Best RV Loans: Compare Rates

If you love camping and have always wanted to buy your own RV, getting RV financing is easier than you think. Several local and online lenders offer specific loans for this purpose. Interest rates are competitive for qualified borrowers, and you can get funds in as little as one day.

Here’s everything you need to know about getting the best RV loans and rates, including the top lenders, how to choose an RV loan, and the steps you need to take to apply for and get funding.

Company	Rates
LightStream	5.99% – 23.99%
U.S. Bank	Start at 8.74%
USAA	Not disclosed
Mountain America Credit Union	Start at 8.99%
Southeast Financial	Start at 6.99%

Best RV loans & rates

You have many options when it comes to financing an RV. It can be overwhelming to sort through lenders, so we’ve done the heavy lifting for you. Below are several lenders that offer competitive rates and terms. We’ve shared details about each, including the pros and cons.

This information can help you make an informed choice when choosing the right lender. Below, you’ll see both online lending options as well as traditional banks and credit unions.

LightStream

Best for excellent credit

4.8 _/5

LendEDU Rating

View Rates

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Why we picked it

LightStream is an excellent choice for RV loans due to its competitive rates and flexible terms. As a division of Truist Bank, LightStream offers an online loan process, which is convenient for tech-savvy borrowers. LightStream doesn’t allow borrowers to prequalify with a soft credit check, which doesn’t affect your credit score—so we think this lender is best for those with FICO scores of at least 740 who are confident they’ll be approved.

• Competitive interest rates
• No fees or prepayment penalties
• Fast online application process
• Same-day funding available
• Will beat the rate from other lenders if the loan terms match

• Requires excellent credit for best rates
• No preapproval process

Loan details

Rates (APR)	5.99% – 23.99%
Loan amounts	$5,000 – $100,000
Repayment terms	2 – 7 years

U.S. Bank

4.4 _/5

LendEDU Rating

View Rates

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Why we picked it

U.S. Bank is a solid option for RV loans, especially for those who prefer working with a traditional bank. It offers a range of loan terms and competitive rates, with the benefit of in-person support through its extensive branch network. Its loans cater to new and used RV purchases, providing flexibility for different buyer needs.

• Competitive interest rates
• Various loan term options
• Large network of branches for in-person assistance
• Offers loans for new and used RVs

• May have more stringent credit requirements
• Application process can be slower than online lenders

Loan details

Rates (APR)	8.74% – 17.99%
Loan amounts	$1,000 – $50,000
Repayment terms	1 – 7 years

USAA

Mountain America Credit Union

Southeast Financial

How much does it cost to finance an RV?

According to Global Market Insights, the RV market in 2023 was $54.1 billion, and over the next eight years, marketing analysts expect 4% growth.

Because more consumers are considering purchasing an RV, it’s important to understand the true cost of financing an RV. When you take out an RV loan, lenders might have costs and fees on top of interest rates.

Lenders might also require a down payment on your RV—often 10% or more of the purchase price. Gitnux, a leader in market research, reports the average cost of a new Class A motorhome is between $50,000 and $200,000. So, if you purchase a $125,000 RV, you could need at least $12,500 cash as a down payment to secure a loan.

Tip

If you take out an unsecured personal loan for your RV, most lenders don’t require a down payment. If you use an auto loan—which could come with lower rates because the vehicle acts as collateral—you’re more likely to need a down payment.

RV loan examples

Here are examples of possible monthly payments for a $125,000 RV loan with a $12,500 down payment with various interest rates and terms.

RV loan example 1
Loan amount	$125,000
Down payment	$12,500
Interest rate	5.99%
Loan term	7 years
Monthly payment	$1,642.92
Total interest paid	$25,505.54

RV loan example 2
Loan amount	$125,000
Down payment	$12,500
Interest rate	8.99%
Loan term	5 years
Monthly payment	$2,334.77
Total interest paid	$27,586.14

RV loan example 3
Loan amount	$125,000
Down payment	$12,500
Interest rate	16%
Loan term	8 years
Monthly payment	$2,084.49
Total interest paid	$87,610.89

Other considerations

In addition to the price of the RV you want, the down payment, and the interest costs, you’ll likely owe sales tax on the vehicle. Also, you’ll need to cover the vehicle registration, potential parking costs, RV insurance, and regular maintenance costs associated with owning an RV.

How to choose an RV loan

Here are important factors to consider when deciding which RV loan is best for you.

• Interest rate: When comparing interest rates, be sure to look at the APR, not just the interest rate. The APR, or annual percentage rate, calculates your interest and fees, which is a more accurate representation of the total cost of your loan.
• Loan term: Some lenders offer longer repayment terms, which can make your payment more manageable. However, others offer shorter terms, which will reduce the total amount of interest you pay.
• Lender reputation: Some lenders are newer, and others are backed by a long-standing reputation. Do your research to ensure your lender is accredited and has high customer ratings.
• Customer service hours: Taking out an RV loan should be simple and straightforward. Look up each lender’s customer service hours and whether it offers answers via online chat. Choose one that makes it easy to contact the team.
• Offers preapproval: Getting preapproved is a terrific way to see whether you’ll qualify for an RV loan without a hard pull on your credit. Choosing lenders that offer preapprovals allows you to compare options.
• Online vs. local: Some people prefer going to a brick-and-mortar bank, while others don’t mind borrowing from an online bank. Consider this personal preference when comparing lenders.
• Down payment requirement: Does the lender require a down payment? This might hinge on whether you’re seeking a secured auto loan or an unsecured personal loan.
• Promotions and benefits: Look for promotions and perks. For example, some lenders offer low promotional interest rates or no payments for the first 90 days of your loan.

Our expert’s advice: Personal loan vs. auto loan

Rand Millwood

CFP®

In general, it’s better to take out an auto loan for an RV than a personal loan because you’re likely to get better rates and loan terms with the auto loan. However, if you can’t or prefer not to use a down payment, a personal loan is a reasonable alternative. In that situation, my recommendation would be to spend a few months saving your would-be payment amount to build up for your down payment and then go with the auto loan. Long-term, this would be a much better financial decision.

How to apply for an RV loan

If you’re ready to apply for RV financing, here are the steps to take.

Step 1: Check your credit report

Before you apply for financing, check your credit report for free. Even if you pay your bills on time, your credit report could contain errors that lower your score. Fix any errors or adverse accounts prior to applying for financing.

Consider paying down debt prior to applying. Lenders calculate your debt-to-income ratio when determining whether to approve you for an RV loan. Generally, lenders prefer credit scores above 650 for RV loans.

Step 2: Gather your documents

Gathering your documents ahead of time will speed up the application process. Your lender will likely need proof of your identity, income, and lease or mortgage information. 

You’ll also need to know which RV you want to buy, its cost, and, if applicable, how much you plan to use as a down payment.

Step 3: Research lenders

It’s wise to research several different lenders to ensure you’re getting the best overall rate and terms. You can also apply for preapproval to compare financing options.

Step 4: Complete your application and sign.

Once you choose the lender you want to work with, you’ll fill out a formal application. Respond to your lender’s inquiries right away by uploading the documents they need.

Once you complete your application and your lender approves you, you’ll get a formal loan offer. Read the fine print and ask questions if you need clarification.

Step 5: Purchase your RV

When everything is complete, and you sign your loan agreement, your lender will disburse your funds. You can then use the loan to purchase your RV and enjoy using it with your loved ones.

Alternatives to RV financing

Credit card

Using a credit card to finance your RV purchase can be a convenient option, especially if you have a high credit limit and a favorable interest rate. This method allows for quick and flexible funding, but it may not be ideal for larger purchases due to higher interest rates than the personal loans mentioned above.

Applying for a new credit card with an introductory 0% APR offer can be an alternative to traditional RV financing. This option can provide interest-free financing for a set period, often 12 to 18 months. However, it’s important to ensure you can pay off the balance before the promotional period ends to avoid high interest charges.

Consumer vehicle loan

Another alternative is a consumer vehicle loan. Some lenders offer these loans for RV purchases. These loans often come with competitive rates and terms. They likely require a down payment, and your RV acts as collateral.

Commercial vehicle loan

For those using their RV for business purposes, a commercial vehicle loan might be appropriate. These loans are designed for vehicles used in business operations and may offer favorable terms for qualifying applicants. Be sure to verify that your RV qualifies as a commercial vehicle and that you meet the business use requirements.

FAQ

What is a typical RV loan term? 

An RV loan term could range from five to 20 years, depending on the loan amount and the lender’s policies. Longer terms can result in lower monthly payments but may incur more interest over the life of the loan.

What credit score is needed to finance an RV?

To finance an RV, a credit score of at least 650 is generally required. However, a higher score, such as 700 or above, can help secure better interest rates and more favorable loan terms.

Is it hard to get a loan on an RV? 

Getting a loan on an RV can be straightforward if you have a good credit score, stable income, and a solid credit history. Lenders also consider the value and condition of the RV when making a decision. Those with lower credit scores may face more challenges but can still find financing options with higher interest rates or larger down payment requirements.

How much is the average RV payment per month? 

The average RV monthly payment can vary based on the loan amount, interest rate, and term. For example, financing a $50,000 RV over 15 years at an interest rate of 6% would result in a monthly payment of around $421. Be sure to use an RV loan calculator to get an accurate estimate based on your situation.

Recap of RV financing options

Company	Rates
LightStream	5.99% – 23.99%
U.S. Bank	Start at 8.74%
USAA	Not disclosed
Mountain America Credit Union	Start at 8.99%
Southeast Financial	Start at 6.99%