows you to budget for other purchases, to save for retirement—all while making a single, manageable payment toward your RV loan each month.
• You have a longer time to pay for your RV: An RV loan can help you spread out the cost of your RV over time rather than paying for it in a lump sum .
• Your lender can help you wade through the purchase process: Purchasing an RV may seem easy, but there are nuances that you may not understand. The lender can help you navigate through the process, including helping you find insurers and getting it registered.

Cons Explained

• You may end up losing more money out of pocket: You run the risk of paying more money for an RV loan. This includes paying fees, such as application and origination fees , as well as interest on the loan. If you pay your loan off earlier, you may also be responsible for a prepayment penalty if the lender charges one.
• It impacts your debt-to-income ratio: Being approved for a loan means you raise your DTI ratio, which is the total amount of money you owe compared to how much you earn each month. Any future lenders may consider this when/if you apply for credit in the future.
• You may not qualify: Depending on the circumstances, you may not qualify for an RV loan. This could happen if you are considered a high-risk borrower by potential lenders because of a low credit score, high DTI ratio, and/or a lower income bracket. If you aren't approved, you also have a hard credit inquiry on your credit report without a corresponding account, which could lower your credit score.

See if you pre-qualify for an RV loan. Pre-qualification allows you to submit your financial information to lenders—usually online—without impacting your credit score. Prospective lenders provide you with offers as soon as your data is reviewed, so you'll know your loan terms and interest rates. If you accept an offer, you can fill out a complete application, which is when the lender will do a credit check. Once approved, your loan may be funded as soon as the same business day.

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 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, so make sure you’re getting the best deal possible.

Alternatives to an RV Loan

The application process for an RV loan is similar to a vehicle loan. But it may be more difficult to be approved. That's because the lending requirements associated with these loans are often stricter. If you find yourself in this situation and still want to enjoy the comforts of an RV, consider some of the following alternatives:

• Pay cash: If you have enough saved up, why not pay for it in cash? This means parting with a lot of capital upfront, but you'll save more in the end because you won't pay interest on a loan. If you can't pay for the entire RV and still want a loan, you may be able to get favorable terms and a lower loan amount with a sizeable cash down payment .
• Apply for a personal loan: An unsecured loan may help you live your RV dreams—especially if you're in the market for a cheaper, inexpensive model. It's important to note that this option often comes with higher interest rates. A secured personal loan may give you a better rate and allow you to put up another asset as collateral. Keep in mind that you risk losing the asset if you default on the loan.
• Rent an RV: Owning and financing the purchase of an RV can be very costly. Rather than sacrificing your RV dreams, consider renting one. This allows you to test out certain types and models without making a long-term commitment. It's also much cheaper. Expect to spend a few hundred dollars per night with deals for full-week or full-month rentals. Gas, additional mileage (if applicable), and insurance are some of the costs you'll have to consider.

Here's another thing to consider. Are you interested in a top-of-the-line RV that costs an arm and a leg? You may have trouble being approved to finance the purchase for different reasons, including the lending requirements, your credit score and history, or even the current economic cycle. If an RV loan is still the way you want to go, it may be better to go with a cheaper alternative—one with fewer bells and whistles.

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.

We used this data to review each company for fees, repayment terms, income requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999 and has been helping readers find the best RV loans since 2020.

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.

What Are Some of the Costs Associated With Owning an RV?

Owning an RV can be exciting. But, there are certain costs that you'll want to consider before you drive it off the lot. Aside from the purchase price and loan payments (if you finance your RV), you'll want to be mindful of the expenses associated with taxes, insurance, registration, title, storage, parking, fuel, repairs, and maintenance among others. These costs will vary based on your lifestyle and how you intend to use your RV.

Can I Finance a Used RV?

That depends on the lender. Most lenders finance used vehicles, including RVs. But, certain companies do put a cap on the age of the vehicle being financed. Some lenders may agree to finance older RVs but at a price, which means you may end up with a higher interest rate. Make sure you do your research so you get the best deal and more bang for your buck.

How Difficult Is It to Get an RV Loan?

You'll find that applying for an RV and car loan is a similar process. But, being approved is often a different story—especially if you're financing an expensive RV. Lenders may impose stricter restrictions on these vehicles. Be sure to talk to any prospective lenders before you apply so you don't hurt your credit score with too many hard credit inquiries.

Companies We Reviewed

We researched and reviewed 16 lenders to find the best lenders for RV loans you see above on this list. While we write individual reviews for most companies, we do not always write reviews for companies we would not recommend. Below are the companies we researched along with links to individual company reviews to help you learn more before making a decision:

Alliant Credit Union, Bank of America , Bank of the West, Consumers Credit Union , Digital Federal Credit Union, First Tech FCU , GreatRVLoan , LendingTree , LightStream , My Financing USA , NASA FCU, Navy Federal, Southeast Financial Credit Union, Truist, U.S. Bank, USAA.

• How Long Are RV Loans?
• Personal Loan: Definition, Types, and How to Get One
• Personal Loans: The Complete Guide
• How to Use a Personal Loan
• What Is a Secured Loan? How They Work, Types, and How to Get One
• Secured Debt: What it is, How it Works, Example
• Unsecured Loans: Borrowing Without Collateral
• Secured vs. Unsecured Loans: What's the Difference?
• How to Fill Out a Personal Loan Application
• How to Get Personal Loans With No Income Verification

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

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

My Financing USA. " Get RV Loans and Boat Loans From My Financing USA ."

My Financing USA. " My Financing USA Loan Application Terms & Conditions ."

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

My Financing USA. " Frequently Asked Questions ," Click "Do You Offer Programs With No Down Payment?"

NASA Federal Credit Union. " We Keep Adventurous Travelers On-the-Go ."

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?"

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 ."

Southeast Financial. " Below are several questions that we often hear from prospective customers and our answers ," Click "Are There Types of Vehicles That You Do Not Finance?"

LightStream. " RV and Motorhome Loans ."

LightStream. " Rate Beat Program ."

Lightstream. " Frequently Asked Questions ." Click "Receiving Funds".

J.D. Power. " Fintech Lenders Gain Traction As Consumer Loan Satisfaction Increases, J.D. Power Finds ."

LendingTree. " Current RV Loan Rates and Terms ."

RV Life. " When Is the Best Time to Buy a Camper? "

Internal Revenue Service. " Home Mortgage Interest Deduction ."

J.D. Power. " How Much Do Campers Depreciate? "

RV Magazine. " Will RV Prices Go Down or Will They Stay High? "

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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 through NerdWallet from June 1, 2024, through June 30, 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.

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Best RV Loans of 2024

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

We independently evaluate all recommended products and services. If you click on links we provide, we may receive compensation. Learn more .

The best RV loan to help you finance your motorhome or recreational vehicle will depend on your financial situation and your personal preferences. The cost of an RV 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.  Compare the best RV loans to find one that's right for your credit score, offers fast funding, covers the cost of your new RV, and more. 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. 

• 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: Must be above $10,000
• 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.  

Your loan must be above $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.
• Borrower must be living in Delaware, Indiana, Kentucky, Maryland, Michigan, Ohio, Virginia, or West Virginia.
• 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 the older the vehicle, the higher the 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 varies from $40/year to $62/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: 6.99% 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: 600
• 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: 6.99%–15.89%* 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 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 6.99%
• Loan Amounts: $5,000–$10 million
• Loan Terms : 60-240 months

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:

• 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. 
• 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. 
• 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. 
• 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 . 
• 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. 

How We Find the Best RV Loans

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. " 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 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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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 is a writer based in Greenville, N.C. with expertise in auto insurance, loans, warranty options and more. Away from the keyboard, Daniel spends time with his wife and son, plays guitar and obsesses over the Beatles and Baltimore Orioles.

RaShawn Mitchner is a MarketWatch Guides team senior editor covering personal finance topics and insurance. She’s spent over a decade writing and editing articles about how to save money on things including travel, entertainment and household services.

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.

Why You Can Trust the MarketWatch Guides Team

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.

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.

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.

If you have feedback or questions about this article, please email the MarketWatch Guides team at editors@marketwatchguides. com .

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Current RV Loan Rates

Check what your RV loan rate could be with Trident Funding’s RV loan rate estimator.

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As of July 18, 2024, we offer loans from $10,000 to $2 million

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How to Check Trident Funding RV Interest Rates

It’s as easy as 1-2-3, 1. check rv rates.

Whether you’re a seasoned RVer or new to the camping world, this loved pastime is available to all road warriors. If you know what type of RV you want to buy and the loan amount you’ll need financed plus your credit score, you can use Trident’s RV rate estimator to check current RV interest rates.  

2. Apply for a Loan

Now that you have an idea of your estimated RV loan monthly payment or total loan amount, you can submit your loan application. It only takes a few minutes! We’ll ask you to tell us about the type of RV, camper, or motorhome you’re buying and a few details about your financial situation so we can match you to the recreational lender that’s right for you.

3. Get on the Road!

Once you submit your RV loan application, our dedicated team of loan officers gets to work! We usually have a response from a recreational lender in 24-48 hours. If we need additional documentation, we’ll reach out. All you have to do is start planning your roadtrip. We’ll help you find the interest rate  and RV loan lender that fit your budget and lifestyle.

Check Your RV Loan Rate

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Frequently Asked Questions About RV Loan Interest Rates

Owning an RV is a goal for so many people. It’s considered different things to different people: a source of pride, happiness, a status symbol, and even an investment. It’s also a sure fire way to travel, have fun, get outside, and create memories. 

RVs are a great way to enjoy time with family or just see new destinations, and buying an RV can be attainable for you. Check out Trident Funding’s free online  RV loan calculator  to see how much RV you can afford and what your approximate monthly payment will be. It may be more affordable than you expected. Just remember to add in the cost of RV storage and insurance when calculating your monthly payments. 

Once you decide on an RV that fits your budget, and you’re happy with the approximate monthly payment, check out another cool tool: the  RV loan rates estimator . This tool is updated daily and provides actual current RV loan rates based on if the RV is new or used, the year of the RV, the amount of the loan, and your credit score range. 

Now, let’s take a drive down the road of RV interest rates:

What are the best RV loan rates?

As of September 2023, the best interest rates for RV loans typically start around 7.87%.  Of course, these rates fluctuate with market conditions, inflation, and supply and demand. The best RV loan rates are also reserved for the borrowers with the highest credit scores and strongest overall financial profiles.

If you want to see what your RV loan rate might be, check  current RV interest rates .  You simply input if you’re purchasing a new or used RV or refinancing an RV, camper or motorhome. Then, type in the year of the RV, the loan amount, and the range of your FICO score. For example, if you have a 720 FICO score, you would select the 700-739 box. Then the calculator will show what your estimated monthly payment will be and what your expected interest rate will be.

There are many different lenders and their rates will vary. Check your estimated RV interest rate with our RV rate estimator. Most lenders base their RV loan interest rates on factors such as:

• Credit score
• Loan amount
• Down payment
• Age of the vehicle

What is a good interest rate for an RV loan?

A good interest rate for an RV loan is changing all the time, but as of September 2023, RV interest rates for well qualified borrowers start around 7.87% and go up from there. So, any rate under 8% would be considered a good rate. Check current RV loan rates  to see what your approximate RV loan rates would be based on the year of the RV, if it’s new or used, the loan amount, and your credit score range.

Keep in mind that the best RV interest rates are reserved for the most well qualified borrowers. A well qualified borrower will have an excellent credit score, a history of on-time payments, provable income, consistent employment history, and no recent bankruptcies or foreclosures.

What impacts RV loan interest rates?

RV interest rates are impacted by a number of factors including:

• The borrower’s qualifications, especially their credit score. The higher the credit score, generally, the lower the interest rate. The less risky a deal, the better rate will be offered. And well qualified borrowers are considered to be less risky than borrowers with lower credit scores.
• RV loan terms affect the rate. The length of the term may impact what rate is offered.
• The RV’s condition will affect the interest rate. For example, a new RV may get you a slightly lower rate than a used RV.
• The cost of the RV is also a determining factor in RV interest rates. A $30,000 RV may have a different rate than a $250,000 motorhome. Typically, more expensive RVs have lower rates, but that’s not always the case.
• The economic market affects RV rates. Things like inflation, supply and demand, the stock market, government borrowing, and the Central Bank’s recent policy updates all affect interest rates for all industries including the recreational industry.
• The convertibility of the note affects the interest rate.
• Lender fees may affect RV loan rates because some lenders inflate the rate by adding in their fees. This isn’t the case with all lenders; others just charge a percentage or a flat fee upfront.
• World events, wars, and pandemics can also influence RV loan rates.

What are current RV loan rates?

Interest rates in general are always fluctuating. One day they are one number and the next day they may have gone up or down. Rates are affected by the market and the economy and are also based on the borrower’s qualifications, as well as the loan amount and the loan term. 

For example, as of September 2023, if you want to finance a new RV with a loan amount of $200,000, and a term of 240 months (20 years) your APR will be around 7.87% . This is assuming you have an excellent credit score between 800 and 850. 

Now, let’s assume you want to finance the same RV with the same loan terms but your credit score falls between 740 and 759, then your rate may be around 8.12%. If your credit score is in the 600s, you may either need to make a larger down payment or you may need to choose a less expensive RV so your loan amount goes down. 

Check out  current RV interest rates  to see what your interest rate could be. 

How do I get the best RV loan rate?

You can’t control the market and increasing interest rates, so instead focus on the things you can control that will help you get the best RV loan rate. For example, the higher your credit score, the lower your interest rate will be.

Making on-time payments, paying off credit cards in full each month, and keeping your credit utilization levels low can all help to increase your credit score. Which in turn, will give you access to the best RV loan rate. Additionally, putting a large down payment on the RV or camper will lower your loan to value ratio, which can also lower your RV loan rate. Low rates are reserved for ‘low risk’ borrowers which are borrowers with higher credit scores, substantial incomes, strong employment histories, and lower debt-to-income ratios. Competitive RV loan rates currently range from about 7.74% to over 10%.

What should I expect my RV loan APR to be?

RV loan APRs can vary depending on several factors. The APR is typically determined by your credit score, the size of your down payment, and the age of the RV, and the term of the loan. The higher the credit score, the larger the down payment, the newer the RV, and the shorter term, the better the APR will be.

1 Estimated APR, or Annual Percentage Rate, is the annual cost of the loan, which includes other pre-paid finance charges and fees. The following is an example, and the rates and terms can vary. An $88,000 loan for the purchase of a recreational use RV for 20 years with a fixed rate of 7.74% would have an estimated APR of 7.74% and 240 payments of $721.89. Closing cost, official fees such as state tax, title and registration, FL doc stamp fee and/or UCC filing fees may apply. Some loan programs may not be available in all states or Puerto Rico.

2 Above rates are for recreational use 2014 RV model year or newer. RV model years 2004 – 2013 are subject to a rate increase. Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, down payment, debt and payment to income ratios, collateral type, age of collateral, fuel type, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Rates and terms may vary and are subject to change without notice. † Max loan term may vary.

3 Actual rate, loan amount and term can vary depending on the lender, FICO score, credit history, lender assets/liquidity requirements, down payment, debit and payment to income ratios, collateral type, age of collateral, fuel type, loan to value, vehicle registration (LLC), loan type (Purchase versus Refinance), state of residency and other criteria. Loan is for recreational pleasure use only. Rates and terms are subject to change without notice based on market conditions and borrower eligibility. Other rates and loan terms are available. † Max loan term may vary. Rates may not apply to customers residing in all states or Puerto Rico.

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Use our financing payment calculator to estimate your monthly payment for a new or used RV you buy at a dealership. 1 , 2

Enter a few details in the fields below, and we’ll show you examples of different loan terms, monthly payments and annual percentage rates (APR). RV financing has a 12-month minimum term and $10,000 minimum amount. It’s available on RVs up to 7 model years old.

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Monthly payment and annual percentage rate (APR) will vary based on the term, amount financed, model year, loan-to-value (LTV) percentage, credit history and applicable fees.

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• Best RV Loans
• Best for Competitively Low Interest Rates
• Best for Large Loans
• Best for Wide Range of RV Types
• Best for Poor Credit
• Why You Should Trust Us

Best RV Loans of July 2024

Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate personal loans to write unbiased product reviews.

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 of 2024

• 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

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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. 

Best RV Loan Company Comparison

RV loans have higher interest rates than auto loans, so we focused on options with relatively low rates to come up with our list of the best options. We focused on RV loans that apply to a variety of RV types and loan amounts. While RV loans generally require higher credit scores than other loan types, we found a good option for poor credit.

Best for Competitively Low Interest Rates: 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.

Best for Large Loans: 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. 

Best for Wide Range of RV Types: 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.

Best for Poor Credit: 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. 

RV Loan Frequently Asked Questions

RV loan term lengths vary by 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 .

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: How We Chose the Best RV Loans

Business 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 personal loan 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 » 

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This calculator figures monthly recreational vehicle loan payments. To help you see current market conditions and find a local lender current current local RV loan rates and personal loan rates personal loan rates are published below the calculator. The second monthly payment budget calculator shows how expensive of a RV you can buy given a monthly loan payment.

Monthly RV Loan Budget

Use this calculator to estimate the recreational vehicle price you can afford given a set monthly loan payment. To help you see current market conditions and find a local lender current local RV loan rates are published in a table below the calculator.

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Unsure if you should buy? Try renting an RV from RVShare to see how well the RV lifestyle fits you before committing to a 6 or 7 figure purchase.

Lease Out Your RV

Most RV owners leave their RVs idle about 90% of the time. Have your RV pay for itself by renting it out when you are not using it.

RVshare estimates owners can earn up to the following amounts per year.

A Consumer’s Guide to RV Living

The call of adventure is hard to resist, and for many men and women nothing beats that sense of freedom and excitement that comes from exploring the country in fully tricked-out RV. More than simply recreational vehicles these moveable homes allow you to travel the highways and byways of America in comfort and style, letting the road and your sense of adventure take you where they may. But there’s a lot to consider before you strike out on your latest cross country adventure, and you need to carefully consider what it takes (both financially and personally) to join the ranks of the RV enthusiast.

Choosing A Vehicle That’s Right for You

The RV lifestyle has much to offer both full-time and part-time adventurers. However, in order to get the most out of your travels it’s important to choose the right type of vehicle. That means choosing a vehicle that not only falls within your general budgetary restrictions, but that also matches up with your overall traveling ambitions. You’ll find that there are a number of different vehicles that fall under the broader heading of RVs. These range from luxurious motor-coaches featuring all of the amenities you might expect to find in a permanent home to the more modest pop-up campers and travel trailers that act as cozy homes away from home for those weekend fishing trips and summertime camping holidays.

Deciding which type is best suited to your needs begins with taking a closer look at the different types of recreational vehicles on the market:

Class A RVs are the largest and roomiest of all the self-contained motorhomes on the market. They offer most of the features and amenities you would expect to find in a modern stationary home including comfortable living areas and sleeping quarters, full kitchens and bathrooms, and ample storage space for life’s necessities while you’re on the road. Most class A options come with state-of-the-art entertainment systems and are wi-fi enabled, making them the ideal choice for full-time living or long-haul traveling.

Class A motorhomes represent the pinnacle of RV living, and can be customized to meet nearly every buyer’s demands. Naturally the cost of these moveable homes varies according to model. Entry level models typically sell for between $200,000 and $300,000 new and without any custom add-ons. More exclusive models, featuring luxury upgrades, can easily run upwards of $1.5 million or more.

Popular models include: the Winnebago Solei, the Coachman Pursuit, and Foretravel’s ih-45

Class B motorhomes, sometimes referred to as camper vans, are the smallest vehicles in the RV family. While they don’t offer the luxury of their larger class A cousins, class B options still manage to deliver enough creature comforts to make living on the road enjoyable for small groups of 2 to 3 travelers. To maximize the more limited space class B vehicles typically come with twin beds or a fold-away sofabed, limited kitchen areas and compact bathroom facilities.

Class B is often the preferred choice for weekend travelers and short term holiday makers, largely due to the vehicles’ ease of handling and overall fuel efficiency. Class B motorhomes handle much like a standard van or SUV, and in a pinch can do double duty as a second family car. Due to their smaller size and more limited features class B motorhomes are substantially less expensive than their class A and class C counterparts. Entry level models have a retail price of about $80,000, while more luxurious models can run as much as $125,000 - $175,000.

Popular models include: Ford’s Pleasure-Way Travers, Airstream’s Interstate, and the Hymer Aktiv

The class C motorhome is something of hybrid, combining the best elements of class A and class B vehicles. With their over-the-cab sleeping and storage areas class C RVs are able to expand the overall living space of the vehicle without reaching the full dimensions of a class A motor-coach. By utilizing this extra space manufacturers are able to offer travelers all of the comforts of home, albeit on a smaller scale. Think of class C vehicles as less of a house on wheels and more of a highly comfortable traveling apartment.

Class C motorhomes can vary in length from 20ft to 40ft, making it easy to find a model that will match your traveling plans. Larger models in this class often include slideouts to provide extra room for passengers when the vehicle is parked, and can be outfitted with the latest in appliances and entertainment features to provide a comfortable home away from home.

The average cost of a class C motorhome is $50,000 to $80,000 depending on size and amenities. Retail prices for luxury Class C start at around $115,000 or greater depending on the make and model.

Popular models include: the Itasca Navion, the Jayco Redhawk , and the Forest River Sunseeker

Fifth-Wheel Trailers

Fifth-Wheel travel trailers offer more square footage than any other RV, making them a good choice for larger groups or travelers or for those adventurers who plan to live in them full-time. Fifth-Wheel trailers typically feature split-level floor plans providing ample living space for occupants. Sizes vary from a modest 25ft to an impressive 45ft making it easy to find a model that suits both your budget and your lifestyle.

Fifth-Wheel trailers are not self contained RVs, so depending on the model you would need a pickup or flatbed truck with the necessary towing capacity to haul your home on wheels. Having said that, fifth-wheel trailers are very popular with enthusiasts because they are generally less expensive ($40,000 – $125,000) than a comparably sized motor-coach. They are also cheaper to maintain than Class A or Class C motorhomes.

Top rated Fifth-Wheel Trailers: the Airstream Land Yacht , the Coachman Brookstone, and the Grand Design Solitude

Travel Trailers

Travel trailers are often the most popular option for those looking for an inexpensive and versatile towable RV. Most models are compact and lightweight, so they can be successfully towed by a pickup truck or SUV. Despite their compact size, however, travel trailers can offer similar features to class A and class C motorhomes at a fraction of the cost. If there is a downside to the standard travel trailer it is that passengers can not ride in the trailer during transit, so larger groups of travelers may find it inconvenient while they are on the move. Still, at an average cost of $15,000 to $30,000 (depending on size and amenities) travel trailers are a good fit for first time buyers and part-time holiday makers.

Top rated travel trailers: Jayco Jay Flight, Forest River Rockwood, and the Gulfstream Trailmaster

Pop-Up Campers

Pop-up campers are the most compact and affordable towable trailer options on the market. They are easy to tow and park, and once at your destination they quickly transform into a rigid tent-like structure with ample room for 4 or more occupants. It must be said, however, that most pop-up campers are fairly sparse when it comes to amenities, and depending on the model you may have to opt for custom add-ons (shower, toilet, mini-kitchen) in order to get the most out of the purchase. Still, pop-up campers are relatively inexpensive ($5000 to $15,000 depending on size and furnishings) and are a good fit for weekend trips or short camping holidays. If you’re thinking of spending a lot of time RVing, however, a pop-up camper may not be the best option.

Top 3 pop-up campers: Aliner Classic, Coleman, Livin Lite Quicksilver

Truck Camper

Truck campers are small RV units that are designed to fit into most standard truck beds. They are ideally suited to one or two travelers, and typically offer basic amenities like a toilet, shower, and cooking area. Basic truck campers are fairly inexpensive, often running as little as $8000 to $10,000. Luxury models with additional features can run as much as $50,000 depending on the manufacturer. Truck campers are, by their very nature, highly compact, offering little in the way of living space. This makes them ideal for short trips and overnight camping or fishing jaunts, but poorly suited to long-haul traveling.

Popular truck camper brands: Palomino , Northwood, and Travel Lite

SURV Trailer

Sport Utility Trailers, sometimes called Toy Haulers, are towable units that offer garage like storage for motorbikes and personal water craft. Toy haulers can be towed by self-contained motorhomes or trucks, depending on the type of traveling you’re doing. In a pinch the storage area can be converted into a bedroom or living space, though the amenities will be slim to none. Toy haulers should be seen more as useful accessories than potential living areas.

Top rated Toy Haulers: Forest River Wolf Pack, the Dutchman Kodiak, and the Keystone Carbon

What to Look for When Shopping

Now that you have a better idea of the different options that are available, it’s time to get down to the nitty gritty of shopping for your next recreational vehicle. As we’ve seen there are a wide variety of makes and models on the market, and the type of vehicle you choose will depend on a number of key factors. Setting aside cost for a moment, and whether or not you will be purchasing a new or used model, you need to take a moment to think about the type of experience you are aiming for. Some buyers are looking for something that will provide comfortable long term housing while they travel the country, while others are looking for a trailer or motorhome that will act as a temporary home while they are on holiday. How you intend to use it will play a large part in determining the type of vehicle you need.

Using your ultimate travel and living plans as a guide, consider the following points to help you narrow down your choices:

Key Considerations When Choosing an RV

• Floor Plan – How much time you intend to spend actually living in your RV will have a definite impact on the acceptability of a given floor plan. For example, if it is going to be, for all intents and purposes, your primary home than you’ll want something spacious with all of the normal household amenities…say a class A motor-coach or a fifth-wheel trailer. On the other hand, if you are only intending to use it for short camping trips a travel trailer or pop-up camper might fit the bill.
• Storage – This falls in line with the overall floor plan of the models you are considering. More storage will be available in larger motor-coaches and fifth-wheel trailers, which will come in handy if you are living in the vehicle long term. Truck campers and travel trailers offer less in the way of permanent storage, but will still be adequate for medium to long term travel.
• Customizing – Some models lend themselves to customization better than others. If you want all the comforts of home (home entertainment centers, wi-fi connectivity, full sized kitchen and bath, etc) you will naturally be looking for a top of the line motor-coach.
• Fuel Economy – What self contained motor-coaches offer in luxury they take away in fuel efficiency. Class A and class C tend to get between 8 and 15 miles to the gallon depending on whether you opt for a gasoline or diesel engine. Towable RVs will also impact the fuel efficiency of the towing vehicle. The cost of fuel is an important factor when choosing your preferred make and model of recreational vehicle.
• Build Quality - In our throw away society, build quality is not what it once was. Short term upfront savings can lead to drastic cost escalations if & when cheap roofing & fiberglass laminate leaks through, causing major structural damage: "Rubber roofs and laminated walls sound sexy and all (and look cool in the showroom) but the reality is, these items wear out rapidly, causing leaks, which spell doom for a coach. ... EPDM rubber roofs seem to last 5-10 years, tops, in the harsh sunlight. ... When water gets into a trailer, mildew forms, and rot is not far behind.  In a matter of a few months, floors can rot out, ceilings can collapse, and the trailer becomes essentially worthless." - Robert Platt Bell

With these key factors in mind, you will want to take your time researching the various makes and models that fit your lifestyle, budget, and travel plans. At this point in your journey the internet can be a very real asset. Leading brands like Airstream, Coachman , Entegra and Forest River RV maintain extensive websites featuring all the specs on their latest models. You can compare and contrast floor plans, stock and custom features, and specific price points.

There are also a wide variety of enthusiast and consumer reporting websites that can offer valuable insight as you shop for a new or used vehicle. The following sites can often help you narrow down your choices to a select few outstanding options:

• RV Consumer Group
• RVGuide.com
• RV Consumer Reports
• MotorHome.com

NADA also publishes an appraisal guide for recreational vehicles.

Top Tip for RV Buyers: Try Before You Buy

When you find a model that you like, try to rent one for a short trip. This will give you real life experience of the living and traveling conditions you can expect when you make your actual purchase.

Hidden Costs and Expenses

When it comes to buying it’s only natural for buyers to first focus on the sticker price of their vehicle. But ownership comes with a variety of extra costs and expenses – some hidden and some not so hidden. Before you commit to a purchase, regardless of size or model, it is important to familiarize yourself with these added expenses. These additional costs are not insignificant, and will directly impact your enjoyment of your new recreational vehicle.

Some of the more important hidden costs of ownership include:

• Maintenance – All vehicles require regular maintenance, and RVs are no exception. It’s worth noting that larger options, particularly those that are stocked with custom features, tend to require extra care and maintenance to keep them in peak running and living condition. Towable trailers may require less maintenance than their self-contained cousins, but even they will need regular servicing. Buyers considering a self-contained motor-coach will likely have a choice of gasoline or diesel engines. Keep in mind that while diesel engines may improve your fuel efficiency, gasoline engines are much easier to service and maintain, especially when you’re on the road and away from your regular mechanic.
• Fuel Costs – The public has gotten used to highly fuel efficient cars and trucks, but you can’t really expect that kind of fuel economy from an RV. Depending on the size, make and model self-contained motorhomes tend to get between 8 to 20 MPG. Even if you opt for a towable trailer the extra weight you will be pulling will impact your overall fuel efficiency.
• Towing – If you will be towing your RV you will need to consider whether or not your current vehicle is up to the task. Depending on the model you are considering, you may need to upgrade or replace your current vehicle to ensure that you have the necessary towing capacity.
• Insurance – As with any vehicle, RV insurance is a mandatory requirement and depending on the make and model can be quite costly. For instance, adequately insuring a class A motorhome typically costs around $100 per month, with charges depending upon the amount insured and the local state laws. Premium high-value homes could cost as much as $300 or $400 per month to insure in some states. Like any auto insurance policy rates are largely dependent on the type of vehicle, how it will be used, and the applicant’s driving history.Insurance is one area where you don’t want to cut corners. Your motorhome or trailer is a substantial investment, and as you will be both traveling and living in your RV you will want to look for the best possible insurance policy.
• Parking and Storage – When you’re not on the road exploring the country you will have to consider where to park. Most homeowner’s associations don’t allow RVs, so you may have to consider other storage options for your motorhome or trailer . The price of monthly or weekly storage will add to the overall cost of ownership even when you’re not on the road.
• Overnight Camping – One of the joys of RVing is that wherever you go you’re at home. But there’s a catch. You generally have to pay a fee to park overnight and set up camp. There are some places that offer free overnight parking (WalMart, Kmart, truck stops), but the facilities will offer little in the way of support or amenities. National parks and commercial campgrounds typically require a nightly fee, but you do have access to electricity, water, internet and other necessities.
• Luxury Living – Your RV will become, at least for a time, your home on wheels. You may want to outfit your home with all of the latest modern conveniences like a state-of-the-art home entertainment system, satellite TV, wi-fi booster and GPS. These additions will definitely make life on the road more comfortable, but they will also increase the overall cost of ownership.
• Sales Tax – Sales taxes vary by state, but as an example of the potential cost, on a $100,000 purchase a 6% sales tax would amount to an extra $6,000 spent.

New vs Used – Which Purchase is Right for You?

By now you should have a better idea of the type of vehicle your are interested in buying, and the additional costs that go with ownership of a motorhome or towable recreational trailer. The question now is whether you want to by a new RV or a second-hand model. Either choice comes with its own distinct advantages and disadvantages, and it’s worth considering both options carefully before making your decision.

Advantages & Disadvantages of Buying New

Advantages & disadvantages of buying used.

The choice between new or used is a personal decision, and each option comes with its own advantages and disadvantages. One point that is worth considering, however, is your experience with RVing. If you are a novice, you may be better served by purchasing an inexpensive second-hand RV. If you find the lifestyle is not to your liking, or you simply do not get as much use out of it as you had expected, you can resell the vehicle without take as large of a hit on the depreciated value.

Purchasing an RV is a major investment, regardless of the make or model, and buyers need to carefully consider their financing options. Most banks and credit unions offer loans for qualified applicants. Financing is also available through dealerships and independent financing companies. As with any loan it is important to full investigate all of the possible options and weigh the pros and cons of each loan offer before choosing a lender and signing a contract.

RV loans share come characteristics with car loans, though certain aspects of RV financing are more closely related to taking out a mortgage on a home. Like all loans, credit approval and final interest rates are dependent on a few key factors:

• Credit Rating
• Personal Assets
• Verified Income
• Ability to make timely payments

Unlike financing a car or motorcycle, RV loans typically come with extended terms of 15 to 20 years depending on make, model, and cost of the vehicle in question. Interest rates will vary according to lender, and it is always advisable to research and compare a number of loan offers in order to obtain the most attractive rates and repayment plans for your loan. In some instances, particularly in the case of Class A, Class C, and fifth-wheel RVs, the interest on your loan may be tax deductible as the vehicles can be classed as second homes.

Frequently Asked Questions About Financing

When you’re ready to start researching loans, there are a few questions to keep in mind while you review any and all financing offers. Understanding these key areas of the loan agreement will help you narrow down your options until you find a lender that is offering the best possible deal.

• How Long is the Term of Your Loan? – Most RV loans are written with extended terms, usually 15-20 years. However, this is not a hard and fast rule, and all lenders will follow different standards.
• How Will the Interest Rates on Your Loan be Determined? – The interest rate on your loan should be determined by the total loan amount, your projected down payment, your current credit score, and the age and value of the vehicle in question. Other factors may come into play, but these are the core points of review when lenders calculate interest rates on loans.
• How Will the Interest on Your Loan be Calculated? – Like car loans, RV loans are calculated using simple interest, meaning you will only pay interest on the principle owed at the time of your payment.
• How Much of a Down Payment is Required? – Most banks and credit unions require a minimum down payment of 20% of the total cost being financed. Lenders who specialize in RV financing can sometimes reduce the required down payment to 10% – 15%, but your interest rates may suffer from the reduction.
• Will the Interest on Your RV Loan be Tax Deductible? – For larger RVs that are being used as a second home it is possible to qualify for federal tax deductions. However, it is advisable to talk this over fully with your lender to be certain of your tax obligations.
• Are there Penalties for Early Repayment? – Most loans do not include penalties for early repayment, but it is always wise to check with your lender before signing any agreement.
• What are the Penalties for Late Payments? – Late payment fees are to be expected with any loan. However, penalties for late payments may also include an increase in interest rates for the remainder of the life of your loan, so it is an important point to raise with your lender.

Common Pitfalls to Avoid When Shopping for a Loan

Applying for any loan requires careful consideration. Naturally, the prospect of buying a new RV and heading out on the road brings with it a good deal of excitement, and it can be all too easy to get caught up in the moment and miss some key points when it comes to securing the financing for your purchase. Before you sign on the dotted line, slow down and consider the following common mistakes people make when applying for financing.

• Shop for Your RV before You Shop for Your Loan – This is an all too common mistake, and one that is easy to avoid. You want to start researching financing options before you decide on the vehicle you want to purchase. You need to have an idea of how much money you have to spend before you get your heart set on a specific make or model. Naturally, the type of RV you purchase will have a significant impact on the particulars of your final loan agreement, but having a basic idea of your financial status will help to guide you as you shop for your new home away from home.
• Not Comparison Shopping – This is one of the bigger mistakes buyers make. When shopping for a loan take the time to compare and contrast offers from at least 3 or 4 different lenders. It is also worth comparing the offers from different types of lenders such as credit unions, banks and companies that specialize in RV loans.
• Dealer Promotions – Dealerships often try to entice buyers with special promotions. These can often be great deals for the buyer, but it is important to tread carefully. Just as often these special promotions include hidden fees or deceptive introductory rates that can ultimately increase the overall cost of your purchase. Read the fine print carefully. You might find you can get a better deal from an independent lender.
• Know Your Credit Score – Your credit history plays a large part in determining whether or not you qualify for a loan, and what the terms and conditions of that loan will be. Knowing your credit score before you begin shopping for a loan will give you the advantage when negotiating the terms of your agreement. Before applying for any loan, check your credit report and request a free copy of your credit score from one or all of the three major reporting agencies (Equifax, Experian, and TransUnion). Verify that all of the information is current and correct, and if there are any mistakes take steps to rectify them before applying for any loans.
• Borrowing too Much – Buying an RV is a major investment, and you need to know what you can and can not afford. Carefully review your budget, taking into account all of the costs of ownership, and be certain you can afford the financing for your purchase before you sign on the dotted line.

If you keep these tips in mind, you can avoid many of the common pitfalls associated with financing a new or used RV.

Hitting the Open Road

Yes, the lure of the open road is hard to resist, and with the right RV you can travel the country in stylish comfort. But before you dive into a life of adventure, it’s worth taking some time to consider what type is right for you. Think about your travel plans and your experience with the lifestyle. Carefully consider what you can afford and how you will finance your purchase. Fully research your lending options until you find a lender that can offer a financing agreement that works for you and your future plans. When you have found a lender that you are comfortable with, it will be time to make your purchase and set out for adventures unknown in the RV of your dreams.

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What is The Average Interest Rate on RV Loans?

The Average interest rates on RV loans are changing every day.

RVers taking an RV loan are usually faced with the dilemma of high-interest rates. Compared to regular car loans, RV loans attract a higher interest rate. So, before taking a loan to buy that RV for your upcoming vacation, you should know the details of RV loan interest rates .

You’re in luck because this article will detail the average interest rate associated with RV loans and other aspects attached to them.

What Is The Average Interest Rate On An RV Loan?

Standard rv loan vs. bad credit loan, current rv loan rates and terms.

Depending on the type of RV you want, loan periods and prices will vary. On top of that, always check with dealers for special deals when buying a new RV or used RV. Also, compare all financing options available to you before signing any papers or handing over a down payment.

Here are the best rates and terms of RV loans you can currently find on the market:

RV Loans vs. Home vs. Car Loans

RV loans are one of the most popular financings for recreational vehicles (RVs). But, unfortunately, they’re also one of the most misunderstood.

It’s easy to get car loans, but Home loans are much bigger, so they are much harder to get. Banks consider RV loans a luxury; thus, they can be hard to get.

Most banks do not offer RV loans because they view RVs as luxury items. Most people who own an RV use their vehicle for recreational purposes, and the bank views it as a “toy” that can be easily repossessed if you don’t pay your bills.

RV loans are hard to get and are held to almost the same standards as a home loan. Most banks consider RVs as “big ticket” items and require proof that you have enough money in the bank (or in retirement accounts) to pay off your debt if something goes wrong with your RV .

The main difference between an RV loan and a home or car loan is that with an RV loan, you’re borrowing money against something that has no resale value. So if you don’t pay off your RV loan, there’s no way for the bank to recoup their money beyond repossessing and selling your RV — and if they can’t sell it at auction, they’ll still lose money on the deal.

Factors That Influence The Interest Rate Of An RV Loan

Besides its difference from regular loans, several factors can influence an RV loan’s interest rate. Some of these include:

Credit Score

The main factor that influences the interest rate of an RV loan is your credit score . You’ll be given a lower interest rate if you have a good or excellent credit score. Many financial institutions require a 640 Credit score or even 700.

If your credit score is below 640, your lender can approve your loan with a higher than the normal interest rate. This higher interest rate is designed to offset the risk the lender would take if they approved you for an RV loan with a low credit score.

Loan Amount

RV loans usually require huge amounts of money because of the cost of RVs. And the higher the loan amount, the lower the APR. For example, if you get a loan from Good Sam, the APR would be between 6.19% to 7.69% for loans below $50,000. But a loan of $75,000 would attract an APR between 4.59% – 5.35%.

It means that for every $1,000 borrowed above $50k, you will pay only 1/2 point less in interest than you would if you had borrowed only $50k initially (if both loans have a 30-year term). So, if you can afford it and your RV is worth more than $50k, consider increasing your loan amount to get a better interest rate from most lenders!

Another factor that affects RV loan interest rates is the length of the loan or loan term, which is also known as the maturity date. The longer the maturity date, the higher the risk banks perceive in lending to you.

Banks believe that the longer the loan term for an RV loan, the higher the risk. Therefore, if you need more time to pay off your RV loan, you may be able to borrow less money and keep your monthly payments low.

On the other hand, if you need only a few years to repay your loan , you may be able to borrow more money and enjoy more options for paying it off early.

The average RV loan term ranges from one to three years and usually carries a variable interest rate tied to an index such as LIBOR or Prime Rate. However, some lenders offer fixed-rate RV loans with terms ranging from five to ten years.

Tips For Getting an RV Loan:

RV loans usually come with high-interest rates and are much more challenging to pay back. But there are some tips you can apply to help you secure your RV loan. Here are some of these tips:

Beat The Rates on RV Loan

The biggest issue with getting an RV loan is the rate. Banks do not want to give RV loans to people they think cannot make the payments.

The rates are also high because banks charge more for riskier loans. But, on the other hand, it means that if you have been dealing with banks for a long time, you will already know the terms and conditions of their loans .

The best way to beat these high rates is by contacting multiple banks and comparing their rates before making any decisions. You can find out about these rates from your bank, credit union, or one of the many online lenders offering RV loans.

Some of these lenders will even provide you with information about what you can expect from different lenders, making it easier to decide which lender to choose.

You can then try to convince your previous lender or bank to match your rate if possible. You may also be able to negotiate with them if they see that there is no reason why they should not offer you an RV loan at the same rate as before.

First, Save Up

You can’t buy an RV without a loan, so it’s essential to start saving money as soon as possible. It doesn’t mean you need to be able to put 20% down on your dream RV; instead that you should have enough money saved up for a down payment.

There are many reasons why you should save up before buying an RV, but here are three of the most important:

When you save money, banks will be more willing to lend you money. The reason is that they know that if something goes wrong with your finances — or if your plan doesn’t work out — they’ll be able to get their money back from you. If they don’t think they’ll get the money back, then they’re less likely to lend it out in the first place.

When you save money, you’ll be able to pay back the loan more quickly. If there’s no equity built into your loan and no collateral backing it up (such as a house), then lenders will look at how much money you make each month and how much debt already exists on credit cards or other loans.

RV Loan Calculator Terms Guide

Common Terms Used For RV Loan Calculators

The unit price is the price of one RV. The unit price is usually stated as the amount you will pay for each month or year. It is calculated by dividing the total cost of the RV loan by the number of years in the loan period.

It will give you a monthly payment amount that you can use in your RV Loan Calculator to get an idea of your monthly payments. In addition, the unit price is an excellent way to compare different loans because it lets you see how much each loan will cost you, regardless of its length per month.

Interest Rate

The interest rate for an RV loan can vary depending on the institution, but it will be in the range of 4% to 20%. If you are considering an RV loan for a new or used recreational vehicle, it is essential to understand how the rate is calculated.

The interest rate is typically expressed as a percentage of the amount borrowed and includes the costs associated with borrowing money from a financial institution. Therefore, it is dependent on a borrower’s credit.

Typically, average interest rates are tied to the prime rate set by the Federal Reserve Board each month. The prime rate is often used as a benchmark when determining interest rates because it reflects market conditions and is used as a reference point by lenders.

Payment Term

The payment term or APR is the length of time in which you make monthly payments on your loan. For example, a car loan with a six-year payment term will require monthly payments for six years, while an RV loan with a two-year payment term would require monthly payments for two years.

Down Payment

The money you pay upfront toward the down payment will depend on your creditworthiness and the loan amount you want.

Typically, a down payment of 20 percent is needed for an RV loan. However, some lenders will offer loans with lower down payments if you have excellent credit.

Final Words

The question of the average interest rate on RV loans ultimately comes down to whether you’re buying your RV outright or taking out a loan to finance it. In other words, it depends on your situation.

The interest rate you will ultimately receive is based on various factors. The dealer you choose to deal with will have more influence over your rate than most other factors. That’s not to say that getting a good deal on an RV loan is impossible but paying attention to these basic principles will help you in your efforts .

Anthony DeCaro is a writer who specializes in RVing and wants to see the automotive industry produce more fun-to-drive RVs that are eco-friendly, affordable, and widely available to the public.

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RV Loan Calculator

RV Loan Calculator with amortization schedule is used to calculate the monthly payment for your recreational vehicle's loan. The camper loan calculator will estimate the monthly payments and the costs associated with owning an RV.

What is an RV loan?

An RV loan is a loan that helps borrowers buy a recreation vehicle or RV. The borrower will then pay back the lender in installment payments which contain principal and interest until the loan is paid off.

How does an RV loan work?

An RV loan is like an auto loan with subtle differences. Like an auto loan, RV loans usually have fixed interest rates meaning your monthly payments will stay the same through the course of the loan. However, RV loans are much larger than typical auto loans. Some recreational vehicles cost tens of thousands of dollars; in some cases, an RV loan is almost the size of a home mortgage.

How long is a typical RV loan?

Since an RV loan is usually much larger than an auto loan, the repayment term is also longer. A typical RV loan can last 10 to 15 years, whereas most auto loans are shorter than seven years.

Are RV loans harder to get than auto loans?

Yes, RV loans are harder to get approved than auto loans because RV loans are more expensive and lenders have a higher requirement for RV loans. Borrowers must have a good credit score with a sizable down payment to apply for an RV loan. They will also need to provide income proof, assets, and any debt they may have. Lenders want to see if the borrower is in good financial standing to repay the loan plus interest.

Are RV loans secured loans?

RV loans can be secured or unsecured. A secured RV loan uses the RV as collateral. If the borrower stops making payments, the lender will repossess his RV. An unsecured RV loan does not use the RV as collateral so lenders cannot repossess the RV when the borrower defaults. To justify the risks of nonpayment, the interest rate for an unsecured RV loan is much higher and the repayment term might be shorter.

How long is the RV term?

The average repayment period is from 10 to 15 years, but many lenders are willing to extend the term up to 20 years for qualified buyers with collateral and loan amounts exceeding $50,000.

How much down payment is required for an RV loan?

Most lenders require a downpayment of 20% or more. Some lenders that are specialized in RV finance may reduce the down payment to 10% to 15%, but the interest rate is generally higher with these types of lenders. To save money on interest payments, RV buyers should save at least 20% down payments for their RV.

What debt-to-income ratio is needed for an RV loan?

Most lenders will require the borrower to have a debt-to-income ratio or DTI lower than 40. DTI is a ratio that lenders use to decide whether a borrower has too much debt relative to his income. If a borrower has too much debt, he might not be able to repay the loan in a timely manner. Some lenders may approve borrowers with a DTI of 45, but their interest rate may be higher.

What credit score is needed for RV loans?

To get an RV loan, most lenders require a credit score of 670. Some lenders may approve RV loans for borrowers with a credit score as low as 550, but the interest rate is much higher as lenders are taking more risks with these borrowers. As a general rule, the better your credit score you have, the lower the interest rate you will get. To get the most competitive interest rate, borrowers will need a credit score of 700 or higher.

What is the minimum credit score required for RV loans?

The absolutely minimum credit score required for most RV loans is 550, but the interest rate will be much higher. Borrowers looking to get an RV loan should improve their credit score before applying for an RV loan to increase their chances of getting approved.

How to apply for an RV loan?

There are many sources that you can get an RV loan, online and traditional lenders such as banks and credit unions. You can also apply for an RV loan from the RV dealership which is usually the most convenient way to finance your RV, but they might not offer the best rates. The first thing you should do before applying for an RV loan is to get your credit report and credit score. Make sure that there are no errors on your credit report. Compare quotes and interest rates from different banks or credit unions online or offline. After you choose a lender that gives you the best interest rate, go to the RV dealership and ask them if they can beat that rate. If they can, you can get the RV loan from the dealership.

How to calculate monthly payments for RV loans?

The monthly payments for RV loans can be calculated just like any other loan using the formula below. Monthly Payment = (P * i) / (1 - 1/(1+i)^n)) , where P = principal amount i = interest rate n = number of months for the RV term

RV loans monthly payment example

Let's say you applied for an RV loan of $100,000 with an interest rate of 8% and a 15-year term, following is how you would calculate the monthly payment for your RV loan. Monthly Payment = (P * i) / (1 - 1/(1+i)^n)) Monthly Payment = (100000*0.08) / (1-1/(1+0.08)^180)) Monthly Payment = $955.65 The monthly payment for this RV loan is $955.65. At the end of the loan, the borrower would pay a total interest payment of $72,017.38.

How to use the RV loan calculator?

The RV loan calculator will help you calculate your monthly payments and total payment, and generate an RV amortization schedule that borrowers can view and print. There are many optional functionalities that the RV loan calculator offers such as trade-in value, sales tax, monthly or biweekly payment plan, and extra payments to pay off the RV loan faster to save money on interest payments.

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How to Finance an RV in 2024: Strategies and Insights

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• If you're considering an RV purchase, know what you want before you start looking, and be patient.
• Buy locally to maintain a connection with the dealership if anything goes wrong with your RV later. 
• Get the best deal on financing and insurance by shopping around and comparing offers.

Introduction

RV buying has flourished since 2020, as travel trailers, campers, and other types of recreational vehicles offer a safe way to get out of the house with family. 

The appeal of RV living and travel

"RVs can be a very affordable way for people to travel, especially in a time where people are a little bit more hesitant to get on a plane," says Phil Ingrassia , president of the National RV Dealers Association. 

But, pandemic or not, the process of buying an RV is largely the same as it has always been. Ingrassia says that the process is similar to experiences you've probably had before. "If you bought a car, you're going to have a similar experience at an RV dealer," he says. 

Here's what you need to know about the process if you're thinking about buying an RV. 

Understanding RV financing

Types of rv loans and financing.

Financing an RV purchase is similar to that of financing a car purchase. "At an RV dealer, you can bring your own financing," Ingrassia says. Like buying a car, getting pre-approved for an RV loan before heading to the dealership can help give you an idea of what your rate could be, and give you a starting point for negotiating. 

Think about what you want

RVs come in many different shapes and sizes, from simple, towable pop-up campers to full-size motorcoaches. Ingrassia says two questions will largely determine what size RV you need. "How long are you going to be in the unit, and how are you going to use the unit? Are you more of a rustic, backcountry camper, or are you going to be in a KOA that's got a pool?"

Ingrassia also urges shoppers to think about their current car or vehicle before buying a camper — it may or may not be a good fit. "The bulk of RVs being bought and sold right now are on the towable side, and I think people need to take care to match their tow vehicle that they already have with the proper RV," he says. 

Whether you're planning to tow with an SUV or a super-duty truck, make sure your tow vehicle can handle the load before you buy. Information on this should be available in your car's manual or manufacturer's website. And make sure that your towing vehicle has a tow package already attached — if not, you may have to get one installed.

Evaluating your financing options

Dealer financing.

Like car dealerships, financing is often available at the dealership. "Dealers work with national lenders who are very experienced in RV lending and can give you very competitive rates," Ingrassia says. 

Getting several offers, both on your own and through the dealership, can help you make sure that you're getting the lowest interest rate possible.

Additional financing considerations

Shop close to home.

It can be tempting to go a distance to pick up your RV — after all, you have a place to stay once you get there. But Ingrassia says buying close to home is often a smarter choice, since you'll likely need to work with the dealership again in the future. 

"We always encourage folks to buy locally, within a comfortable driving distance of their home," he says. "RVs are homes on wheels, and they do require maintenance, and things can rattle around and get broken. If you need service on any of the systems in the unit, like the electrical or plumbing, you've got a dealer who you've done business with who can help you out."

Exploring insurance and warranty options

Like a car, an RV will need to be insured before you can take it home. Shopping around for your RV insurance is a good way to save, getting several options and comparing them to find the policy that offers the most coverage for the lowest premium. 

Ingrassia says that RV insurance options have expanded in recent years. "Some of the major carriers, as RVs have gained popularity, now have RV programs," he says. If your insurance company offers RV insurance, bundling your policy with a homeowners insurance or car insurance policy can make it cheaper. 

But, Ingrassia says that anyone having trouble finding a policy can ask a dealership. "If you are concerned about insurance, dealers can give you some guidance there as well."

What credit score do I need to finance an RV?

While requirements vary, a good credit score (usually above 670) can help you secure more favorable loan terms for an RV. Lower scores may still qualify but with higher interest rates.

Can I finance an RV with bad credit?

Yes, you can finance an RV with bad credit, but expect higher interest rates and possibly stricter loan conditions. Some lenders specialize in loans for those with less-than-ideal credit.

How long can RV loans last?

RV loan terms can range from short-term (5-7 years) to long-term (up to 20 years), depending on the RV loan amount and lender policies.

Should I use dealer financing or seek a loan elsewhere?

Compare offers when shopping for RV loans. RV dealer financing might be convenient, but banks, credit unions, or online lenders could have more competitive rates.

How much down payment is typically required for RV financing?

Down payments for RV financing can range from 10% to 20% of the purchase price, but putting down more can lower your monthly payments and interest costs.

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E.C.B. Leaves Rates Unchanged but Keeps Door Open for September

The central bank left its key deposit rate at 3.75 percent as inflation in the eurozone is expected to fluctuate throughout the rest of the year.

By Eshe Nelson

Reporting from London

European Central Bank policymakers held interest rates steady on Thursday, as they reiterated their cautious approach to cutting rates as inflation bumps around above the bank’s target.

The bank kept the key deposit rate at 3.75 percent, which it expects to be restrictive enough to tamp down demand for household and business loans, slow the eurozone economy and restrain inflationary pressures. Last month, policymakers cut the interest rate a quarter point, the first reduction in nearly five years and a tentative step toward easing.

Inflation in the eurozone has fallen a long way from its double-digit highs in late 2022, and policymakers are trying to ensure it returns to their 2 percent target sustainably. Average inflation across the 20 countries that use the euro was 2.5 percent in June , slightly lower than it was in May but higher than in April.

“Inflation is expected to fluctuate around current levels for the rest of the year,” Christine Lagarde, the president of the European Central Bank, said at a news conference in Frankfurt.

Though recent economic data supports the bank’s view of the region’s inflation outlook, policymakers “are not pre-committing to a particular rate path,” she added.

Investors widely expected the bank to hold rates at this meeting, but are still betting that there will be one or two more rate cuts this year. The E.C.B. next meets to set policy in mid-September, when it will also present new inflation and growth forecasts by the bank’s staff. Traders are betting that there is about an 80 percent chance of a cut at that meeting.

The E.C.B., like other major central banks, has been searching for a balance of interest rates that are high enough to maintain low inflation but not so high they cause excessive damage to the economy. Some other European central banks, including in Sweden and Switzerland, have cut rates. The U.S. Federal Reserve and Bank of England have not, but their officials have indicated that rate cuts are the most likely next step.

European policymakers said that most measures of underlying inflation were stable, but domestic price pressures were high and inflation in the services sector, which includes hospitality, was “elevated.” Headline inflation, which includes often volatile elements like food and energy, would also stay above target “well into next year,” policymakers said.

Services inflation, which is heavily influenced by wage costs, was 4.1 percent in June, the same as the previous month, and the highest it has been since October. Unlike other components of inflation, such as food or energy prices, prices in the services sector have remained buoyant as households spend more on travel and leisure and their wages, on average, have gone up.

Europe is also having a busy tourism season. On top of traditional summer vacations, visitors have traveled for big concerts and the Euro 2024 soccer tournament in Germany. And later this month, the Olympics begins in Paris.

“The question of September and what we do in September is wide open,” Ms. Lagarde said.

Eshe Nelson is a reporter based in London, covering economics and business news for The New York Times. More about Eshe Nelson

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In a boost for consumers, U.S. inflation is cooling faster than expected

By Kate Gibson

Edited By Aimee Picchi

Updated on: July 11, 2024 / 10:29 AM EDT / CBS News

Consumer prices are continuing to moderate, with June data showing U.S. inflation is once again cooling after unexpectedly high readings earlier this year. The new report could help bolster the case for an interest rate cut from the Federal Reserve in September.

Consumer prices declined 0.1% in June from May, with inflation curtailed by lower gas prices and a smaller increase in costs at the grocery store. On an annual basis, inflation registered at 3.0%, down from 3.3% in May, indicating that inflation is cooling faster than expected, as economists polled by FactSet had forecasted an increase of 3.1%.

The reading is the lowest since June 2023, when prices also rose at an annual rate of 3%. 

Cheddar cheese is among the food items that cost less today than in 2023 and 2022, according to the  CBS News price tracker , with has a pound averaging $5.54, down from $5.68 last year and $5.78 the year before.

Fed Chair Jerome Powell on Wednesday  signaled  "considerable progress" in slowing inflation to the central bank's 2% target. Still, he emphasized that the central bank needs to see "more good data" to have confidence to cut their benchmark interest rate, currently at a two-decade high of 5.3%, which has made it more costly for consumers and businesses borrow money through mortgages and other loans.

"A further deceleration in prices combined with a softening in labor market conditions support a change in message from the Fed, at the July FOMC meeting, opening to the door to rate cuts as soon as the September meeting," said Rubeela Rarooqi, chief U.S. economist at High Frequency Economics, in a Thursday research note.

The latest inflation report signals that inflation "is moving sustainably down to 2%," said Olu Sonola, head of U.S. economic research at Fitch Ratings. "Sufficient confidence to begin cutting interest rates is getting closer, but the Fed will likely want to see similar prints in August and September before pulling the trigger on that first rate cut."

Gasoline prices fell 3.8% in June after falling 3.6% in May, more than offsetting higher housing costs, according to the figures released Thursday by the Bureau of Labor Statistics. Food edged 0.2% higher in June.

Core CPI — excluding volatile food and energy costs — increased 0.1%. 

The S&P 500 traded near record highs in the wake of the report, while Treasury yields fell. 

Kate Gibson is a reporter for CBS MoneyWatch in New York, where she covers business and consumer finance.

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