travel trailer financing usaa

RV Loans and Refinancing

Rates as low as 8.15 % apr for 180 months on new rvs.

Terms up to 240 months available for new, used and older RVs or refinanced loans See note 1

Refinance my RV

All listed rates include a 0.25% discount for using optional automatic payments. See note 1

Types of RVs we can finance

Ready to roll? Whether you're a veteran, have a young family or want to enjoy retirement on the road, we can finance an RV to fit your needs.

Travel trailer

This is a lightweight non-collapsible trailer that is towed behind a vehicle.

Fifth-wheel

This is like a conventional travel trailer with lots of features, and you mount it to a truck bed.

Class A is the largest, Class B is a van with a raised roof, and Class C is a mini-motorhome.

Pop-up camper

You tow a pop-up camper behind a vehicle and it collapses while stored or transported.

Slide-on camper

Slide-on campers are portable RVs that you can load onto the bed of a truck.

Why choose us for your RV loan?

Quick application.

Apply online and get a decision in minutes in most cases.

Up to 20 years financing

We offer terms up to 240 months, or 20 years. See note 1

Extraordinary customer service

USAA representatives are ready to help.

How to get an RV loan

Step 1:  apply online..

It only takes a few minutes. You'll need to know your loan amount and give details about your income, housing and employer.

Step 2:  Get a decision.

In most cases, you'll get an answer in minutes.

Step 3:  Call to finalize your loan.

We'll ask what you're buying and where to send the money. Call 800-531-USAA (8722) that's 210-531-8722 .

Find RV insurance that fits your needs.

Before the journey begins, you should have insurance for your recreational vehicle. Help protect your investment with coverage through the USAA Insurance Agency. See note 2

Learn about RV insurance

RV loan and refinance FAQ  Frequently Asked Questions

You'll need to know how much you want to borrow, plus the following for all loan applicants:

• Current employment information
• Income before taxes
• Housing information

Yes. As with most loans, your approval and interest rate depend, in part, on your credit score and history.

Yes. However, if the options are more than 10% of the base value of the RV or amount to over $2,500, we'll need additional documentation.

Yes, the minimum loan amount is $5,000. The maximum loan amount is $500,000.

Hit the road with RV loans and refinancing.

See your family riding cross country, camping, hiking and exploring the great outdoors.

Investments/Insurance: Not a Deposit • Not FDIC Insured • Not Bank Issued, Guaranteed or Underwritten • May Lose Value 

Note  1 Displayed rates are our lowest Annual Percentage Rates (APR) and include a discount for optional automatic payments (0.25%). Rates and terms subject to change without notice. Rates vary based on approved credit and other factors, such as term, model year, and loan amount. Monthly payments vary based on APR for which borrower is approved, term for which vehicle is financed and amount borrowed. Financing for 36- to 72-month terms requires financed amount of $5,000 or greater and approved credit. Financing for 84- and 120-month terms requires financed amount of $10,000 or greater and approved credit. Financing for 180-month terms requires financed amount of $35,000 or greater and approved credit. Financing for 240-month terms requires financed amount of $100,000 or greater and approved credit. Maximum loan amounts apply and are subject to change without notice. New RV Payment Example: A 120 month new RV loan (model years 2023 to 2025) with an annual percentage rate (APR) of 10.59% would have monthly payments of $13.54 per one thousand dollars borrowed. Used RV Payment Example: A 120 month used RV loan (model years 2017 to 2022) with an annual percentage rate (APR) of 10.69% would have monthly payments of $13.60 per one thousand dollars borrowed. Old RV Payment Example: A 120 month used RV loan (model years 2016 and older) with an annual percentage rate (APR) of 10.79% would have monthly payments of $13.66 per one thousand dollars borrowed.

Note  2 Obtaining insurance from USAA is optional, and has no effect on any credit applications or terms of credit with USAA Bank, and can be acquired from other sources.

USAA Insurance Agency means USAA Insurance Agency, Incorporated or USAA of Texas Insurance Agency (collectively the "Agency"). California License #0D78305, Texas License #7096. 9800 Fredericksburg Road, San Antonio, Texas 78288. The Agency contracts with insurance carriers that are not affiliated with USAA and offers products and services ("third-party insurance products") on their behalf. Third-party insurance products are not underwritten by USAA or its affiliates. The Agency receives a commission on the sale or renewal of third-party insurance products and may receive other performance-based compensation from them. Purchase of third-party insurance products does not establish USAA membership. Product and coverage descriptions are brief. All coverages are subject to the terms and conditions of your policy. Read your policy for details. Product and coverage availability may vary in some locations and all applications for insurance are subject to underwriting by the insurance carrier.

Membership eligibility and product restrictions apply and are subject to change.

Bank products provided by USAA Federal Savings Bank, Member FDIC.

Compare the Best RV Loans

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

Best RV Loans of April 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

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

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

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

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

Undisclosed

$5,000 to $100,000

• Check mark icon A check mark. It indicates a confirmation of your intended interaction. TK
• con icon Two crossed lines that form an 'X'. TK

8.61% to 10.61%

starts at $10,000

Starts at 7.04%

Up to $300,000

Starts at 7.99%

$15,000 to $4 million

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 .

Best RV Loan Company Reviews

Lightstream rv loans.

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

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

Truist RV Loans

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

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

Alliant Credit Union RV Loans

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

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

Southeast Financial RV Loans

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

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

Which RV Lender Is the Most Trustworthy?

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

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

None of our top picks have any recent public controversies.

Other RV Lenders We Considered

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

Other ways to finance your RV purchase

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

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

How can I get an RV loan?

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

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

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

Why You Should Trust Us: Our Methodology

Insider considered many factors important to RVers, including: 

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

See our full ratings methodology for RV loans » 

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

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

**Enrollment required.

• Main content

Rollick, USAA Roll Out Consumer RV Lending Program

Rollick and USAA launched an RV Savings Program to help USAA members save on buying, renting and accessorizing RVs.

In addition to savings on new RV purchases, USAA members will receive a 10% discount on RV rentals, parts and accessories.

“We expect the RV Savings Program to help even more USAA members get outdoors and experience the RV lifestyle,” said Bernie Brenner, Rollick co-founder and CEO. “RV manufacturers that partner with this USAA program will enjoy being aligned with one of the largest and most trusted brands in the country and supporting what I consider to be the most treasured people in our country, the U.S. military and family.”

USAA provides insurance, investing and banking for U.S. military members, veterans and their families.

Through the RV Savings Program, USAA members can take advantage of exclusive offers provided by participating manufacturers, resulting in up to $5,000 in potential savings.

The program will launch in early June. At launch, participating manufacturers will be:

• Entegra Coach
• Heartland RV
• Highland Ridge RV
• Oliver Travel Trailers
• Opus Camper
• Starcraft RV
• Thor Motor Coach
• Tiffin Motorhomes

Other interested manufacturers can learn more about participating in the program by clicking here .

• Daily business news on the RV industry and the companies and people that encompass it
• Monthly printed and/or digital magazine filled with in-depth articles to increase profit margins
• Statistics, data and other RV business trade information

DRN Media dba RV News 685 S Arthur Ave., Ste 6 Louisville, CO 80027 (720) 353-4003 (Hit ext. 1 for the Operator)

RV News magazine 720-353-4003 [email protected]

Copyright 2019 DRN Media Inc. All rights reserved.

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

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

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

» COMPARE: Best RV loans

How to calculate RV loan payments

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

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

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

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

RV loan calculator

» Learn more about the best RV loans .

Secured vs. unsecured RV loans

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

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

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

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

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

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

Pros and cons of secured and unsecured RV loans

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

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

How long are RV loans?

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

How do I apply for an RV loan?

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

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

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

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

Other loan calculators

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

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

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

On a similar note...

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The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.

Best RV loans of April 2024

• • Personal loans
• • Debt management

Hanneh Bareham has been a personal finance writer with Bankrate since 2020. She started out as a credit cards reporter before transitioning into the role of student loans reporter. She is now a writer on the loans team, further widening her scope across multiple forms of consumer lending.

• • Auto loans

Pippin Wilbers is a Bankrate editor specializing in personal and auto loans. Pippin is passionate about demystifying complex topics, such as car financing, and helping borrowers stay up-to-date in a changing and challenging borrower environment.

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. We took an in-depth look at their APRs and fees, how easy they are to contact, customer reviews and the quality of information you’ll find on their websites. Read our methodology for more details on how we chose the best RV lenders . 

Check your personalized rates

Table of contents

• Compare RV loans rates

A closer look at our top RV loan lenders

How we made our picks for best rv lenders, how to compare rv loan lenders, what to know about rv loans, what is an rv loan.

• Current RV loan interest rates

How to apply for an RV loan

• Frequently asked questions

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.

Apply on partner site

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

See details

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
• Credit history must be established for approval
• High minimum loan amount

*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. © 2023 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.

Upgrade: Best for fast funding

Check rate with Bankrate

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.

Prosper: Best for borrowers with good credit

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
• Origination fee
• High maximum interest rate

For example, a three-year $10,000 personal loan would have an interest rate of 9.88% and a 6.99% origination fee for an annual percentage rate (APR) of 14.93% APR. You would receive $9,301 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 7.99%. 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

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.

on Bankrate

 SoFi gives you borrowers with 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
• Financial requirements unclear
• 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 paymentsbyan 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 andrequirements 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

• How we made our picks for the best RV lenders

What are the current interest rates for RV loans?

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.

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 is one of the most competitive online lenders in the personal loan space, offering a quick application process, fast funding and low APRs. LightStream is owned by  Truist Bank . While LightStream's standard rates run from 7.49 percent to 25.49 percent, its RV loan cap out at just 16.14 percent.

Who it's for

Borrowers looking to take out a larger loan with a low rate and long repayment term.

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 the credit score breakdown of borrowers who took out loans through LightStream.

• Good Credit 26%
• Excellent Credit 74%

Upgrade: Best for fair credit

Overview: Personal loans from Upgrade come with the benefit of competitive, fixed rates, a simple application, quick funding process and flexible borrowing amounts. These loans can be used to refinance credit cards, consolidate debt, take on home improvement projects or finance major purchases.

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 the credit score breakdown of borrowers who took out loans through Upgrade.

• Fair Credit 38%
• Good Credit 23%
• Excellent Credit 39%

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. It also offers home equity lines of credit (HELOCs).

Good credit customers who want more 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

Here is the credit score breakdown of borrowers who took out loans through Prosper.

• Good Credit 67%
• Excellent Credit 33%

SoFi: Best for adding a co-borrower

Overview: A SoFi personal loan is a good choice for borrowers who have a stable income and good-to-excellent credit. Along with a fully digital experience, SoFi has large loans and accepts joint applications. 

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

Bankrate insights on SoFi borrowers

Bankrate's trusted personal loans industry expertise.

years in business

lenders reviewed

loan features weighed

data points collected

To select the best personal loans, 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.

For many, an RV is often a hefty expense that requires financing. When sifting through lenders, consider these factors to find the best match. 

• Loan approval requirements: Every lender has a unique set of approval requirements. Lenders that specialize 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 so you 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 the repayment options each lender offers 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.

While an RV loan is typically specific to the purchase or refinance of a recreational vehicle, it works like any other installment loan . A financial institution or lender provides the funds for the purchase, and you pay back the money with interest over a specified time frame. 

Some RV loans are secured loans , meaning they’re backed by collateral — usually the RV itself.

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 — and if you're financing a motorhome or RV — how you intend on using it. 

An RV loan is a type of installment financing used to buy a recreational vehicle, camper or travel trailer. You’ll typically receive a fixed-rate loan in a lump sum and make monthly installment payments for the term of the loan. Most RV loan terms range between two and 10 years.

Dealerships often offer secured RV loans. They may also be available through your local bank, credit union or online lenders. 

Unsecured personal loans can also be used to finance an RV if you can afford the higher rates and fees that usually accompany them. 

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 process on a secured RV loan, get a quote from your insurance company and ensure your coverage meets the lender's requirements.

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. 

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 , but otherwise, the basic steps for either loan type are similar. 

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, which is 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 at 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 consider whether renting makes more sense . You may be able to 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?

There are several strategies you can employ 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, as can decreasing your debt-to-income ratio. Rates on newer RVs also tend to be higher than older 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 making a commitment.

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USAA RV Loans Review

USAA RV Loans Review-Ideal for Military Members & Families. RV loans, or Recreational Vehicle loans, have become a hot topic in recent years.

Many people who have never considered owning an RV are now looking at them as an option. But there is more to it than just getting an RV loan and buying an RV.

When you own an RV, you must also shell out thousands of dollars in maintenance fees. So whether you’re considering buying a motorhome or travel trailer, you need to know the facts before you dole out cash on something you’re unsure of.

So how do you do it? How do you get the best loan? And which company should you deal with?

To answer these questions, we’ll thoroughly review the best RV loan option available on the market, USAA RV loans, and why you should use them for your next RV loan. But first, let’s look at what USAA RV loans entail.

About USAA RV Loans

The USAA is one of the most trusted financial institutions in the country, and it’s also one of the oldest. The USAA began as a service organization for military officers, but it has become an insurance provider and credit union over time.

The USAA RV Loan is a great option for anyone who wants to own a recreational vehicle but doesn’t have enough money to cover the purchase right away. This loan can help you finance your dream RV so that you can hit the road and start enjoying the open road sooner.

The USAA’s sole purpose is to serve only military (or ex) members and their families. They do not serve any other type of individuals.

If you plan to get an RV loan from the USAA, you must be a United Services Automobile Association member. Also, to be a member of the USAA, you must meet the following conditions:

• You are either a military member or belong to a military family
• You are a veteran or the family of a veteran with an honorable discharge
• You are either a cadet or midshipman on an ROTC scholarship
• You have been a candidate officer for at least 24 months

The USAA is widely known for its commitment to serving its members and providing them with excellent financing services. As a result, they have built a strong reputation and gained the trust of millions of people in the financial sector over the years.

USAA RV Loans

If you’re in the market for an RV, USAA can help you get financing. You may be surprised that USAA offers loans on RVs of all types, boats, trailers, and campers. You can even use your loan to pay off another loan you already have.

The best part is that USAA offers competitive rates and terms that are better than what other companies offer. For example, their rates start at just 6.20% APR and can go up to 180 months (15 years), depending on your vehicle type.

If you are planning on purchasing a new RV, USAA can provide 100% financing for your new RV purchase. It means you don’t have to worry about paying anything out of pocket when buying your new rig. And if you opt for a down payment, they will also reduce your loan rate.

When it comes to financing your next RV, many options are available to ensure you get the best deal possible. In addition, if you want more than just a traditional RV, USAA also offers loans for other types of RV.

So whether you’re looking for an all-terrain vehicle, luxury motor coach, or anything in between, USAA has your back.

If you’re a member of USAA, you can find out how much your loan will cost before you apply by visiting their website or calling them directly. You can even ask them to assist you in refinancing your loan if you are not comfortable with your current loan term.

Benefits of USAA RV Loans

There are so many benefits of USAA RV loans that it’s hard to know where to start. USAA RV Loans offer several benefits to customers. They include:

Competitive Loan Rates : AS said earlier, USAA RV loans are cheaper than other loan service providers. You wouldn’t be bothered with hefty monthly payments because of its cheap APR.

No Down Payments : Unlike many other lenders, USAA doesn’t require you to make a downpayment. You won’t be required to make a down payment if you meet the minimum credit requirements for the USAA policy.

But if you do not meet the minimum credit requirement, you may be required to make a downpayment.

Long Loan Terms : USAA offers up to 15 – 20 years of loan terms for RV financing. This loan term helps ease the financial burden of shorter loan terms.

Autopay Discounts : USAA offers autopay discounts for RV loans. We recommend that people use this payment method because it takes off 0.25% of their monthly payments.

It might not seem like much, but when you sum up the discount over your entire payment period, you will understand how significant it is.

How to Apply for USAA RV Loans

USAA RV loans are a great financial option for you to get the RV of your dreams. The first step is becoming a member of USAA. You can do this by going to the USAA website, clicking on membership, and filling out an application.

Once approved, you’ll have access to all USAA’s services, including their loans.

Next, you’ll want to go through the online application process for an RV loan with USAA.

That will take about 15-20 minutes and include gathering information about yourself (like your income), your current credit score and debts, what kind of vehicle you’re looking for, and more.

You’ll also need to choose which type of loan works best for you: fixed or adjustable rate and how much you want to borrow. The maximum amount available is $100,000, but if yours falls within that range, there won’t be any problems getting approved!

Once all this information has been gathered and submitted, it’s time for approval. Again, the team at USAA will review everything carefully before deciding whether or not they think they should give their approval or not.

Once your application has been approved, they’ll evaluate it and let you know if any additional documents are required before they can proceed with processing your request further.

Your credit scores will be evaluated on the USAA website. A loan officer will contact you directly if any additional information is required or your application needs further review. If you want to fast-track your application process, you can call 1-800-531-USAA(8722) directly.

Frequently Asked Questions

What information do i need to apply.

USAA doesn’t disclose the required information for applying for a loan to non-members. However, USAA requires members to provide their Social Security number, income statements, and military service records about themselves or their family members.

They also ask for your current address and phone number so they can contact you if they have questions or concerns.

Can I Get More Loans Besides the RV Loan?

USAA offers a variety of loans, including mortgages, auto loans, home equity lines of credit (HELOCs), and personal loans. Plus, if you take out multiple types of loans from USAA at once, you might be able to get additional discounts on each one.

For example, if you simultaneously apply for a mortgage and an RV loan through USAA, you could receive huge discounts on your mortgage application fee.

What Do I Need To Qualify for Usaa RV Loans?

USAA RV loans are available to retire military personnel and their immediate families. You’ll also need a good credit score and enough income to make the payments on your loan if you’re the primary borrower.

Is USAA Reliable Loan Service Provider?

USAA is one of the largest financial services companies in the United States, with more than 11 million members nationwide. The company provides loan services and insurance coverage for its members through its branch offices and call centers throughout the country.

Final Thoughts

Overall, the USAA RV Loan is a veteran-friendly loan program that is perfect for members of the military and their families who are struggling to manage their RV financing . It has low rates and allows you to refinance your loan and access one of the best deals you can find on the market today.

We’d recommend USAA RV Loans for anyone seeking financing for this type of vehicle. Do your research, figure out your needs, go to the USAA website and fill out your application to get started.

Anthony DeCaro is the CEO and Founder of CheapRV. He enjoys exploring the great outdoors, camping, fishing, and all things RV.

Anthony is also a driving enthusiast who 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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Travel Trailer Loan Rates: Everything You Need to Know

Fly Zest is reader-supported. We may earn a commission through products purchased using links on this page.

As you consider getting a new or used travel trailer, you may want to know some typical travel trailer loan rates. In this article, we share some insights you should be aware of as you consider getting your travel trailer.

Purchasing a new travel trailer is more than just buying a vehicle; it’s about creating a new hobby and passion in your life. It opens the door to new experiences and new friends you would never have had otherwise.

Before it comes time to purchase your travel trailer, you’ll have to decide whether to pay in cash or to finance it. We recommend paying directly for as much as you can, but if you decide to finance all or part of the cost, you’ll want to do some research on how to go about financing. Loans for travel trailers function much the same way as for a home or regular car: you get your principal and pay that back with your interest.

Table of Contents

Financing Your Travel Trailer

Securing a loan on a travel trailer can be a complicated process, so that’s why it’s best to plan. Even if you have good credit, since RVs are considered a luxury vehicle, you will still need to be well-prepared to get a great rate on your potential loan.

So, before you head out and get your loan, consult the info below to get as much of an advantage as possible!

Where to Finance

When you initiate the loan process for your travel trailer, the creditor is going to look for a few things:

• Good credit score
• Proof of income
• A down payment
• A history of meeting financial obligations

If you feel you meet all of these qualifications, great! There are various outlets to secure a loan on a travel trailer, and they function similarly to auto loans. Below we will explore a few of the options you have.

USAA looks to appeal to a more senior crowd, noting on their website that customers are “retired and ready to roll”. However, even if you don’t meet this target demographic, USAA offers competitive loan options either way.

You can get 100% financing and refinancing on loans of less than $100,000 and 80% financing and refinancing on loans of more than $100,000.

USAA claims to be able to get you a loan quickly and in three easy steps. You just have to

• 1) fill out their application,
• 2) wait for a loan decision, and then
• 3) give them a call.

Interest rates at USAA start from as low as 5.49% APR for motorhomes, fifth wheels, travel trailers, pop-up campers, and truck campers. Of course, this is for people with excellent credit that meet certain other obligations as well. If you don’t meet these requirements, rates can be a bit higher.

U.S. Bank offers loans of up to $150,000 and as little as $5000 for motorhomes or other recreational vehicles. Included in the loan options are fifth wheels, pop-up campers, and truck campers.

U.S. Bank advertises flexible financing options as well as competitive interest rates. To get a better idea of how much you would have to pay and at what interest rate, they offer a loan calculator.

Good Sam is a well-known name in the RV loan industry. They offer to finance and refinancing motorhomes, fifth wheels, and various other classes of travel trailers. Another benefit is that they offer to finance full-time RVers, which can be hard to come by.

Good Sam highlights competitive fixed interest rates and long-term loan periods of 20 years for loans over $75,000. Interest rates at Good Sam range from 6.59% on $10,000 loans to 3.99% on a $75,000 or greater loan.

Exact interest rates can vary based on your financial situation, of course. If you are interested in a Good Sam loan, you can get more info here.

Interest Rates

When it comes to your travel trailer loan, the interest rate is a fundamental aspect. Travel trailer loan rates can vary based on your credit history, principal amount, and loan term. Fortunately, most companies will provide a loan calculator to help estimate your rate.

Good Sam provides a helpful table that offers a general outlook of how interest rates vary loan by loan for a new or used travel trailer.

After consulting many different travel trailer loan providers, typical travel trailer loan rates range from 4% up to 7%, with some variation. Most loans will fall in between these two numbers.

What NOT to do

When looking for a loan, there a few common mistakes that buyers make. We want to help you avoid these costly mistakes, and get the best trailer you can for the lowest price.

The first BIG mistake: paying the sticker price. In our rush to hit the road, we leave our negotiation skills at the door. But, if you want to avoid paying that inflated price, you are going to need to negotiate a little bit.

It won’t take all that much work to bargain down thousands of dollars off the sticker price, but you’ll save a ton.

The second BIG mistake: not knowing your credit score. If you have a good score, above 650, you will be much more likely to qualify for a loan and be eligible for lower travel trailer loan rates. This is beneficial because you will pay lower interest rates than people with lower credit scores.

If you are below this number (650), you may only be able to get a personal loan, which has a much higher rate. If that’s the case, you might consider waiting to make your purchase, or paying in cash if you are able.

Summary: Travel Trailer Loan Rates & Financing

The loan you can get on your travel trailer will have an effect on your finances for years to come. Before you walk into the dealer’s office, you should do your research on what your loan options are, and make sure this effect will be a positive one!

It’s essential to keep in mind your budget before looking for a loan. Don’t let the availability of financing trick you into purchasing a trailer you can’t afford. Once you decide on your budget, you need to gather your credit score, a down payment, and your negotiation skills to get your trailer at the best possible price.

Getting a travel trailer loan can be a bit complicated, but we hope this information makes the process a little easier. Best of luck, and let us know if we can help any further!

We would like to thank you for reading this article. Find out more about the  List of Travel Trailers and Ultra-Light Travel Trailers .

You might also like:

Best Travel Trailer Reviews – Top-Rated Models of the Year

Best Small Travel Trailers for Your Next Adventure

Best Travel Trailer Rentals for Your Next Adventure

10 Best Pop-up Campers for Comfortable Outdoor Living

Best Travel Trailer Accessories for a Comfortable Journey

How to Buy A Travel Trailer – A Comprehensive Guide

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• RV Loans & Financing 101

RV Loans & Financing 101

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We sometimes offer premium or additional placements on our website and in our marketing materials to our advertising partners. Partners may influence their position on our website, including the order in which they appear on a Top 10 list.

The analyses and opinions on our site are our own and our editors and staff writers are instructed to maintain editorial integrity. Our brand, ConsumersAdvocate.org, stands for accuracy and helpful information. We know we can only be successful if we take your trust in us seriously!

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10 Best RV Insurance of 2024

If you’re reading this, you’re thinking about buying an RV. Maybe the wanderlust has finally gotten to be too much and you want to hit the open road. 

How do you make your dream come true? Unless you are one of the fortunate few who can afford to buy a motorhome with cash, you’re likely looking at applying for an RV loan. 

Before you take the leap, read this article to find out more about financing an RV purchase.

RV Financing Terms

Since the cost of an RV is much higher than that of the average car—for example, new Class B motorhomes range from $40,000 to $80,000—, RV loan terms tend to be longer. The average motorhome loan has a term of 144 months, or 12 years, with some loans lasting up to 20 years.

A longer loan term usually means your monthly payment will be lower than if the loan term were shorter. However, it also means that more interest will be accrued throughout the years, especially if your loan has a variable interest rate. 

Therefore, you may end up paying much more for your RV by the time the loan term is over.

RV Loan Rates

Another aspect you must consider before buying a motorhome is the RV loan interest rate. On average, an RV loan with a term of 144 months, or 12 years, has a 5.29% APR, but rates can go from 4.79% to 7.49%.

Loan rates are determined by the current rates of the market, your credit score, the length of the loan term, the amount of money you’re looking to borrow, and the age of the RV. The amount you give as a down payment affects your RV loan rate too. 

If you make a higher down payment, the lender may be willing to give you a lower loan rate because they will be more likely to get most, if not all, of their money back. Watch out for low-down or no-down payment programs, which may lead to higher rates.

Financing an RV Purchase

There are several ways to finance the purchase of a new or used motorhome or RV. You may seek financing directly through the RV dealership. 

Dealers work as intermediaries between you and the lenders. This means that the interest rate you receive from an RV dealer may be higher than the one you get from a bank: dealers often mark up interest rates to make a profit from the loan. 

However, this rate can be negotiated down. Motorhome dealerships frequently have promotions as well, which feature interest rates that could beat your bank’s rate. And a dealer may be more willing to give financing to someone with bad credit, though at a higher interest rate.

You may also consider a bank or a credit union. These financial institutions provide interest rates for RV loans that are generally lower than a dealership’s because banks don’t mark-up rates. 

On the other hand, this means that the rate they offer you is usually a final offer that can’t be negotiated. Another benefit to financing a motorhome purchase through a bank is that, if you have an existing relationship with a bank or credit union, they are more likely to work with you should you fall behind on your loan payments. 

In addition, banks and credit unions may pre-approve you for a loan, allowing you to go to the dealership with a pre-approval letter that can help you negotiate a lower interest rate with the dealer.

Finally, an online RV financial institution is an internet-based company that specializes in financing motorhomes. They use the same lenders as the dealers, but since they have lower overhead costs, the markup on interest rates is lower. 

Working with these online companies gives you the convenience of applying for a loan online and receiving several offers without leaving home. Once you choose an offer, you can get approval within a few business days. 

These institutions may be more willing to finance your purchase of an older or used RV model. Some even finance ten-year-old or twenty-year-old motorhomes!

Keep in mind that many institutions will not finance RV purchases for people who intend to live on the motorhome full-time. Since the collateral on an RV loan is the RV itself, the lack of a permanent address increases the risk that the institution will not be able to recover the collateral if the borrower becomes delinquent. 

For this reason, many lenders simply don't even offer RV loans for full-timers.

Choosing an RV Loan

As you can see, you have many options for financing the purchase of your dream motorhome. Here are some tips to help you choose the right RV loan for you:

• Know your credit score : Before applying for RV loans,  request a credit report from one of the three major credit bureaus. Loan applications do affect your credit score, so if you know your score isn’t high enough to get you approved for a loan, don't even apply. You'd also be in a better position to judge the fairness of your loan offers if you know how good your score is.
• Shop around : Don’t settle for the first loan offer you receive. Check what interest rates the different financial institutions can offer you so you can choose the best loan. Just remember to make all your loan applications within a short period of time—some sources suggest within two weeks. That way, the credit bureaus will consider all the loan applications as a single instance and protect your credit score.
• Look at the big picture : Many buyers focus on the monthly payment they will make on the loan. It’s wiser to focus on the length of the loan term and the interest rate. A lower monthly payment might mean a longer loan term and more interest paid in the end. You may end up paying more than the RV is worth.
• APRs and interest rates are different : The annual percentage rate (APR) of a loan is not the same as the interest rate. The interest rate only determines what percentage of the total loan amount you will pay as interest every year, while the APR factors in the interest rate as well as the fees you must pay for taking out the loan. When comparing loan offers, make sure you are comparing an APR to another APR, not an APR to an interest rate.
• Negotiate your rate : If the interest rate you’re being offered doesn’t satisfy you, don’t be afraid to ask for a better rate! The interest rate you will get from a dealer or an RV lender is almost always negotiable, so there is wiggle room for them to make a profit while still letting you get a good deal on your new RV.

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