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Best RV Loans
BEST FOR SAME-DAY FUNDING & NO FEES
SoFi®
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
650
APR range
8.99% to 29.99%
with autopay
Loan amounts
$5,000 to $100,000
Via Credible.com’s Website
650
8.99% to 29.99%
with autopay
$5,000 to $100,000
Editor’s Take
SoFi is an online lending platform that offers unsecured fixed-rate personal loans in every state. Founded in 2011, SoFi has extended over $50 billion in loans and stands out for allowing high loan amounts and its availability of extended loan terms.
Loans are available from $5,000 to $100,000, making SoFi a great option for those with excellent credit who need to borrow a large amount of money. Loan amounts available may vary by the state you live in. Repayment terms range from two to seven years, making SoFi an incredibly flexible option for those with sufficient credit (minimum 650) and annual income (at least $45,000). SoFi also lets prospective borrowers submit joint applications—although co-signers are not permitted.
Approved borrowers are rewarded with comparatively low APRs. What’s more, SoFi doesn’t charge origination fees, late fees or prepayment penalties—a stand-out feature because personal loan lenders often charge origination or late payment fees at a minimum.
However, if you’re considering a debt consolidating loan from SoFi, keep in mind that the lender does not offer direct payment to a borrower’s other creditors. This means the loan proceeds will be deposited to your bank account and you’ll have to pay off your other lenders individually. The platform does offer customers a number of other perks and discounts.
Pros & Cons
- Prequalification with soft credit check
- Funding in as little as one to two days
- High loan amounts and lengthy terms
- Does not offer direct payment to third-party creditors for debt consolidation
- Some applicants report difficult qualification standards
- Co-signers are not permitted
Details
Eligibility:
- Minimum credit score required: 650
- Minimum annual income: $45,000
- Co-signers not permitted
Loan uses:
- Medical expenses
- Credit card consolidation
- Home projects
- Moving costs
BEST FOR LOW INTEREST RATES
LightStream
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
660
APR range
7.49% to 25.49%
with autopay
Loan amounts
$5,000 to $100,000
Via Credible.com’s Website
660
7.49% to 25.49%
with autopay
$5,000 to $100,000
Editor’s Take
LightStreamoffers loans with both a low minimum and maximum interest rate, along with a rate-beat program. LightStream’s unsecured personal loans range from $5,000 to $100,000 with loan amounts varying based on the loan purpose. In addition to offering appealing and flexible terms, LightStream charges no origination, late payment or prepayment fees. The lender also offers a 0.50% rate discount for borrowers who enroll in autopay.
Pros & Cons
- No origination, prepayment or late fees
- Low, competitive rates
- Fast approval and funding
- No prequalification process
- No due date flexibility
- Limitations on use of loan proceeds
Details
Eligibility:
- Applicants should have several years of credit history
- Minimum credit score: 660
- Can’t prequalify
Loan uses:
- Large expenses
- Finance land, timeshares and tiny homes
- Home project
BEST FOR LARGE LOAN AMOUNTS
Alliant Credit Union
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
640
APR range
As low as 11.49%
Loan amounts
$1,000 to $100,000
Learn More
Read Our Full Review
640
As low as 11.49%
$1,000 to $100,000
Editor’s Take
Alliant Credit Union has been in operation since 1935, and since then, has grown to over 700,000 members. As an online lender, it offers a range of products and stands out for its personal loans, which are made available to borrowers with low credit.
Alliant’s personal loans come with quick decision and funding times, although they do come with higher rates than some competitors. Rates range from As low as 11.49% the lower range applies to one- and two-year loans, and the higher range on the four- and five-year loans. Loan amounts range from $1,000 to $100,000 with available loan terms of one, two, four or five years.
To qualify for a loan from Alliant, you’ll need to be a member and have a savings account through the credit union. Although Alliant doesn’t have any physical branches, customer service representatives are available 24/7.
Pros & Cons
- Available to borrowers with low credit scores
- Quick funding times
- No origination or prepayment fees
- High interest rates
- Membership requirements
- Hard credit inquiry needed to check your rate
Details
Eligibility: In order to be eligible to join Alliant Credit Union, you have to meet their eligibility criteria. You can join the credit union if you:
- Are a current or retired employee from one of the businesses Alliant is partnered with
- Are related to a current member
- Live or work in one of the communities near their headquarters in Chicago
Loan Uses: Alliant’s personal loan can be used for a range of purposes, including loan consolidation, emergency expenses or home improvement.
Turnaround time: Alliant’s personal loans have a quick turnaround time. It can typically fund loans on the same day as approval, according to Alliant.
BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT
LendingPoint
4.0
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
600
APR range
7.99% to 35.99%
with autopay
Loan amounts
$2,000 to $36,500
Via Fiona.com’s Website
600
7.99% to 35.99%
with autopay
$2,000 to $36,500
Editor’s Take
LendingPoint is an online lender based in Atlanta that offers personal loans to prospective borrowers in 48 states and Washington D.C.; it does not offer loans in Nevada and West Virginia. Prospective borrowers in eligible states can apply online and benefit from quick funding.
LendingPoint personal loans range from $2,000 to $36,500; Georgia loans have a minimum loan amount of $3,500. Repayment terms range from 24 to 72 months—or two to six years.
There are two main disadvantages to LendingPoint: high maximum APRs and origination fees. While you can typically avoid high APRs by maintaining a high credit score, LendingPoint origination fees (up to 10%) depend on the state you live in.
Pros & Cons
- Quick funding
- Low credit score requirements
- No prepayment penalty
- Origination fee up to 10%
- Co-signers or joint loans not permitted
- Not available in Nevada and West Virginia
Details
Eligibility:
- Minimum credit score: 600
- Must live in a state other than Nevada or West Virginia
- Doesn’t allow co-signers or co-applicants
Loan uses:
- Debt consolidation
- Home project
- Medical expenses
BEST FOR BAD CREDIT
Upgrade
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
580
APR range
8.49% to 35.99%
Loan amounts
$1,000 to $50,000
Via Credible.com’s Website
580
8.49% to 35.99%
$1,000 to $50,000
Editor’s Take
Upgrade was launched in 2017 and provides accessible online and mobile credit and banking services. Since that time, the platform has made more than $3 billion in credit available to over 10 million applicants and continues to expand its online and mobile services. Although maximum APRs are on the high end compared to other online lenders, Upgrade makes loans available to those with poor credit history.
Loans amounts, which range from $1,000 to $50,000. Upgrade has two- to seven-yearterms available. Upgrade charges an origination fee between 1.85% and 9.99% of the loan, and borrowers will encounter a $10 fee if their payment is more than 15 days late or if the payment does not go through; there are no discounts for autopay. That said, Upgrade borrowers are not subject to a prepayment penalty, so you can reduce the overall cost of the loan if you’re able to pay it off early.
Beyond offering accessible personal loans, Upgrade streamlines the lending process with a mobile app that lets borrowers view their balance, make payments and update personal information. Upgrade’s Credit Heath tool also makes it easy to track your credit score over the life of your loan.
Pros & Cons
- Low minimum credit score requirement
- Borrowers can use loans to cover business expenses
- Offers direct lender payoff for debt consolidation loans
- High APR range
- Charges fees for origination, late payment and insufficient funds
Details
Eligibility:
- Minimum credit score: 580
- No minimum income requirement
- Allows co-applicants
Loan uses:
- Debt consolidation
- Home projects
- Large expenses
- Business expenses
BEST FOR COMPARING MULTIPLE OFFERS
Universal Credit
3.5
Our ratings take into account loan cost, loan details, eligibility and accessibility, customer experience and application process. All ratings are determined solely by our editorial team.
Minimum Credit Score
580
APR range
11.69% to 35.99%
Loan amounts
$1,000 to $50,000
Compare Rates
Via Credible.com’s Website
580
11.69% to 35.99%
$1,000 to $50,000
Editor’s Take
Universal Credit is an online lending platform that offers personal loans between $1,000 to $50,000 through its partners. Repayment terms range from three to seven years.
While Universal Credit makes finding a personal loan accessible even to those with damaged credit, it comes with a few tradeoffs. First, it charges high APRs, well above the most competitive rates seen on our list. Second, Universal Credit charges a 5.25% to 9.99% origination fee on all personal loans. Because this is deducted from your loan proceeds, you’ll need to factor this in when determining your loan amount to ensure you receive the necessary amount after the fact.
Pros & Cons
- Flexible qualification requirements
- Next-day funding
- No prepayment penalty
- High APRs
- All personal loans charge a 5.25% to 9.99% origination fee
Details
Eligibility:
- Minimum credit score: 580
- Minimum income requirement: Does not disclose
- Doesn’t allow co-signers or co-borrowers
Loan uses:
- Debt consolidation
- Large expense
- Home project
Summary: Best RV Loans
| Company | Company - Logo | Forbes Advisor Rating | Forbes Advisor Rating | Minimum credit score | APR range | Loan amounts | Learn More CTA text | Learn more CTA below text | Learn More |
|---|---|---|---|---|---|---|---|---|---|
| SoFi® |  | 4.5 |  | 650 | 8.99% to 29.99% | $5,000 to $100,000 | Learn More | Compare rates from participating lenders via Forbes Advisor | |
| LightStream |  | 4.0 |  | 660 | 7.49% to 25.49% | $5,000 to $100,000 | Learn More | Compare rates from participating lenders via Forbes Advisor | |
| Alliant Credit Union |  | 4.0 | | 640 | As low as 11.49% | $1,000 to $100,000 | Learn More | Read Our Full Review | |
| LendingPoint |  | 4.0 | | 600 | 7.99% to 35.99% | $2,000 to $36,500 | Compare Rates | Via Fiona.com's Website | |
| Upgrade |  | 3.5 |  | 580 | 8.49% to 35.99% | $1,000 to $50,000 | Compare Rates | Compare rates from participating lenders via Forbes Advisor | |
| Universal Credit |  | 3.5 | | 580 | 11.69% to 35.99% | $1,000 to $50,000 | Compare Rates | Compare rates from participating lenders via Forbes Advisor |
Tips to Compare RV Loans
To get the best deal, follow these tips when comparing RV loans:
- Shop around for the best rates. APRs for RV loans generally range from 4.25% to 11% or more, while rates on unsecured loan options can be much higher. Compare rates from multiple lenders before making a decision. Some lenders offer a prequalification process that lets you see what rate you’re likely to qualify with just a soft credit check. Others merely publish APR ranges or minimum APRs you can compare to those available through competitors.
- Take steps to improve your credit. Your credit score plays a large role in determining your approval odds and the interest rate you qualify for. Lenders typically look for a score of at least 670 to qualify for an RV loan. If your score is low, take some time to work on improving your credit profile—such as by paying down existing credit card balances—before applying.
- Choose a shorter loan term. In general, the shorter the loan term, the lower the interest rate. However, shorter repayment terms translate into larger monthly payments. If you can afford to pay more each month, consider choosing a shorter term to reduce your APR and save money over the life of the loan.
- Make a larger down payment. Making a larger down payment on your RV can result in a more competitive interest rate and more flexible repayment terms. This is because lowering the total LTV ratio reduces the risk to the lender.
- Evaluate the lender’s reputation. Before applying for an RV loan, ask friends and family for recommendations, and read online lender reviews. Visit sites like Trustpilot and the Better Business Bureau (BBB) to see what past and current customers have to say about their borrowing experience. Google reviews also may provide insight into the quality of individual lenders.
What Is an RV Loan?
An RV loan is a type of financing that consumers can use to purchase a recreational vehicle. RV loans are typically secured by the RV being purchased, and they usually have a fixed interest rate and a fixed term.
Available loan amounts depend on several factors, including the borrower’s income, employment history, credit profile and the value of the RV. In general, though, RV loans may be available up to between $50,000 and $400,000, depending on the lender.
How Do RV Loans Work?
As with other types of vehicle loans, prospective borrowers can apply for a loan before shopping for an RV or after they have selected a vehicle. Once an application is submitted, the lender approves or denies the loan based on the borrower’s creditworthiness and other relevant factors. If the borrower is approved, they can then take a preapproval letter to the dealership and use it to negotiate for the best possible price.
When the purchase agreement is signed, the lender finalizes financing and disburses the funds. Because RV loans are term loans, the borrower makes monthly payments until the RV is paid off.
RV loans are generally secured by the vehicle being purchased, which the lender can repossess if you default, so this type of financing has lower interest rates than other types of loans, such as personal loans or credit cards. However, rates are often higher than for other vehicles, and repayment terms are longer—anywhere from 12 to 240 months, depending on the lender.
How Long Can You Finance an RV For?
RV loan repayment terms can vary wildly depending on the loan amount. They can last as little as one year or as long as 20 years.
For example, if you buy a $200,000 RV, you may qualify for a 10-year term. But if you buy a $30,000 RV, your term may be much shorter. Try to shop around with different lenders to find the ideal repayment term for your financial circ*mstances.
How to Get an RV Loan
The process for getting an RV loan depends on several factors, including the lender and where you’re purchasing the vehicle. That said, you should follow these general steps to take out an RV loan:
- Calculate your budget and save for a down payment. Before you start shopping for an RV, determine how much you can afford each month in loan payments. Also begin saving for a down payment—usually between 10% and 20% of the purchase price. The size of your down payment can affect the interest rate you qualify for, so save up as much money as possible before applying.
- Start shopping. Once you know how much you can afford to pay for an RV, start shopping for the best deal on a rig that meets your needs. Keep in mind that some lenders only finance vehicles purchased from a dealer, and many do not finance older models.
- Research and compare lenders. When you are ready to make a purchase, research banks, credit unions and online lenders to find the most competitive rates and terms, including financial institutions that specialize in RV loans. If you have already picked out an RV, ask the dealer about financing options and include these in your comparison. Where possible, prequalify so you know how much each lender is likely to extend and at what rate.
- Submit a loan application. Begin the application process by confirming the make and model of the RV you want to purchase, as well as the sales price. Also provide information about your income and employment history. If you’re buying an RV through a dealership, you can apply for financing at the time of purchase. Otherwise, follow the lender’s online or in-person application process.
- Await approval. Approval times for RV loans vary by lender. However, if your RV dealership offers in-house financing or works with a lending partner, it may only take a few minutes. In some cases, it may be necessary to provide additional information to verify your identity, income or employment.
How Hard Is It To Get an RV Loan?
The difficulty of getting an RV loan depends on your credit score, financial health, loan amount and other factors. While many lenders require a minimum credit score between 600 and 660, some lenders cater to bad-credit borrowers with scores below 600. Take time to find a lender that matches with your specific needs and creditworthiness.
How to Get an RV Loan With Bad Credit
If you have bad credit, focus on lenders that accept lower credit scores. For example, both Upgrade and Universal Credit allow for credit scores as low as 560. While these lenders offer loans for applicants with limited credit, it does come at a cost: You’ll likely land high interest rates.
If possible, prequalify with multiple lenders that may be a good fit for you before submitting a formal application. This will let you see what rates you may qualify for without impacting your credit score. Note that these terms are not guaranteed until you submit a full application and have an in-depth credit review.
Methodology
We reviewed 29 popular lenders based on 16 data points in the categories of loan details, loan costs, eligibility and accessibility, customer experience and the application process. We chose the best lenders based on the weighting assigned to each category:
- Loan details: 20%
- Loan cost: 35%
- Eligibility and accessibility: 20%
- Customer experience: 15%
- Application process: 10%
Within each major category, we also considered several characteristics, including available loan amounts, repayment terms, APR ranges and applicable fees. We also looked at minimum credit score requirements, whether each lender accepts co-signers or joint applications and the geographic availability of the lender. Finally, we evaluated each provider’s customer support tools, borrower perks and features that simplify the borrowing process—like prequalification options and mobile apps.
Where appropriate, we awarded partial points depending on how well a lender met each criterion.
To learn more about how Forbes Advisor rates lenders, and our editorial process, check out our .
What is the best interest rate for an RV loan?
The best interest rate for an RV loan depends on your credit score and financial history. Because RV loans are secured, however, they generally have lower interest rates than personal loans or credit cards. Most lenders advertise RV loan APRs between 4.25% and 11%.
Can you get a 15-year loan on an RV?
You can get a 15-year loan on an RV, as repayment terms generally range from one to 20 years. Keep in mind, however, that the interest rate may be higher for a 15-year loan than for a shorter term. Always shop around and compare rates from multiple lenders to find the best deal.
Is RV loan interest tax deductible?
Interest on an RV loan is tax deductible in most states regardless of whether the vehicle is used as a primary or secondary residence. That said, states have individual requirements and may require the RV to have a sleeping area, cooking facilities and toilet facilities to be eligible for the deduction. Likewise, states generally require that the underlying vehicle be collateral for the RV loan. Speak to a tax professional to find out if RV loan interest is tax deductible for you.
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