Buying a recreational vehicle to enjoy fun family adventures ranks as one of the top goals on many people’s lists. There’s nothing quite like the thrill of traveling to new outdoorsy places, all while having the same comforts of home for when summer thunderstorms kick up or cold shoulder-season temperatures would otherwise have you shivering in your sleeping bag. RVs are expensive, though. Depending on what you’re looking to buy, you can expect to pay anywhere from $5,000 to $140,000 or more for a new model. That’s where finding the right financing comes into play. We’ve rounded up the 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 April 2024 Best RV Loans for April 2024 The Bottom Line How to Choose FAQs Methodology 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, or RV. 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. However, there’s one big difference between RV and car loans: RV loans are typically for much longer term lengths, since they’re generally larger loans. (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 to begin with—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: 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 in order 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 in order to make sure you’re getting the best deal possible. 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. 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.Best RV Loans for April 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
Guide to Choosing the Best RV Loans
What Is an RV Loan?
Understand the Cost of an RV
How to Compare RV Loan Lenders
How to Apply for an RV Loan
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?
Methodology
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See Also
Here Are the Best RV Lenders | FiFi FinancePNC Bank Personal Loans: 2023 ReviewBest RV Loans, Rates and Financing Terms (Apr 2024)RV Loan Calculator: See Monthly RV Payments - NerdWallet