If you're in the market for a new RV and want to finance it, My Financing USA is our top choice. This lending network matches you with different lenders to suit your needs. Buying a recreational vehicle ranks as one of the top goals on many people’s lists. There’s nothing quite like the thrill of traveling while having the same comforts of home without having to tote a tent and sleeping bag. But, these vehicles are expensive. You can expect to pay between $5,000 to $140,000 (or more) for a new model. That’s where finding the right financing comes into play. We’ve reviewed 16 different lenders and rounded up the five best RV loans to help you enjoy more time on the road with less stress. Most of the loans below are secured by vehicles, but you can also use an unsecured personal loan to finance a new or used RV. Rates may be higher and loan amounts may be lower, but you typically have easier applications and more flexibility. See the best personal loans to check your options. Best RV Loans for June 2024 Best RV Loans for June 2024 The Bottom Line Compare RV Loans How to Choose Pros and Cons How to Apply Alternatives Why You Should Trust Us FAQs Pros & Cons Pros Among the lowest available interest rates Low minimum credit score requirement No mileage limit for used RVs Lender network offers multiple loan options Cons Document fee of $495 to $795 Doesn’t offer loans for live-in RVs Why We Chose It My Financing USA operates a lender network, which means it matches you up with a partner lender rather than offering you a loan itself. That’s great because you cast a wider net, making it more likely to land on a good offer. The network offers some of the cheapest RV loan rates around, especially if you have good credit. If your credit isn’t the best, you may still qualify for a loan because the company accepts people with relatively low scores. But the lower your score, the higher your rate is likely to be. My Financing USA doesn’t disclose which lenders are in its network, Since it only presents you with one option, it’s hard to know if you’ve already been considered by another lender when you go to shop around. It charges a document fee that ranges from $495 to $795, which is financed into the loan amount. This is in addition to any other fees your actual lender might charge, like origination fees. Funding can be in as little as 48 hours. Borrower Qualifications Vehicle Qualifications Pros & Cons Pros Skip-a-payment option Great rates Lower minimum loan Cons No discounts offered Old vehicles are charged higher rates No online application Why We Chose It Most credit unions are only open to a small group of people, but NASA FCU allows anyone to join via a membership to the National Space Society. The credit union even covers your first year's dues. After that, you'll have to pay to remain a member of the National Space Society. You don’t need to be a member to get pre-qualified and to apply for the loan, but you will need to become a member if you’re approved. If you run into tough times, you may also be able to use the credit union's skip-a-payment option to take a month-long break from payments. These factors, along with its attractive rates and flexible loan terms, help make NASA FCU our top-rated credit union that’s available to the general public. The biggest downside is that you can’t use a NASA FCU RV loan to buy an RV from a private-party seller. This means you’ll need to stick with the dealerships. Make sure to always pay on time, too, to avoid late fees and damage to your credit. Borrower Qualifications Vehicle Qualifications Pros & Cons Pros Loans up to $4 million Low minimum credit score of 600 Many loan options from partner lenders Cons No loans for cheaper RVs Conflicting loan information Doesn’t offer loan pre-qualification Why We Chose It Southeast Financial is another lender marketplace, serving as a go-between for you and the lender providing the funds for your RV. Compared with most other RV lender networks, Southeast Financial offers the potential for the largest loans for used and refinanced RVs. Like most other lender networks, Southeast Financial provides very few (and often conflicting) specifics about the loans you might be offered and the lenders it works with. Southeast Financial may not be a good lender if you want a smaller RV loan since its lowest loan amount is $10,000. However, it makes credit accessible to most people with a minimum credit score of 600. Just be careful not to borrow more than you need, though, lest you end up in more debt than you can handle. Borrower Qualifications Vehicle Qualifications Pros & Cons Pros No fees Can be used for any RV Same-day funding available Cons Stricter credit requirements Doesn’t offer loan pre-qualification Below-average customer satisfaction ratings Why We Chose It LightStream is a popular option for people with good credit looking for a low-cost, speedy personal loan. Although the company markets several loan options, they’re all the same basic loan just repackaged for different purposes. LightStream loans used to finance vehicles tend to have lower rates than loans for other purposes. That means the RV loan is an unsecured personal loan, which has its pros and cons. Namely, since it’s a personal loan, it means you can use it for whatever type of RV you want. It is an inexpensive loan. LightStream doesn’t charge any fees at all and it’ll even beat the rate of any identical loan offer by 0.10% (read: personal loans—not secured RV loans). It’s also one of the fastest lenders, wiring the funds into your account if you’re approved and set up the transfer before 2:30 p.m. ET on a business day. One final downside: the company ranked slightly below average among other personal loan lenders in J.D. Power’s 2023 survey of overall customer satisfaction. Unsecured loans are typically harder to get than secured loans unless you have good credit, and often come with lower loan limits, shorter term lengths, and higher interest rates too. Borrower Qualifications Vehicle Qualifications Pros & Cons Pros Large new RV loan amounts Low starting APR Get offers from several lenders Cons Not very transparent May generate a lot of spam Why We Chose It LendingTree is one of the largest loan marketplaces out there, including for RV loans. It has some downsides but is worth considering if you want low rates and a higher-than-normal loan amount for a new RV. You can check rates and terms with a variety of companies, which saves time and gives you an overview of where you stand. LendingTree doesn't disclose any real details you need to make a good decision about whether to apply or not. That’s particularly bothersome since some of the (undisclosed) lending partners may do a hard credit check on you before you even complete a full loan application with them. The company also has a reputation for generating a lot of spam from potential lenders. If approved, LendingTree may present you with up to five loan offers, better than similar marketplaces that only come back to you with one. Borrower Qualifications Vehicle Qualifications If you’re looking for the absolute lowest rates, try using the loan marketplaces My Financing USA and Southeast Financial first to get a good head start on finding the best RV loans—particularly if you have credit score challenges. If you're short on time and have good credit, LightStream may be your best option for an affordable loan. Finally, if you prefer working with a credit union and aren’t eligible for a better RV loan from a local lender, consider applying with NASA FCU, which accepts anyone as a member. An RV loan is exactly what it sounds like—a loan used to purchase a recreational vehicle. Although that’s a rather broad descriptor, the term RV generally describes large vehicles used as temporary living quarters for camping and travel, including motor homes, travel trailers, truck campers, etc. Most RV loans are secured loans, meaning the RV itself serves as collateral for the loan. This makes them very similar to car loans, which are secured by the car you’re buying. Just like with a car loan, if you don’t repay your RV loan, your lender will repossess your RV. Since secured loans have that extra layer of built-in protection for lenders, they’re often more willing to offer lower rates and to approve less creditworthy applicants. But, one of the major differences between RV and car loans is that RV loans are typically for much longer term lengths since they’re generally larger loans. Remember that an RV is essentially a big car that you can live in with all the comforts of home, after all. Since lenders often charge higher interest rates on longer-term loans—and since you’ll probably pay that higher rate for longer—RV loans tend to be more expensive over the long run than your average car loan. Check your budget before you purchase an RV to make sure you can afford the loan payments on top of all the other costs, like RV insurance, fuel, park admission, and campground fees. RVs come with many considerations beyond those of a typical vehicle. For one thing, RVs tend to be much more expensive than cars, with prices ranging from a few thousand dollars to millions of dollars. Luxury RVs often come with additional amenities and internal features to make them comfortable for long-term occupation. When using your RV there may be additional costs to keep in mind, including campground rental and hookup fees. There are several factors to consider when comparing RV lenders. These include: Pros Using less of your own money upfront Years to pay Lender helps through the purchase process Cons More money out of pocket Lower your credit score May not qualify See if you pre-qualify for an RV loan. Pre-qualification allows you to submit your financial information to lenders—usually online—without impacting your credit score. Prospective lenders provide you with offers as soon as your data is reviewed, so you'll know your loan terms and interest rates. If you accept an offer, you can fill out a complete application, which is when the lender will do a credit check. Once approved, your loan may be funded as soon as the same business day. Applying for an RV loan is similar to the process of applying for a regular car loan. You’ll need to gather some documents and information beforehand, including your name, address, and Social Security number. Figure out the type of RV you plan to purchase and determine how much money you’ll need. Before you apply, you’ll likely need to save up a down payment of at least 10% to 20%. You should also work to improve your credit score to qualify for lower interest rates, especially because RV loans tend to last a long time. It’s a good idea to compare quotes from different lenders, so make sure you’re getting the best deal possible. The application process for an RV loan is similar to a vehicle loan. But it may be more difficult to be approved. That's because the lending requirements associated with these loans are often stricter. If you find yourself in this situation and still want to enjoy the comforts of an RV, consider some of the following alternatives: Here's another thing to consider. Are you interested in a top-of-the-line RV that costs an arm and a leg? You may have trouble being approved to finance the purchase for different reasons, including the lending requirements, your credit score and history, or even the current economic cycle. If an RV loan is still the way you want to go, it may be better to go with a cheaper alternative—one with fewer bells and whistles. Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of auto loan lenders. To rate RV loans, we collected hundreds of data points across more than 15 RV loan lenders, including interest rates, fees, loan amounts, borrower requirements, and vehicle requirements, to ensure that our reviews help users make informed decisions for their borrowing needs. We used this data to review each company for fees, repayment terms, income requirements, and other features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their needs. Investopedia launched in 1999 and has been helping readers find the best RV loans since 2020. The best time to buy an RV is after the camping season winds down in most of the country, typically between October and January. That’s when most people are looking to get rid of their current RVs and most dealerships are looking to offer deals during the seasonal lull in sales. RV shows can also be good places to negotiate a bargain with dealers, and these typically happen between January and March each year. RV loans may be tax-deductible. If your RV has dedicated “sleeping, cooking, and toilet facilities,” then you may be able to claim it as a second home for the purposes of taking advantage of the home mortgage interest deduction. It’s best to speak with a tax professional who can advise you on your individual situation. RVs tend to vary in cost more than most cars do, making apples-to-apples comparisons difficult. Here are a few examples of what some RV loan payments might look like, however: New type A motorhome: New travel trailer: Used pop-up trailer: No, RVs are not usually seen as good monetary investments. If you get good use out of your RV it can be a good quality-of-life “investment,” but in purely financial terms, RVs aren’t a great investment if you’re hoping to sell one for more than you paid. According to J.D. Power, RVs tend to lose their value quite quickly. Unless you were one of the lucky people able to sell your used RV for a premium during the pandemic RV rush, chances are you’ll have to sell it at a loss when you do eventually part ways with it. Owning an RV can be exciting. But, there are certain costs that you'll want to consider before you drive it off the lot. Aside from the purchase price and loan payments (if you finance your RV), you'll want to be mindful of the expenses associated with taxes, insurance, registration, title, storage, parking, fuel, repairs, and maintenance among others. These costs will vary based on your lifestyle and how you intend to use your RV. That depends on the lender. Most lenders finance used vehicles, including RVs. But, certain companies do put a cap on the age of the vehicle being financed. Some lenders may agree to finance older RVs but at a price, which means you may end up with a higher interest rate. Make sure you do your research so you get the best deal and more bang for your buck. You'll find that applying for an RV and car loan is a similar process. But, being approved is often a different story—especially if you're financing an expensive RV. Lenders may impose stricter restrictions on these vehicles. Be sure to talk to any prospective lenders before you apply so you don't hurt your credit score with too many hard credit inquiries. We researched and reviewed 16 lenders to find the best lenders for RV loans you see above on this list. While we write individual reviews for most companies, we do not always write reviews for companies we would not recommend. Below are the companies we researched along with links to individual company reviews to help you learn more before making a decision: Alliant Credit Union, Bank of America, Bank of the West, Consumers Credit Union, Digital Federal Credit Union, First Tech FCU, GreatRVLoan, LendingTree, LightStream, My Financing USA, NASA FCU, Navy Federal, Southeast Financial Credit Union, Truist, U.S. Bank, USAA. Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in our editorial policy. RV Industry Association. "RV Types, Terms, & Prices." My Financing USA. "Frequently Asked Questions," Click "What Are Your Rates and Terms?" My Financing USA. "Get RV Loans and Boat Loans From My Financing USA." My Financing USA. "Frequently Asked Questions," Click "What Are Your Rates and Terms?" My Financing USA. "My Financing USA Loan Application Terms & Conditions." My Financing USA. "Frequently Asked Questions," Click "What Are the Minimum Application Requirements?" My Financing USA. "Frequently Asked Questions," Click "Do You Offer Programs With No Down Payment?" NASA Federal Credit Union. "We Keep Adventurous Travelers On-the-Go." NASA Federal Credit Union. "Welcome to a Brighter Financial Future." Southeast Financial. "Motorhome Financing and Loans." Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Amount of Money Will You Finance?" Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Are Your Loan Terms?" Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Kind of Credit Do I Need To Meet Your Loan Requirements?" Southeast Financial. "Loan Tips To Maximize the Benefits From Your Recreational Vehicle Financing." Southeast Financial. "Below are several questions that we often hear from prospective customers and our answers," Click "AreThereTypesofVehiclesThatYouDoNotFinance?" LightStream. "RV and Motorhome Loans." LightStream. "Rate Beat Program." Lightstream. "Frequently Asked Questions." Click "Receiving Funds". J.D. Power. "Fintech Lenders Gain Traction As Consumer Loan Satisfaction Increases, J.D. Power Finds." LendingTree. "Current RV Loan Rates and Terms." RV Life. "When Is the Best Time to Buy a Camper?" Internal Revenue Service. "Home Mortgage Interest Deduction." J.D. Power. "How Much Do Campers Depreciate?" RV Magazine. "Will RV Prices Go Down or Will They Stay High?" Article Sources Investopedia requires writers to use primary sources to support their work. These include white papers, government data, original reporting, and interviews with industry experts. We also reference original research from other reputable publishers where appropriate. You can learn more about the standards we follow in producing accurate, unbiased content in oureditorial policy. RV Industry Association. "RV Types, Terms, & Prices." My Financing USA. "Frequently Asked Questions," Click "What Are Your Rates and Terms?" My Financing USA. "Get RV Loans and Boat Loans From My Financing USA." My Financing USA. "Frequently Asked Questions," Click "What Are Your Rates and Terms?" My Financing USA. "My Financing USA Loan Application Terms & Conditions." My Financing USA. "Frequently Asked Questions," Click "What Are the Minimum Application Requirements?" My Financing USA. "Frequently Asked Questions," Click "Do You Offer Programs With No Down Payment?" NASA Federal Credit Union. "We Keep Adventurous Travelers On-the-Go." NASA Federal Credit Union. "Welcome to a Brighter Financial Future." Southeast Financial. "Motorhome Financing and Loans." Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Amount of Money Will You Finance?" Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Are Your Loan Terms?" Southeast Financial. "Below Are Several Questions That We Often Hear From Prospective Customers and Our Answers," Click "What Kind of Credit Do I Need To Meet Your Loan Requirements?" Southeast Financial. "Loan Tips To Maximize the Benefits From Your Recreational Vehicle Financing." Southeast Financial. "Below are several questions that we often hear from prospective customers and our answers," Click "AreThereTypesofVehiclesThatYouDoNotFinance?" LightStream. "RV and Motorhome Loans." LightStream. "Rate Beat Program." Lightstream. "Frequently Asked Questions." Click "Receiving Funds". J.D. Power. "Fintech Lenders Gain Traction As Consumer Loan Satisfaction Increases, J.D. Power Finds." LendingTree. "Current RV Loan Rates and Terms." RV Life. "When Is the Best Time to Buy a Camper?" Internal Revenue Service. "Home Mortgage Interest Deduction." J.D. Power. "How Much Do Campers Depreciate?" RV Magazine. "Will RV Prices Go Down or Will They Stay High?" Related Terms Private Party Auto Loan: What It Is, How It Works, How to Get One A private party auto loan is a type of loan that you can use to finance the purchase of a car from an individual. Many financial institutions offer these loans, including banks, credit unions, and online lenders. more What Is a Business Auto Loan? How to Finance Company Vehicles A business auto loan is a type of secured loan that companies or individual owners can use to purchase vehicles for business purposes. It can be less expensive than an unsecured loan, and its interest costs may be tax-deductible. more Emergency Loan: Types, Eligibility, Pros and Cons Emergency loans are a type of personal loan that provides fast access to cash. Learn how emergency loans work and about their pros and cons. more Pre-Approval: Definition, Meaning, How It Works, and Types A pre-approval is a preliminary evaluation of a potential borrower by a lender to determine whether they can be given a pre-qualification offer. more Mortgage Application: What It Is, How It Works A mortgage application is submitted to a lender when you apply for a loan and includes information that determines whether the loan will be approved. more Federal Housing Administration (FHA) Loan: Requirements, Limits, How to Qualify A Federal Housing Administration (FHA) loan is a mortgage that is insured by the government and issued by a bank or other approved lender. moreBest RV Loans for June 2024
Best for Low Rates : My Financing USA
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Best Credit Union : NASA FCU
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Best for Large Used/Refinance Loans : Southeast Financial
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Best for Quick Funding : LightStream
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Best for Large New Loans : LendingTree
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The Bottom Line
Compare RV Loans
RV Loan Lender APR Range Loan Amounts Loan Terms My Financing USA 6.49%-19.95% $10,000 and up 5–20 years NASA FCU 6.84%-10.04% $5,000–$125,000 3-15 years Southeast Financial 6.99% and up $10,000–$4 million Up to 20 years LightStream 6.99%–15.89% (with autopay) $5,000–$100,000 2-12 years LendingTree 6.99% and up $5,000–$10 million 5–20 years Guide to Choosing the Best RV Loans
What Is an RV Loan?
Types of RVs Style Type Features Power Motorhomes Class A motorhomes - Large like a tour bus
- Luxury accommodations
- Built on truck chassis
- About 45 feet longDiesel or gas Class B motorhomes - Small
- Basic living
- Built on van chassis
- 21 to 25 feet long
- Called campervansDiesel or gas Class C motorhomes - Mid-sized
- May have overhead space
- Built on truck chassis
- 20 and 31 feet longDiesel or gas Towable Cargo & utility trailers - Used to transport vehicles, equipment, and/or livestock Conventional travel trailers - Basic amenities
- Lightweight
- Can be towed by SUV or pickupFifth-wheel trailer - Large
- Larger kitchen/bathroom
- More storage areas
- Must be towed by pickupPop-up camper - Lightweight
- Tent-like
- Affordable
- Easy to tow Understand the Cost of an RV
How to Compare RV Loan Lenders
Pros and Cons of RV Loans
Pros Explained
Cons Explained
How to Apply for an RV Loan
Alternatives to an RV Loan
Why You Should Trust Us
Frequently Asked Questions
When Is the Best Time to Buy an RV?
Are RV Loans Tax-Deductible?
What Is a Typical RV Loan Payment?
Are RVs a Good Investment?
What Are Some of the Costs Associated With Owning an RV?
Can I Finance a Used RV?
How Difficult Is It to Get an RV Loan?
Companies We Reviewed
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My Financing USA RV Loans Review 2024 Best Used Car Loans for 2024 Best Motorcycle Loans for June 2024 Best Auto Loan Rates and Financing for June 2024 Best Auto Loans for Fair Credit of 2024 Best Private Party Car Loans
