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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 get.
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There are a variety of types of RVs available, ranging from small trailers pulled behind SUVs or trucks to luxurious Class A and C motorhomes. It’s important to find a lender that will finance the type of RV you’re interested in buying, and that process can take some work.
Before you begin to look for financing, you should know which type of RV you’re looking to buy. Whatever you’re after, there’s probably a loan for it. However, there aren’t nearly as many lenders offering RV loans as there are lenders offering auto loans or mortgages.
Here are Insider’s top picks for RV financing in December 2022.
Best RV Loans
Editor’s rating
Regular Annual Percentage Rate (APR)
5.99% to 15.14% with AutoPay
Editor’s rating
Regular Annual Percentage Rate (APR)
5.64% to 11.69%
Editor’s rating
Regular Annual Percentage Rate (APR)
6.86% to 9.49%
Editor’s rating
Regular Annual Percentage Rate (APR)
Starts at 6.49%
Editor’s rating
Regular Annual Percentage Rate (APR)
Starts at 6.74%
Types of RVs financed: Any RV, including motorhome and trailer-style RVs
APR range: 5.99% to 15.14% with AutoPay
Loan amounts available: $5,000 to $100,000
Watch out for: Credit requirements. LightStream only works with borrowers who have good or better Credit, and that could exclude some individuals. The lender defines good credit as having several years of credit history, a variety of credit accounts open, solid repayment history without delinquencies, and stable and sufficient income to repay the loan.
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. 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.
Types of RVs financed: Any RV, including Class A, B, and C motorhomes and trailer-style RVs. All RVs must be model year 2010 or newer.
APR range: 5.64% to 11.69%
Loan amounts available: $10,000 to upwards of $2 million.
Watch out for: Increased rates for some trailer RVs and older RVs. According to Essex Credit and Bank of the West’s website, truck campers and folding camper trailers (also called pop-up or tent trailers) will be charged an extra 1%, which may make you pay more to finance with this lender. Also, watch out for a loan processing fee, which could increase your cost to borrow.
Bank of the West offers RV loans through its lending division, Essex Credit. Bank of the West RV loans offer competitive interest rates and some unique perks for RV-ers, and it is an especially strong option for those looking to live full-time in their RV.
Many RV lenders don’t allow the RVs they finance to be used as full-time residences, but Bank of the West makes this possible. And, this lender makes it more affordable, too — full-time RV-ers will find interest rates almost one percentage point lower than the typical RV used solely for pleasure.
Types of RVs financed: Class A and C motorhomes for larger secured loans; any type for unsecured loans.
APR range: 6.86% to 9.49%
Loan amounts available: Starts at $10,000
Watch out for: Use restrictions. Truist doesn’t allow the motorhomes it finances to be used as dwellings, which could be a problem for full-time RV-ers. Additionally, loans are not offered in Alaska, Hawaii, or Vermont.
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.
Types of RVs financed: Class A, B, and C motorhomes. Conventional travel trailers, fifth-wheel travel trailers,expandable travel trailers, folding camping trailers, sports utility camping trailers, sports utility camping trailers, and park model RVs.
APR range: Starts at 6.49%
Loan amounts available: Up to $300,000
Watch out for: High credit score needed. Alliant doesn’t disclose its credit score minimum, but you’ll need very good credit to qualify for one of its 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.
Types of RVs financed: Any RV, no restrictions
APR range: Starts at 6.74%
Loan amounts available: $15,000 to $4 million
Watch out for: Restrictions if you have poor credit. If you don’t have great credit, you’ll be placed in Southeast Financial’s Credit Challenge program and will only be able to borrow up to $75,000.
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 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 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 around 8% APR, higher than rates 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. Rates start at 5.75%, and people looking to purchase an RV could get better rates from LightStream.
- 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.
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 starting points of 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 »
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.
Frequently asked questions
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.
The average RV loan has a higher interest rate than the typical car loan, and also tends to be longer. According to data from S&P Global, the average RV loan’s interest rate is 6.17% for a new RV purchase and a 36-month loan term, and 6.15% for a 60-month loan on a new RV purchase.
However, your interest rate is likely to be different from the average. Lenders base RV loan interest rates not only on your credit score and credit history, but also on information about the RV you’re looking to purchase, including its type, age, and mileage.
The length of an RV loan will vary based on your lender and how much you borrow. Larger RV loans tend to be longer, but each lender varies on the maximum length of time. However, it’s possible to pay off an RV loan early in many cases. If you think that’s a possibility, make sure to avoid lenders with prepayment penalties, which will charge you for paying off your loan early.
Some companies offer RV loans for borrowers with bad credit, but you could end up paying a high interest rate to get one. An RV is a luxury item, and RV loans 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.
If you’re not quite there yet, it could be worth it to wait on your RV purchase and work to improve your credit score. Then, not only will you have a greater chance of getting approved, but you’ll also save money in the long run with a lower interest rate. With a large loan like this, paying an extra quarter of a percentage point in interest could add up to a lot over the life of your loan. Raising your credit score could help you get approved and save.
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