RV loans can help you bring your dreams of RV ownership to life. Instead of trying to come up with tens of thousands of dollars out of pocket, and sometimes even hundreds of thousands, you can make a small down payment, sign some paperwork, and get the keys!
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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 2023 - Full Overview
After vetting 30+ lenders, here are the five that offer the best RV loans in 2023.
Large loan amounts: Well-qualified borrowers can borrow up to $100,000
Long loan terms: Terms up to 12 years are available
Low costs: No fees and APRs top out at 20.49%
Requires good credit: You’ll need good-to-excellent credit to get approved
No small loans: Loan amounts start at $5,000
Lightstream offers a wide range of personal loans with low fixed rates and no fees. If you have good-to-excellent credit, it’ll be one of the best lenders to turn to for an RV loan.
Lightstream RV loans range from $5,000 to $100,000. You can spread out the payments over terms ranging from 24 months to 12 years, although term availability depends on your creditworthiness. APRs range from 4.29% up to 20.49% and there are no origination fees.
If you get approved, Lightstream offers to fund your loan as soon as the same day. However, to get approved, you will need good credit. According to the lender, “good credit” involves several years of credit history, good payment history, stable income, and an ability to save. A minimum credit score isn’t specified but your score will likely need to be in FICO’s good or excellent range which starts at 670.
Lightstream may be able to help you finance up to $100,000 on your next RV. It’s a great choice for those who have good-to-excellent credit and can get you the money you need as soon as the same day.
Good customer service: Prosper has a 4.7-star review (out of 5 stars) after 8k+ reviews on Trustpilot
Decent loan amounts: Up to $40,000
Good loan terms: Up to 60 months
High APRs: The max APR is high at 35.99%
Origination fee: Origination fees go up to 5%
Must meet eligibility requirement: Minimum credit score of 640 is required
Last but not least, Prosper also offers personal loans that can be used for an RV purchase. Their loan rates and terms are pretty standard and are available to those with fair or better credit. However, where the lender really shines is in its customer reviews. The majority of borrowers say that Prosper makes the lending process super easy and convenient.
Prosper offers personal loans that range from $2,000 up to $40,000. The loans can be used for a variety of purposes, including to finance an RV. You can borrow the money for 36 or 60 months and can get the funds as soon as the day after you’re approved. The APRs currently range from 7.95% to 35.99% and include an origination fee that can range from 2.41% to 5% of the loan amount.
To qualify you must have a FICO score of at least 640, annual income above $0, a debt-to-income ratio under 50%, at least three open trade lines, and less than five credit inquiries in the last six months.
If you have at least a 640 credit score, it’s worth getting a quote from Prosper. They have good personal loan offerings, with loan amounts large enough to cover many RVs. Further, they are known for treating their borrowers right.
Payment flexibility: You can defer one payment during your loan term
High minimum credit score: You need at least a 660 credit score to qualify
Lower loan amounts: The max loan amount of $40,000 is lower than some competitors
Marcus is the online-only bank arm of Goldman Sachs and it offers a competitive personal loan that can be used for large purchases like an RV. The loan amounts will be enough for many travel trailers and some fifth-wheels, ranging from $3,500 up to $40,000. A big plus is that Marcus doesn’t charge any fees on its loans, which makes for some of the best APRs on the market.
Marcus offers personal loans ranging from $3,500 to $40,000 that can be used to buy an RV. It also offers some of the best RV loan rates which range from 6.99% to a low 19.99% APR. Repayment terms range from 36 to 72 months.
One notable perk with Marcus is that if you make at least 12 consecutive payments, you can defer one payment to the end of your loan term and the interest will be waived. Another perk is that there are no origination, late, or prepayment fees. To qualify, Marcus recommends a minimum credit score of at least 660.
Marcus by Goldman Sachs offers a competitive loan offering that you can use to buy an RV. That said, you will need to have good credit to qualify and get the best rates. Without any fees, even the highest APR is much lower than many other lenders. It’s worth getting a quote if you meet the eligibility requirements.
Good loan range: Loan amounts range from $1,000 up to $50,000
Long loan terms: Loan repayment terms can be as long as 84 months
Low APRs for good credit: APRs start at just 5.94%
Origination fee: Origination fees can go up to 8% of the loan amount
High APRs for fair credit: APRs go up to 35.97%
Fair credit required: You need a credit score of at least 620 to get approved
Upgrade also offers personal loans that can be used to purchase an RV. However, you’ll only need a credit score of 620 to qualify so this can be a good option for borrowers with fair credit. While the rates and terms aren’t as competitive as Lightstream’s, the eligibility requirements are much more lenient.
Upgrade’s loan amounts range from $1,000 to $50,000 and terms start at 24 months and go up to 84 months. The APRs range from 5.94% up to 35.97% and include an origination fee that can range from 2.9% to 8% of the loan amount. If approved, you can have the funds in your account as soon as the next day. To qualify, Upgrade does require a minimum credit score of at least 620.
Upgrade is a great option to consider if your credit is in the fair range and above 620. It may also be a good choice if you have good-to-excellent credit. It doesn’t hurt to get a quote and compare it to what other lenders will offer you.
Lenient approval requirements: No minimum credit score requirement
Decent loan terms: Loan terms up to five years are available
Accepts collateral: Collateral may help you to qualify and get a better rate
High APRs: APRs start higher than most lenders at 18% and go up to 35.99%
High fees: Origination fees go up to 10% of the loan amount or up to $500
Lower loan amounts: Loans are only available up to $20,000 which may limit your RV options to travel trailers
One Main Financial specializes in extending personal loans to people with less than perfect credit. If that’s you and you’re interested in financing a travel trailer, this may be the best option. Keep in mind that the costs will likely be higher as this lender needs to cover the risk that comes with lending to higher-risk borrowers.
With a One Main Financial loan, you can borrow from $1,500 up to $20,000 to finance your next RV. You should know that the loan amounts vary by state. The APRs range from 18% up to 35.99% and include an origination fee that can range from 1% to 10%. In some states, the fee will be a dollar amount instead, ranging from $25 to $500. Also, you could spread out the RV payments over a term ranging from 24 to 60 months.
During the application process, One Main Financial will look at your current financial picture including your income, debt, credit history, collateral, and expenses. That said, it is one of the more lenient lenders and doesn’t have a minimum credit score requirement.
If you’re having trouble getting approved for travel trailer loans with other lenders, give One Main Financial a try. You can get an offer without hurting your credit score. However, it likely won’t be the best RV loan for those who are well qualified due to the high fees.
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.
Main Features of The Best RV Loans
Min. credit score
4.29% to 20.49%
$5,000 to $100,000
24 months to 12 years
5.94% up to 35.97%
$1,000 to $50,000
24 to 84 months
One Main Financial
18% to 35.99%
$1,500 up to $20,000
24 to 60 months
Marcus by Goldman Sachs
6.99% to 19.99%
$3,500 to $40,000
36 to 72 months
7.95% to 35.99%
$2,000 to $40,000
36 or 60 months
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.
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!
Frequently Asked Questions(FAQ)
How do RV loans differ from car loans?
Auto loans are generally secured loans and the vehicle is used as collateral. RV loans won’t necessarily require the RV to be used as collateral. However, if you do opt for a secured RV loan, oftentimes, you can get longer loan terms and higher loan amounts than you would get with an auto loan or unsecured RV loan.
How hard is it to get an RV loan?
To get an RV loan, you’ll usually need to have decent credit and a regular source of income. The better your credit is, the easier it will be. However, even those with bad credit still have a few options such as One Main Financial and secured RV loans.
What Is an RV Loan?
An RV loan is a loan used to buy a recreational vehicle like a travel trailer, fifth wheel, or motorhome. It is usually a lump sum that is repaid over a specified time period, plus interest. You can find unsecured and secured RV loan options.
What is the interest rate on an RV loan?
Interest rates on RV loans will depend on a wide range of factors including the lender’s rates, your credit history, your credit score, your income, and even the RV you’re buying (in some cases). For unsecured personal loans, the APRs often range from around 6% up to 36%.
How to get an RV loan with bad credit ?
If you have bad credit, look for lenders that specialize in lending to subprime borrowers. For example, One Main Financial has very lenient qualification requirements. You may also have more luck if you look for a secured RV loan from your bank or credit union. They can look at your financial history with them and consider it in addition to your credit score.