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Best RV Loans

Purchasing an RV? Find out how to get the best terms for your RV loan

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Many people in the U.S. choose to purchase recreational vehicles–or RVs–to bring the comforts of home with them when they travel, reduce travel costs, and enjoy frequent mini-vacations. If you're in the market for an RV, the loan process might be confusing, but we reviewed more than 20 lenders to help you choose the right one for you.

We evaluated loan providers using factors such as reputation, rate, credit scores, permissible use, RV age, and more to identify the best ones. The best RV loan providers offer competitive rates, as well as financing on new and used RVs. Read on to find the right RV lender for your needs.

The 6 Best RV Loans of 2022

Best Overall : GreatRVLoan


GreatRVLoan

 GreatRVLoan

Why We Picked It

We chose GreatRVLoan as the best overall RV loan because you can get financing for RVs for up to $2 million and for motorhomes for up to $10 million. Plus, it has financing options for new and used RVs as well as loans for people with good and bad credit, all at competitive rates.

For RV loans under $25,000, standard rates start at 6.99%. Those with less-than-perfect credit can qualify for rates as low as 6.95% with a shorter term.

Payment terms for standard loans over $50,000 range from 60 to 240 months while terms for people with challenged credit range from 60 to 180 months depending upon the loan amount. Those with challenged credit, those with a credit score of 550 and higher, can borrow up to $75,000.

Company Overview

GreatRVLoan, a SeaDream Inc., company, is a national RV lender headquartered in Costa Mesa, California. The company has been in business since 2002.

The company offers large RV loans–up to $2 million–with flexible payment terms of between 60 and 240 months. Even borrowers with less-than-perfect credit will find loans with reasonable APRs.

Pros & Cons
Pros
  • RV loan amounts up to $2 million

  • Great APRs, even for borrowers with bad credit

  • Payment terms up to 240 months

Cons
  • No information available on approval speed

  • No information about permissible uses

Runner-Up, Best Overall : Alliant Credit Union


Alliant Credit Union

 Alliant Credit Union

Why We Picked It

Our number-two pick for best RV loan goes to Alliant Credit Union. We like Alliant because you can finance both new and used RVs and even those who plan to live in their RVs full-time can qualify.

You can borrow up to $400,000 with approval usually granted the same day. Rates start at just 5.09% as of July 2022. Even though Alliant doesn’t disclose its minimum credit score requirements, you’ll likely need a good credit score to qualify.

Alliant won't finance RVs over 15 years old. Some competitors offer loans for older vehicles.

Company Overview

Alliant Credit Union is a national RV lender headquartered in Chicago, Illinois, and has been in operation since 1935. 

You'll have to be a member of the credit union in order to access an RV loan from Alliant, but the credit union is one of the largest in the United States. The credit union manages more than $14 billion in assets.

Pros & Cons
Pros
  • Repayment terms up to 240 months

  • Low APRs for some borrowers

  • Those who plan to live in their RVs still qualify

Cons
  • Maximum RV age is 15 years

  • Minimum credit score not disclosed

  • Credit union membership required

Best for Good Credit : Bank of the West


Bank of the West

 Bank of the West

Why We Picked It

Bank of the West is our pick for the best RV loan for good credit because it clearly discloses its minimum credit scores—a score of at least 680 is preferred. Many lenders simply say you need a good credit score, which can make it confusing for potential borrowers.

We also like that you can borrow between $10,000 and $2 million and rates start at 4.74%. The maximum repayment term is 240 months.

Those who want to use their RV for recreation or as a primary residence may qualify.

Company Overview

Bank of the West offers RV loans for fifth wheels, travel trailers, and motorhomes nationally through its Essex Credit division. They are headquartered in San Francisco, California.

The 135 year-old bank is a holding of BancWest Corp., a subsidiary of BNP Paribas.

Pros & Cons
Pros
  • RV loans up to $2 million

  • Repayment terms up to 240 months

  • APRs begin a 4.74%

Cons
  • Maximum RV age of 11 years

  • A minimum credit score of 680 is required

Best for Bad Credit : My Financing USA


My Financing USA

 My Financing USA

Why We Picked It

Unlike many of the RV loan providers we reviewed, My Financing USA has options for people with good and bad credit scores, which is why we chose it as the best RV loan for bad credit. You can get financing with a credit score as low as 550. Plus, its minimum good credit score of 680 is lower than some other providers we reviewed. 

Rates for people with bad credit start at 7.95% with a debt ratio of under 40% required. Loan amounts start at $10,000 and terms for people with bad credit are capped at 180 months. If credit isn't a problem for you, terms extend up to 240 months.

Although My Financing USA is a great choice for people with challenged credit who want an RV, the company won't finance one if you're looking to use the vehicle as a primary residence. Also, the company won't finance an RV that is more than 12 years old.

Company Overview

My Financing USA helps people with good and bad credit across the nation find the best RV financing options. The company has been in business since 2003 and is headquartered in Louisville, Kentucky.

The company gets solid feedback from its customers on third-party sites with particular kudos for customer service and ease of process.

Pros & Cons
Pros
  • Minimum credit score of 550

  • Rates as low as 7.95% for bad credit

  • Loan approval within 24 hours

Cons
  • No RV loans for borrowers who plan to live in their vehicle

  • Won't finance RVs older than 12 years old

Best for a Used RV : Southeast Financial


Southeast Financial

Southeast Financial

Why We Picked It

We chose Southeast Financial for the best RV loan for used RVs for several reasons. The company has no restrictions on model year or mileage and offers competitive used vehicle interest rates.

You can borrow as little as $12,000, and rates for used RVs. start at 5.49%. Another perk is that you can finance an RV of any age, a rarity among RV lenders. Most lenders we reviewed cap the vehicle's age–usually at around 15 years.

And although these are great features, Southeast Financial's transparency leaves something to be desired. Maximum loan terms, the minimum credit score, and permissible uses are not disclosed, so you'll have to speak with a loan officer to get those details.

Southeast Financial also made our list of the best boat loans.

Company Overview

Southeast Financial is a national RV lender headquartered in Nashville, Tennessee, and has been in business since 1936.

In addition to RV loans, it offers boat loans, boat warranties, horse trailer loans, and motorcycle loans. Customers appreciate the responsive customer service teams, marine industry knowledge, and variety of loans.

Pros & Cons
Pros
  • Competitive rates for used RVs

  • No model year or mileage restrictions

  • Good customer service

Cons
  • Minimum credit score not disclosed

  • Permissible uses not disclosed

Best for Quick Funding : LightStream


LightStream

LightStream

Why We Picked It

The RV loan offered by LightStream differs from the other providers on our list because it’s unsecured. This means you don’t need to offer your RV as collateral, so you don’t need to provide any documentation about the RV.

Because the loans are unsecured, same-day approval and funding are possible. This is why we chose LightStream as the best RV loan for quick funding.

Additionally, you can borrow as little as $5,000, but loan amounts are capped at $100,000. Rates start at 5.99%. The maximum term is 84 months.

No minimum credit score is available, but it's suggested that good to excellent credit is preferred and increases your chances of approval.

LightStream also made our list for best boat loans, best loans for debt consolidation, and best motorcycle loans.

Company Overview

LightStream is a division of Truist Bank that offers unsecured RV loans on a national basis. The company is headquartered in Charlotte, North Carolina, with a banking pedigree dating back to 1891.

Pros & Cons
Pros
  • Same-day approval and funding available

  • No documentation about RV required

Cons
  • Loan amounts capped at $100,000

Final Verdict

When it comes to choosing an RV loan, you'll want to consider a lot of factors, including flexible payment terms, good interest rates, customer service, and whether the lender will finance an older vehicle.

We took all these factors into consideration and found that GreatRVLoan fits the bill for most customers. But everyone is different, and your mileage may vary.

If you've got bad credit, you might consider My Financing USA. And if you're looking to finance a used RV, Southeast Financial might be the best option.

Whatever your circumstances, our guide can help you choose the right RV lender.

Frequently Asked Questions

What Is an RV Loan?

An RV loan is financing intended specifically for a recreational vehicle. Some lenders place restrictions on the types of RVs eligible for funding (e.g., Class A, B, or C motorhomes; travel trailers; tent trailers; fifth wheels). It’s also common for some lenders to only lend on RVs that are newer than 10 to 15 years old. Also, many RV lenders will only provide financing to people who intend to use the RV for recreational purposes. Individuals who want to use their RVs as their primary residences need to make sure this is allowed by their lender before the loan is finalized. 

Who Should Get an RV Loan?

People who like to go on vacation and cut their travel costs might want to consider purchasing an RV. Research suggests that cost savings could be as high as 53% for a couple and 64% for a group of four. Even though there’s the potential for vacation cost savings, there are many RV loan factors to consider before buying one, including your ability to afford the RV and how long you plan to keep it. 

Before diving in, you should be able to afford a sizable down payment, typically 10% to 30% of the RV cost. You should also plan to keep the RV for a long time. Keep in mind RV insurance costs, as many lenders require you to insure the RV even when it’s not in use. If you can’t afford the total cost, an RV loan is not right for you.

It’s not a good idea to get an RV loan if your financial condition is poor, since you’ll pay a higher interest rate, or if you don’t have very much disposable income. You also need to make sure you’re capable of driving the RV; many people return their RV after they realize they’re not capable of driving it. Also keep in mind that many lenders prohibit you from taking the RV outside the continental U.S. 

What’s a Good Credit Score for an RV Loan?

A good credit score is generally a FICO score of 670 or better. Many lenders consider a good credit score for an RV loan as one greater than 680 to 700. As with all types of financing, people with better qualifications may benefit from more favorable interest rates, larger loan amounts, and longer repayment terms. 

While you can get an RV loan with bad credit, you can expect your APR to be higher and your repayment terms to be shorter than if you had good credit.

How Much Do RV Loans Cost?

Interest rates on RV loans are fairly competitive. In addition to an interest rate, most RV loans are secured by the RV that’s being purchased. This means you can expect to pay closing costs associated with the collateral, as well as an origination fee (these costs are included in the APR calculation). Some lenders may also charge a prepayment penalty if the loan is paid off early. 

Make sure to thoroughly and completely read the terms of the loan agreement before you sign the paperwork.

How We Chose the Best RV Loans

To select the best RV loans, we reviewed nearly 20 RV loan providers to understand their reputations, APRs, minimum credit scores, collateral requirements, approval speed, and more before making our decisions. The best RV loan providers on our list offer competitive rates on RVs up to 15 years old, get you approved quickly, and offer a variety of RV loan options.

Best RV Loans

Best RV Loans 

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