7 Best RV Loans of April 2024 (2024)

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Best for Low Interest Rates

LightStream

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on Credible’s website

Why we chose it: LightStream offers unsecured loans from $5,000 to $100,000 with competitive RV loan rates, several repayment options and a seamless loan process that takes place online. RV loans from LightStream are also offered with no origination fees or hidden fees, making them an affordable option for those who can qualify.

APR Range

7.49% to 25.49% APR (with autopay discount)

Loan Amounts

$5,000 to $100,000

Loan Term Length

36 to 144 months

Pros

• Competitive interest rates
• Make payments for 36 to 144 months
• No origination fees or hidden fees

Cons

• Good-to-excellent credit required
• No prequalification option
• Auto-pay required for best rates

Additional Information

• Minimum Credit Score: Excellent
• Early Payoff Penalty: None
• Late Fee:None
• Origination Fee:None

Best for No Fees

SoFi

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on Credible’s website

Why we chose it: SoFi is another lender with competitive RV loan rates and loan amounts from $5,000 to $100,000, all with no origination fees and no hidden fees. Other benefits include unemployment protection if you lose your job, fast funding and flexible repayment terms.

APR Range

8.99% to 29.49% APR (with discounts)

Loan Amounts

$5,000 to $100,000

Loan Term Length

24 to 84 months

Pros

• Competitive interest rates
• No origination fees or hidden fees
• Get prequalified online before you apply

Cons

• Potential for higher monthly payments
• High minimum loan amount
• Auto-pay required for best rates

Additional Information

• Minimum Credit Score:670
• Early Payoff Penalty:None
• Late Fee:None
• Origination Fee:None

Best for Large Loan Amounts

Trident Funding

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Vault Verified

Why we chose it: Trident Funding offers RV loans in amounts from $10,000 up to $2 million, which makes them an option for expensive, luxurious RVs including Class A motorhomes. RV loan rates are competitive and repayment terms can last 120 to 240 months.

APR Range

7.74% to 19.95%

Loan Amounts

$10,000 to $2 million

Loan Term Length

10 to 20 years

Pros

• Borrow up to $2 million for an RV purchase
• 45-day deferred payment available
• Repayment terms up to 20 years

Cons

• Down payment requirements
• High minimum loan amount
• Closing costs and processing fees apply

Additional Information

• Minimum Credit Score:600
• Early Payoff Penalty:N/A
• Late Fee:N/A
• Origination Fee: Processing fee applies

See Also

All You Need to Know About RV Loans | CredelloRV Loans: Everything You Need To Know About Financing Your CamperRV Loan Calculator: See Monthly RV Payments - NerdWalletHow to Get a Personal Loan to Buy an RV | MyBankTracker

Best for Small Loan Amounts

Discover

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on Credible’s website

Why we chose it: Discover can be ideal for small RV loans up to $40,000 due to its competitive RV loan rates and lack of fees. Fast funding is available as soon as the next business day, and borrowers can choose from repayment terms that last up to seven years.

APR Range

7.99% to 24.99%

Loan Amounts

$2,500 to $40,000

Loan Term Length

36 to 84 months

Pros

• No origination fees or hidden fees
• Flexible repayment terms
• Get prequalified online

Cons

• Minimum income requirement of $25,000
• No co-signed or joint loan options
• Maximum loan amount of $40,000

Additional Information

• Minimum Credit Score: 660
• Early Payoff Penalty: None
• Late Fee: $39
• Origination Fee:None

See Also

6 Best RV Loans for 2024 • Recreational Vehicle Lenders

Best for Fast Funding

Prosper

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Why we chose it: Prosper offers flexible loan amounts ($2,000 to $50,000), fast funding and lets you check your rate online before you apply. If you move forward with the application, you can have loan funds deposited in your bank account as soon as the next business day

APR Range

8.99% to 35.99%

Loan Amounts

$2,000 to $50,000

Loan Term Length

24 to 60 months

Pros

• Lightning-fast funding
• Competitive interest rates
• Prequalification option

Cons

• Potential for a higher monthly payment
• High RV loan rates for imperfect credit
• Origination fees apply (1% to 7.99%)

Additional Information

• Minimum Credit Score: 640
• Early Payoff Penalty: None
• Late Fee: $15 or 5% of the unpaid amount
• Origination Fee: 1% to 7.99% of loan amount

Best for No Minimum Credit Score

Upstart

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on Credible’s website

Why we chose it: Upstart offers loans to applicants with no minimum credit score requirement. Loans also come in flexible amounts from $1,000 to $50,000 with fast funding and no prepayment penalties.

APR Range

7.8% to 35.99%

Loan Amounts

$1,000 to $50,000

Loan Term Length

36 or 60 months

Pros

• No minimum credit score requirement
• Competitive interest rates
• Borrow up to $50,000

Cons

• Only two repayment terms
• High origination fee may apply
• High interest rates for imperfect credit

Additional Information

• Minimum Credit Score: 300
• Early Payoff Penalty: None
• Late Fee: $15 or 5% of the unpaid amount
• Origination Fee: 0% to 12% of loan amount

Best for Short Repayment Terms

PenFed Credit Union

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Vault Verified

Why we chose it: PenFed Credit Union is worth considering if you want to borrow up to $50,000 for an RV and repay it over a maximum of 5 years. RV and transportation loan rates are competitive, and there are no prepayment penalties to worry about.

APR Range

7.99% to 17.99%

Loan Amounts

$600 to $50,000

Loan Term Length

Up to 60 months

Pros

• Competitive interest rates
• No origination fees or hidden fees
• Credit union membership open to anyone

Cons

• Minimum monthly payment of $50 applies
• Credit union membership required

Additional Information

• Minimum Credit Score: Not specified
• Early Payoff Penalty: None
• Late Fee: $29
• Origination Fee: None

What Is an RV Loan?

RV loans are installment loans used to finance recreational vehicles of all types, including motorcoaches, fifth wheel campers, toy haulers, travel trailers, pop-up campers and more. These loans are offered through banks, credit unions, online lenders and even RV dealerships that offer direct financing.

Other details of RV loans vary widely, including available loan amounts, repayment options, minimum credit score requirements and loan fees. Approved borrowers will access a set amount of money with an RV loan that’s used for the purchase, and they’ll pay the money back with a set monthly payment for a fixed amount of time.

How Do RV Loans Work?

Some RV loans are secured, meaning the financing is secured with the title of the recreational vehicle. But the vast majority of RV loans wind up being unsecured, meaning there is no collateral required. This makes RV loans more flexible overall, and it also means the underlying asset (in this case, the RV) won’t be seized based on missed payments.

RV loans also tend to come with fixed interest rates, fixed monthly payments and repayment terms that are agreed to ahead of time. This makes them easy to plan and budget for if you have the disposable income to keep up with payments and still cover maintenance, gas and repairs for your RV.

How to Choose an RV Loan

The best RV loans offer flexible loan amounts and repayment options, along with competitive interest rates and minimal fees. Consider each of these factors as you shop around for the right loan for the type of RV you hope to buy.

Loan Amounts

RVs can cost $10,000 to $400,000 on average. Make sure you’re looking at lenders that offer the loan amount you’re looking for, whether you’re hoping to finance an expensive RV that costs six figures or you’re looking at basic pop-up campers to keep costs down. Loan companies can have both minimum and maximum loan amounts that may not work for your needs, so you’ll want to know how much you can borrow upfront.

RV Loan Rates

Before you apply for an RV loan, check your rate with at least two to three loan companies. Ideally, you’ll go with a lender that offers competitive RV loan rates for applicants with your credit rating. But lenders that let you check your rate before you apply give you a leg up in the process since they make it easy to shop around and compare options before you move forward with a full-fledged loan application.

Repayment Terms

Most companies that offer RV loans let you repay anywhere from 24 to 84 months, but some offer lengthier repayment terms up to 240 months. Make sure you have an understanding of how long you might be able to pay back the loan, especially if you’re borrowing a significant amount of money. After all, shorter repayment terms lead to higher monthly payments that can become unaffordable based on your loan amount.

Fees

Look for lenders that don’t charge origination fees, processing fees or other additional fees. Ultimately, you’ll want to focus on lenders that charge the least amount of fees possible, and potentially even no fees at all. If you opt for a lender that does charge upfront loan fees, make sure you’re using that lender for a specific reason, such as relaxed eligibility requirements or borrowing a larger amount of money.

Eligibility Requirements

Check whether lenders list minimum eligibility requirements that might prevent you from being a customer. These could come in the form of minimum credit score requirements or minimum income requirements.

Also, some lenders allow joint applications but others don’t. You’ll want to know these factors ahead of time whether you plan to apply for an RV loan on your own or with another person.

How to Get an RV Loan

Most companies let you apply for RV financing online, but you may also be able to apply in-person at a bank or credit union branch or at an RV dealership. The steps below can help you get the RV financing you need.

Step 1: Determine your budget. Figure out how much you want to spend on an RV and how much in monthly payments you feel comfortable with. Making this decision can help you narrow down lenders based on the loan amount you need.

Step 2: Compare loan options and lenders. Look at various loan companies to see which ones offer the loan amounts and repayment options you prefer, keeping in mind that the loan term you choose will directly impact your monthly payment. Also compare lenders based on their advertised rates.

Step 2: Get prequalified. See which lenders let you check your rate online and compare as many rates as you can without a hard inquiry on your credit reports. You can use prequalified loan offers to get a basis for the rates you’ll need to pay and how much you’ll be approved to borrow.

Step 4: Submit a loan application. Decide which lender suits your needs best based on your desired loan amount, available rates, repayment terms and other factors. Move forward with the loan application for your chosen lender.

Step 5: Provide documentation. Where RV loan companies may not need any more documentation to approve your loan, you may need to submit additional paperwork for approval. This could include information on the RV you’re planning to purchase, pay stubs, tax returns and other financial documents.

Alternatives to RV loans

There are several ways to get financing for an RV, and some may work better for you than others. The key to finding the best RV loan is knowing how much you want to borrow, whether you want collateral to be involved and the type of loan experience you want. Consider these RV loan alternatives before you make your decision.

Banks and Credit Unions

Online lenders make it easy to get approved for an RV loan from the comfort of home, but it’s also possible to visit a bank or credit union in your area to line up financing. Doing so can even be a smart move if you have an existing relationship with a bank that unlocks the potential for lower-cost financing.

Credit Cards

Credit cards offer another way to finance an RV, but you’ll likely have much lower limits available than you’ll get with an RV loan. Some credit cards come with 0-percent intro APR offers on purchases, balance transfers or both for anywhere from 15 to 21 months. Some cards with these offers even offer cash back and other rewards for spending, and most come with no annual fee.

If you’re able to pay off your credit card debt before interest rates kick in, a credit card is a more affordable choice to finance a short-term purchase. But if you’re paying interest on credit card debt over the long term and not budgeting to pay it off promptly, credit card debt could end up being more expensive since you don’t have to make equal monthly installments like you do with personal loans.

Home Equity Loans

Home equity loans are similar to personal loans. They come with fixed interest rates, fixed monthly payments and a set repayment term. The difference is these loans use the equity in a home as collateral for the loan, which means a home can be subject to foreclosure if loan payments aren’t made.

You typically need to have 15 percent to 20 percent equity in your property to qualify for these loans. And according to the Federal Trade Commission (FTC), most lenders will only give you up to 80 percent of the equity in your home.

RV Dealership Financing

RV dealerships also offer financing options, which can vary widely in terms of available loan amounts, interest rates and fees. While getting financing at the same place you buy an RV can be convenient, the major downside here is that it can prevent you from shopping around for loans with the best rates and terms.

If you do opt for RV financing from a dealership, make sure you compare some lenders ahead of time to know what current RV loan rates are. This will give you an idea of what to expect and prevent you from going with dealership financing that’s more expensive than it should be.