An RV loan is financing 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). Some lenders only make loans on RVs up to 10 to 15 years of age. Also, many RV lenders will only provide financing to people who intend to use the RV for recreational purposes.

Who Should Get an RV Loan?

If you want to cut your travel costs, you might consider an RV. However, before diving in, understand that there are many RV loan factors to consider , such as a typical 10% to 30% down payment and the cost of RV insurance (which many lenders require, even when it’s not in use). If you can’t afford the total cost—and aren't comfortable driving such a large vehicle—then an RV loan is not right for you. 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.

What's a Good Interest Rate on an RV Loan?

That depends on where rates are in general when you look for a loan. Interest rates on RV loans are fairly competitive and the better your credit standing, the better the rate you'll be offered. In addition to an interest rate, most RV loans are secured by the RV that’s being purchased, which means you can also expect to pay closing costs associated with the collateral, as well as an origination fee (costs included in the APR calculation ). Some lenders may also charge a prepayment penalty if the loan is paid off early.

Best RV Loans of 2023

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Many people in the U.S. purchase RVs (recreational vehicles) for the comforts of home when they travel, to reduce travel costs, and to enjoy frequent mini-vacations. If you're in the market for an RV, the loan process can be confusing. We reviewed more than 20 lenders to help you choose from the best RV loans.

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

Best RV Loans of 2023

Best Overall: GreatRVLoan
Runner-Up, Best Overall: Alliant Credit Union
Best for Good Credit: Bank of the West
Best for Bad Credit: My Financing USA
Best for a Used RV: Southeast Financial
Best for Quick Funding: LightStream

Best Overall : GreatRVLoan

Loan Amounts: Up to $2 million (RVs); up to $10 million (motorhomes)
Interest Rates: Start at 6.99% for standard loans
Terms: Up to 240 months

Get a Quote

Why We Chose It

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

Rates start at 6.99%, but that rate is only available on larger loans. The smaller loans have a starting rate over 8%. Loan terms are a minimum of 60 months and can go up to 240 months for most loan sizes. However, smaller loans are restricted to 144 or 180 months. For those with bad credit, interest rates range from 8.99% to 19.95% for all loans sizes. Borrowers with credit challenges are restricted to a maximum of $75,000. The minimum credit score is 550 for this program. As with the regular loans, the minimum term is 60 months, and terms can be as long as 120, 144, or 180 months depending on the loan size.

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
Must borrow at least $150,000 to get lowest rate

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 with flexible payment terms. Even borrowers with less-than-perfect credit will find loans with reasonable APRs.

Runner-Up, Best Overall : Alliant Credit Union

Loan Amounts: Up to $400,000
Interest Rates: Start at 7.04%
Terms: Up to 240 months

Get a Quote

Why We Chose It

Our runner-up for best RV loan is Alliant Credit Union. We like Alliant because you can finance both new and used RVs. What's more, those who plan to live in their RVs full time can qualify for loans. Unlike some lenders, the company won't finance RVs that are over 15 years old.

You can borrow up to $400,000. Rates start at 7.04%, as of April 2023. Same-day loan approval is normal. Alliant doesn’t disclose its minimum credit score requirements but you’ll likely need a good credit score to qualify.

Pros & Cons

Pros

Repayment terms up to 240 months
Low APRs for some borrowers
Those who plan to live in their RVs can qualify

Cons

Maximum RV age is 15 years
Minimum credit score not disclosed
Credit union membership required

Overview

Alliant Credit Union is a national RV lender headquartered in Chicago, Illinois, and has been in operation since 1935. It is one of the largest credit unions in the United States, with more than $17 billion in assets.

You have to be a member of Alliant in order to get an RV loan.

Best for Good Credit : Bank of the West

Loan Amounts: Up to $2 million
Interest Rates: Start at 9.99%
Terms: Up to 240 months

Get a Quote

Why We Chose It

Bank of the West offers RV loans of between $10,000 and $2 million. The financial institution clearly discloses that a minimum credit score of 680 is required for a loan. Many lenders simply state that you need a good credit score, which can make it confusing for potential borrowers. That's why we chose Bank of the West as best for good credit.

Rates start at 9.99%. The maximum repayment term is 240 months. Loans are not available for those who plan to use the vehicle as their primary residence.

Pros & Cons

Pros

RV loans up to $2 million
Repayment terms up to 240 months
APRs begin a 9.99%

Cons

Maximum RV age of 11 years
A minimum credit score of 680 is required
Approval and funding process is rather slow

Overview

Bank of the West offers RV loans nationally through its Essex Credit division for fifth wheels, travel trailers, motorhomes, truck campers, bus conversions, and horse trailers with 50% living quarters. Essex Credit was founded in 1981 and merged with Bank of the West in 2014.

In February 2023, Bank of the West was acquired by BMO Financial Group.

Best for Bad Credit : My Financing USA

Loan Amounts: Start at $10,000
Interest Rates: Start at 13.25% for bad credit
Terms: Up to 180 months for bad credit

Get a Quote

Why We Chose It

Unlike many of the RV loan providers we reviewed, My Financing USA offers RV loans to people with good and bad credit scores. You can get financing with a credit score as low as 550. That's why we chose it as the best RV loan for bad credit. If you want to consider their good credit program, you'll need a score of at least 700.

Rates for people with bad credit and a debt ratio of under 40% start at 13.25%. Loan amounts start at $10,000. Terms for people with bad credit are capped at 180 months. If credit isn't a problem, terms extend out to 240 months.

Pros & Cons

Pros

Minimum credit score of 550 accepted
Rates as low as 13.25% for bad credit
Loan approval within 24 hours

Cons

No RV loans for borrowers who plan to live in their vehicle
Not available in Alaska and Hawaii
Loan term capped at 180 months for bad credit

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.

My Financing USA generally requires an RV be within 20 years old, and won't finance RVs that are intended to be used as a primary residence.

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

Best for a Used RV : Southeast Financial

Loan Amounts: $15,000 to $4,000,000
Interest Rates: Start at 7.99%
Terms: Up to 240 months

Get a Quote

Why We Chose It

There are several reasons why we chose Southeast Financial for the best RV loan for used RVs. The company lends for vehicles up to 12 years old, and it offers competitive used vehicle interest rates. And, it has responsive customer service. In addition, you can borrow as little as $15,000 and rates start at 7.99%.

Being able to get a loan for a 12-year-old vehicle is nice as some lenders cap it at 10 or fewer years. The company does not lend to full timers. The minimum credit score is 550, and the company offers loans for up to 240 months.

Pros & Cons

Pros

Competitive rates for used RVs
Lends for vehicles up to 12 years old
Good customer service

Cons

Does not lend to full timers
Does not lend for conversion vans
Three to five business days to receive your check

Overview

Southeast Financial is a national RV lender headquartered in Nashville, Tennessee, and has been in business since 1998.

In addition to RV loans, it offers boat loans, horse trailer loans, motorcycle loans, and warranties for a variety of vehicles. In fact, it also made our list of the best boat loans. Customers appreciate the company's customer service teams, marine industry knowledge, and variety of loans.

Best for Quick Funding : LightStream

Loan Amounts: From $5,000 to $100,000
Interest Rates: Start at 7.49%
Terms: 36 to 120 months

Get a Quote

Why We Chose It

The RV loan offered by LightStream differs from the other providers on our list because it’s unsecured. You don’t need to offer your RV as collateral and no RV documentation is required. As the loans are unsecured, same-day approval and funding are possible. For these reasons, we chose LightStream as the best RV loan for quick funding.

You can borrow as little as $5,000 and as much as $100,000. Rates start at 7.49%. The maximum term is 120 months. No minimum credit score is stated, but it's suggested that good to excellent credit is preferred and increases your chances of approval.

Pros & Cons

Pros

Same-day approval and funding available
No documentation about RV required

Cons

Loan amounts capped at $100,000
Minimum credit score not disclosed

Overview

LightStream is a division of Truist Bank which offers unsecured RV loans nationwide. The company is headquartered in Charlotte, North Carolina and has a banking pedigree dating back to 1891.

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

Final Verdict

GreatRVLoan fits the bill as the best overall choice for RV loans. It offers loans up to $2 million for RVs and $10 million for motorhomes, with terms of as long as 240 months. It finances new and used RVs at competitive rates. And it welcomes people with good or bad credit to apply. Even those with a credit score of 550 may be able to get a loan of $75,000.

Compare the Best RV Loans

	Loan Approval Speed	Loan Amounts	Interest Rates	Loan Terms	Credit Score	Maximum RV Age	RV Use
Best Overall GreatRVLoans	Contact company	Up to $2 million (RVs) and $10 million (motorhomes)	Start at 6.99% for loans of 150,000 or more	Up to 240 months	Minimum 550	RV loans: contact company; motorhomes: 30 years; bad credit: 15 years	Contact company
Runner-Up, Best Overall Alliant Credit Union	Same-day approval	Up to $400,000	Start at 7.04%	Up to 240 months	Contact company	15 years	Primary residence allowed
Best for Good Credit Bank of the West	1-3 business days for approval	From $10,000 to $2 million	Start at 9.99%	Up to 240 months	Minimum 680	11 years	No loan for primary residence use
Best for Bad Credit My Financing USA	Within 24 hours	Start at $10,000	Start at 13.25% for bad credit program	Up to 180 months with bad credit; 240 months otherwise	Minimum 550	20 years	No loan for primary residence use
Best for a Used RV Southeast Financial	Same day decision	Start at $15,000	Start at 7.99%	Up to 240 months	Minimum 550	12 years	No loan for primary residence use
Best for Quick Funding LightStream	Same-day approval	From $5,000 to $100,000	Start at 7.49%	Up to 120 months	Contact company	Contact company	Contact company

Frequently Asked Questions

What Is an RV Loan?

An RV loan is financing 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). Some lenders only make loans on RVs up to 10 to 15 years of age. Also, many RV lenders will only provide financing to people who intend to use the RV for recreational purposes.
Who Should Get an RV Loan?

If you want to cut your travel costs, you might consider an RV. However, before diving in, understand that there are many RV loan factors to consider, such as a typical 10% to 30% down payment and the cost of RV insurance (which many lenders require, even when it’s not in use). If you can’t afford the total cost—and aren't comfortable driving such a large vehicle—then an RV loan is not right for you. 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.
What's a Good Interest Rate on an RV Loan?

That depends on where rates are in general when you look for a loan. Interest rates on RV loans are fairly competitive and the better your credit standing, the better the rate you'll be offered. In addition to an interest rate, most RV loans are secured by the RV that’s being purchased, which means you can also expect to pay closing costs associated with the collateral, as well as an origination fee (costs included in the APR calculation). Some lenders may also charge a prepayment penalty if the loan is paid off early.

Methodology

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.