Best RV Loans for April 2024 (2024)

Best RV Loans for April 2024

Best RV Loans for April 2024

We chose My Financing USA for the best RV loans for bad credit because it scored highly in our analysis and it has the lowest credit score requirement of all the lenders we evaluated.

While some other lenders require borrowers to have good to excellent credit, My Financing USA has a credit score minimum of just 550. Plus, you can qualify even if you have declared bankruptcy in the past, a rarity for RV loans (but multiple or open bankruptcies may be disqualifying).

My Financing USA works with a set of partners to offer loans for new and used RVs, and you can also refinance existing loans. You can purchase RVs from dealerships or private parties.

Your loan must be above $10,000, which is higher than some lenders' minimums. My Financing USA’s loan process can also take longer. According to the company, same-day decisions are possible, but other factors can cause it to take longer.

• Recommended minimum credit score: 550
• Maximum debt-to-income ratio: 40% to 50%
• You must have a consistent source of income.
• Borrower must be living in Delaware, Indiana, Kentucky, Maryland, Michigan, Ohio, Virginia, or West Virginia.

• Maximum loan-to-value ratio: Varies by partner lender
• Maximum accepted mileage: Not disclosed
• Maximum accepted age of vehicle: Not disclosed
• Private-party vehicle purchases allowed: Yes
• Vehicles cannot be used for commercial or full-time use.

When you’re shopping for a loan, a credit union can be an excellent place to start. As nonprofit organizations, they often have lower rates than banks and other financial institutions. However, credit unions often restrict their membership to certain groups.

NASA Federal Credit Union’s membership is open to the general public—one reason why it's our choice for the best credit union for RV loans. NASA FCU has good rates and a low loan minimum, and it offers both purchase loans and RV loan refinancing.

However, NASA FCU does not allow you to apply for a loan online. Instead, you have to visit a branch in person or call its customer service center.

Though NASA FCU has competitive rates for its RV loans, be aware that the older the vehicle, the higher the rates:

• Vehicles from model years 2019 through 2014: One percentage point higher
• Vehicles from model years 2013 and older: Two percentage points higher

• Minimum credit score: Not disclosed
• Minimum income: Not disclosed
• Employment qualifications: Not disclosed
• Membership requirements: Open to NASA employees, eligible employees of other organizations, members of the National Space Society (NSS), and relatives of members (NSS membership varies from $40/year to $62/year, and NASA FCU will pay for the first year)
• States available: 50 states and D.C.

• Maximum loan-to-value ratio: Not disclosed
• Maximum accepted mileage: No maximum
• Maximum accepted age of vehicle: No maximum
• Private-party vehicle purchases allowed: No

Motorhomes and RVs can be significant investments. Motorized type A motorhomes average $100,000 to $140,000, but more luxurious versions can be in the seven figures. Some RV loan lenders have fairly low loan maximums of $150,000 or less for used vehicles, which is why Southeast Financial is our pick for the best lender for large used loans.

With Southeast Financial, you can finance up to $4 million to purchase your dream RV or motorhome, and the lender will finance used vehicles that are up to 12 years old. Depending on your credit and the loan amount, you may have as long as 20 years to repay the loan.

Southeast Financial does have a minimum loan of $10,000. And if you intend to refinance your existing RV loan, your vehicle must have fewer than 90,000 miles.

Southeast Financial doesn’t disclose its minimum income criteria, but you must meet these other requirements:

• Minimum recommended credit score: 600
• Minimum recommended down payment: 10%
• States available: 50 states and D.C.
  

• Maximum accepted age of vehicle: 12 years old
• Vehicles cannot be used for commercial use.
• Conversion vans are not eligible for financing.

When you find a great deal on a used motorhome or RV, you may not have time to wait for a traditional RV loan lender to review your application. That’s why LightStream is the best for fast funding; you can borrow up to $100,000 and receive the money as soon as the same day you apply.

LightStream can fund the loan the same day if you apply on a business day, your application is approved, and you review and sign the agreement and provide bank details by 2:30 p.m. ET.

LightStream’s loans are unsecured, so it doesn’t have any age or mileage restrictions; it's worth exploring because its rates for RV loans (and other auto loans) are lower than for most other purposes.

Good to excellent credit is required to qualify for a loan, and LightStream has shorter loan term maximums than other lenders. But for those who need $100,000 or less quickly, it can be a good choice.

• Minimum recommended credit score: Good to excellent credit required (typically 680, but may vary)
• You must be the age of majority in your state.
• You must have a verifiable source of income.
• LightStream takes into consideration your credit history, assets, and debt-to-income ratio (DTI).
• Available in all 50 states and Washington, D.C.

• Maximum accepted vehicle age: No maximum
• Maximum accepted mileage: No maximum
• Maximum loan-to-value ratio: No maximum
• Allows private-party vehicle purchases: Yes

When nothing but the latest, most luxurious RV model will do, LendingTree is an excellent place to find a loan. It connects you with partner lenders that offer financing up to $10 million, as high as any lender we evaluated.

LendingTree’s partners are flexible, with loan terms as long as 20 years, and some partners have 0% down payment options. You can check rates and terms with several lenders at once, saving some time and hassle. Just be aware that LendingTree only has a select number of partners, and it’s probably worth your time to explore other lenders as well.

Take note that eligibility requirements, rates, and added fees vary by lender. Mot of LendingTree’s partners will not lend to full-timers, so you’ll probably have to look elsewhere if you intend your RV to be a primary residence.

Qualifications vary by partner lender.

Vehicle restrictions vary by partner lender.