Best RV Loans to Consider in 2024

RV loans help you break up the cost into manageable monthly payments spread out over several years. While you will need to pay interest, and sometimes fees, the best RV loans will keep your costs down. That said, getting the lowest rates will depend on your credit and financial situation.

If you’re not sure where to find an RV loan that fits your needs, we’ve got you covered. Our team of financial experts reviewed and ranked more than 30 online lenders that currently offer RV loans. Here are the five that came out on top, including the best RV loan options for people with bad, fair, and good credit.

Because personal loans can have a big impact on your finances, it’s important to spend a little time reviewing your options to make sure you’re not overpaying. Also, it’s usually worth comparing your rates across multiple lenders to ensure you’re getting the best deal for your credit history and financial situation.

Our team of financial experts ranked lenders based on our ratings methodology for personal loans and found the best RV loans on the market. This ratings methodology evaluates lenders based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.

Best RV Loans in 2024 - Full Overview

After vetting 30+ lenders, here are the five that offer the best RV loans in 2024.

How to Choose the Best RV Loans?

Before we get into the top five list of the best RV lenders, here’s a look at the main factors to consider when looking for the best RV loan for your situation. Our experts used these parameters to rank the top lenders.

• Loan features: Loan features such as the term length, loan amount, down payment requirement, and use limitations are fundamental to finding the right RV loan.
• Interest rates and fees - The interest rates and fees determine the cost of an RV loan, so will also be very important. Be sure to look for the annual percentage rate (APR) which tells you the total cost of the loan per year — with any applicable fees. Also, ensure you fully understand all the fees such as those for application, origination, late payments, early payments, etc.
• Eligibility requirements - Each lender has its own underwriting guidelines which may require a minimum credit score, a minimum amount of household income, or a debt to income ratio under a certain percentage. Also, some lenders will allow for co-signers or collateral while others won’t. It’s helpful to find out the eligibility requirements upfront so you can apply with the RV loan lenders most likely to approve you.
• Application process - Consider the application process and what will be required of you. With some lenders, the process is easy, fast, and entirely online. For example, you may be able to connect your online bank account with the lender so they can easily verify your income and undergo a soft credit check that doesn’t hurt your credit score. With others, you may have to visit a physical branch, provide extensive documentation, and undergo a hard credit check. The latter can extend the time it takes to get funding and be a huge headache.
• Customer support - Look into a company’s customer service quality to ensure you’ll be taken care of if you run into a problem. Are live representatives available? Can you opt for a live chat on the website or send an email to the support team? Do they have other resources available online so you can self-serve and self-educate if desired? Also, look into the response times for customer issues.
• Online user reviews - One of the best ways to find out what kind of experience you can expect from an RV loan lender is to read reviews from past customers. A good source for online user reviews is Trustpilot.
• Perks and bonuses - Lastly, look into any stand-out perks or benefits the lender offers such as hardship payment deferrals, advanced technology, or discounts.

Best Secured RV Loans

Secured loans require collateral that can be seized if you default on your loan payments. While the top RV loans above are mostly unsecured, other lenders out there do offer secured alternatives.

For example, many traditional banks and credit unions offer RV loans secured by the RV, similar to how an auto loan is often secured by the vehicle. The security can help you to get a lower APR, which can be helpful if you have less than perfect credit. However, it can also slow down the loan process. A few lenders that provide secured RV loans, include:

• US Bank: US Bank offers secured RV loans up to $150,000 with rates as low as 5.24% APR. To get the best rates though, you’ll need to buy a new RV, have a term of 48 months or less, borrow at least $25,000, and only borrow up to the RV’s value. You’ll face a prepayment penalty if you pay off the loan within the first year.
• Bank of the West: Bank of the West offers secured RV financing from $10,000 all the way up to $2,000,000. You’ll need a credit score of at least 680 to qualify. The credit review typically takes one to two days, while the funding can take up to two weeks. If approved, you’ll need to pay a processing fee to get the loan.
• Connexus Credit Union: Connexus Credit Union offers secured recreational loans that can be used to buy an RV, camper, or boat. Loan amounts range from $5,000 to $25,000 while loan terms can go up to 15 years. The amount you can get and your term will depend on your creditworthiness, finances, and the model year of the RV. APRs start as low as 5.75%.

While secured loans can offer higher loan amounts and longer loan terms, they often come with more tedious origination processes due to the need to assess the collateral.

How Much Does an RV Cost?

The cost of an RV can range from around $10,000 up to $300,000 depending on the type you choose. For example, travel trailers often average around $20,000, fifth wheels average $40,000, and motorhomes usually start around $100,000. That said, you may be able to find a used travel trailer that needs some TLC for a couple of thousand dollars, and a top-of-the-line motorhome for way more than $300,000. (Camper Report)

How to Get an RV Loan

Here are the general steps to get an RV loan, although they may vary slightly from one RV loan lender to the next.

• Check your credit: First, check your credit reports with the three credit bureaus Experian, Transunion, and Equifax. Find out where your scores currently stand.
• Find potential lenders: Next, shop around to find lenders that are a good match for your current credit and financial situation.
• Get quotes: Apply with at least three different lenders to find out what you can get in terms of the loan amount, APR, and loan term.
• Compare offers: Compare your offers side by side and figure out which one will be the best fit for your situation.
• Finalize the loan: Contact the winning lender to accept the loan offer, provide any necessary documents, and sign the paperwork.
• Receive the funds: Have the funds transferred to your bank account so you can purchase the RV!

Getting an RV loan has never been easier as many lenders enable you to complete the above steps from a smartphone or computer, without ever needing to leave your couch.

What Is a Good Credit Score for an RV Loan?

According to myFICO, a good credit score is technically a score that falls between 670 and 739. Yet, many lenders won't require you to be in that range to qualify. As you learned above, some lenders don’t have minimum credit score requirements, while others have minimums in the fair score range (580 to 669). That said, the better your score, the better rates and terms you’ll be able to get.

What Are Typical RV Loan Terms

While the loan terms will vary from one lender to the next, here are some industry averages for unsecured personal loans that can be used to buy RVs:

• Loan amounts range from about $2,500 up to $50,000.
• APR ranges average from 8.5% up to 30%.
• Many lenders charge origination fees that can range from 1% up to 10% of the loan amount. Typically those fees are deducted from the loan amount so you don’t have to pay them out of pocket.
• Repayment terms usually range from 24 to 60 months, though some do offer longer and shorter periods.

If you opt for secured RV loans, you can expect longer terms up to 20 years, and larger loan amounts that can even reach into the millions.

Conclusion

Becoming an RV owner opens a new door to many adventures. You can explore RV parks across the country or go off the beaten path to find your own unique camping spots. For many, the only thing standing in the way is finding the right RV loan. Luckily, there’s no shortage of options. From unsecured personal loans that can be used for an RV, to secured loans from banks and credit unions — you just need to find the best RV loan for your unique situation. Once you do, the only thing to figure out will be where to go first!