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Whether you’re planning some weekend camping trips or traveling the country full-time, a recreational vehicle (RV) can be a worthwhile purchase. However, it can also be an expensive one. While the cost of an RV varies depending on the type, prices range from thousands to millions of dollars.
If buying an RV in cash isn’t possible, financing it may help you achieve your dream of owning one. An RV loan is a type of loan that can be secured or unsecured, and they are offered by online lenders, banks, and credit unions.
Compare RV loans rates of April 2024
4.24.2
Fox Money rating
Fixed (APR)
7.49% - 25.49%
Loan Amounts
$5000 to $100000
Min. Credit Score
700
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Loan amount
$5,000 to $100,000
Repayment terms
2 - 12 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Soft credit check
No
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
3.93.9
Fox Money rating
Fixed (APR)
7.80% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
620
Overview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Loan amount
$1,000 to $50,000
Fees
Origination fee
Discounts
None
Eligibility
Available nationwide
Min. income
$12,000
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
4.44.4
Fox Money rating
Fixed (APR)
-
Loan Amounts
$2500 to $40000
Min. Credit Score
660
Overview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Loan amount
$2,500 - $40,000
Repayment terms
3 - 7 years
Fees
Late fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
$40,000
Customer service
Phone
Soft credit check
Yes
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
4.54.5
Fox Money rating
Fixed (APR)
8.49% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
600
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
44
Fox Money rating
Fixed (APR)
8.98% - 35.99%
Loan Amounts
$1000 to $40000
Min. Credit Score
660
Overview
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Loan amount
$1,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all 50 states
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Within 3 days
Loan uses
Debt consolidation, paying off credit cards
4.94.9
Fox Money rating
Fixed (APR)
8.99% - 29.99%
Loan Amounts
$5000 to $100000
Min. Credit Score
Does not disclose
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Loan Amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
44
Fox Money rating
Fixed (APR)
8.99% - 35.99%
Loan Amounts
$2000 to $50000
Min. Credit Score
600
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Loan amount
$2,000 to $50,000
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Discounts
None
Eligibility
Available in all states except DC, IA, VT, and WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
3.93.9
Fox Money rating
Fixed (APR)
9.95% - 35.99%
Loan Amounts
$2000 to $35000
Min. Credit Score
550
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Loan amount
$2,000 to $35,000**
Fees
Origination fee, late fee, dishonored payment fee
Discounts
None
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Min. income
$1,200 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
4.34.3
Fox Money rating
Fixed (APR)
-
Loan Amounts
$5000 to $35000
Min. Credit Score
700
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Min. income
$25,000
Customer service
Live chat
Soft credit check
Yes
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
4.34.3
Fox Money rating
Fixed (APR)
11.69% - 35.99%
Loan Amounts
$1000 to $50000
Min. Credit Score
560
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Loan amount
$1,000 - $50,000
Repayment terms
3, 5, or 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Min. income
None
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
3.93.9
Fox Money rating
Fixed (APR)
11.72% - 17.99%
Loan Amounts
$3000 to $40000
Min. Credit Score
640
Overview
Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Loan amount
$5,000 to $40,000
Fees
Origination fee
Discounts
None
Eligibility
Available in all states except MA, MS, NV, and OH
Min. income
None
Customer service
Phone, email, chat
Soft credit check
Yes
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
44
Fox Money rating
Fixed (APR)
-
Loan Amounts
$20000 to $200000
Min. Credit Score
660
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Loan amount
$20,000 - $200,000
Repayment terms
3 - 10 years
Fees
Origination fees, late fees
Discounts
None
Eligibility
Available in all states except Maryland and Illinois
Min. income
$100,000
Customer service
Email, phone
Soft credit check
Not on lender's site
Time to get funds
In as few as 5 days
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
3.73.7
Fox Money rating
Fixed (APR)
14.30% - 35.99%
Loan Amounts
$3500 to $40000
Min. Credit Score
640
Loan amount
$3,500 to $40,000
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Discounts
None
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Min. income
$1,000 monthly
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
3.93.9
Fox Money rating
Fixed (APR)
18.00% - 35.99%
Loan Amounts
$1500 to $20000
Min. Credit Score
540
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Loan amount
$1,500 to $20,000
Fees
Origination fee, unsuccessful payment fee, late fee
Discounts
None
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Min. income
Does not disclose
Customer service
Phone, email
Soft credit check
Yes
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
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Best RV loans
If you’re ready to shop for an RV loan, you have a lot of choices. You can compare multiple loan lenders by examining their annual percentage rates (APRs), loan amounts, repayment terms, and time to fund. Note whether loans are secured by the RV or unsecured, as is the case with most personal loans. And prequalify to see which lenders are most likely to approve your loan, and to get a sense of rates you might qualify for.
The following personal loan lenders represent some of the best for RV loans, based on loan amounts, APRs, loan terms, funding time, eligibility criteria, and more.
Best overall
SoFi
4.9
Fox Money rating
on Credible’s website
Est. APR
8.99 - 29.99%
Loan Amount
$5000 to $100000
Min. Credit Score
Does not disclose
Pros and cons
No fees required
Large loan amounts available
Autopay and direct pay discounts
Same day funding
Long loan terms available
Good credit required
5,000 minimum loan amount
More details
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number. Once you have a loan with SoFi, you may be eligible for unemployment protection and unemployment assistance.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Loan Amount
$5,000 to $100,000
Repayment terms
2 - 7 years
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Discounts
Autopay, direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Phone, email, live chat
Soft credit check
Yes
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Best for fair credit
Upgrade
4.5
Fox Money rating
on Credible’s website
Est. APR
8.49 - 35.99%
Loan Amount
$1000 to $50000
Min. Credit Score
600
Pros and cons
Fair credit borrowers eligible
Autopay and direct pay discounts
Can fund in as little as 1 business day
Mobile app
Secured loans available
High maximum origination fee
Cosigners not accepted on home improvement loans
Low J.D. Power ranking
More details
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Repayment terms
2 to 7 years
Fees
Origination fee
Discounts
Autopay and direct pay
Eligibility
Available in all states
Min. income
Does not disclose
Customer service
Soft credit check
Yes
Time to get funds
1 business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Best home improvement loans and low rates
LightStream
4.2
Fox Money rating
on Credible’s website
Est. APR
7.49 - 25.49%
Loan Amount
$5000 to $100000
Min. Credit Score
700
Pros and cons
Same-day funding available
High maximum loan amount
No origination fee
Good credit required
No prequalification process
Not available in Vermont
More details
Overview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Loan amount
$5,000 to $100,000
Repayment terms
2 - 12 years, depending on loan purpose
Fees
None
Discounts
Autopay
Eligibility
Available in all states except RI and VT
Min. income
Does not disclose
Customer service
Soft credit check
No
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Best for large personal loans
BHG Money
4
Fox Money rating
on Credible’s website
Est. APR
-
Loan Amount
$20000 to $200000
Min. Credit Score
660
Pros and cons
Eligible applicants can borrow up to $200,000
Considers borrowers with fair credit
Long repayment terms
Cosigners allowed
Not available in MD or IL
No discounts
Minimum income required of $100,000 annually
More details
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Loan amount
$20,000 - $200,000
Repayment terms
3 - 10 years
Fees
Origination fees, late fees
Discounts
None
Eligibility
Available in all states except Maryland and Illinois
Min. income
$100,000
Customer service
Email, phone
Soft credit check
Not on lender's site
Time to get funds
In as few as 5 days
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Methodology
We evaluated the best personal loan lenders for RV loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Our team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.
What is an RV loan?
An RV loan is any loan you can use to purchase an RV. It may be secured by the RV itself, and funds may be sent directly from the lender to the dealer to cover your purchase. Or, you could take out an unsecured personal loan or a home equity loan, and receive cash with which to buy an RV. Most types of RV loans are installment loans with a fixed APR, fixed monthly payments, and a set repayment term that could last well over 10 years, depending on the type of loan and the lender.
Secured RV loans
A secured RV loan is similar to an auto loan, where the loan is secured by the RV. If you fail to repay your loan, the lender can seize the RV to cover its losses.
Secured loans have several benefits. First, because they place less risk on the lender, they are often easier to qualify for. Additionally, you may be able to qualify for a lower APR for the same reason. Another key benefit of secured RV loans is their long repayment terms. Some lenders offer secured RV loans with repayment terms as long as 10 to 20 years if you secure the loan with the RV, and depending on the loan amount. Home equity loans can last up to 30 years. RV-secured loans also may require a down payment of 10% to 20%.
Unsecured RV loans
Another financing option to help you purchase an RV is an unsecured personal loan. A personal loan can be used for almost any purpose, typically, including a major purchase like an RV. You also don’t need to use your RV as collateral, which is a key benefit of an unsecured loan.
Unsecured loans are also widely available, so you may have an easier time finding the financing you need.
However, unsecured loans may have smaller available loan amounts and shorter repayment terms than secured RV loans. Though a few lenders offer personal loans up to $100,000 or more, most top out at $50,000. As a result, a personal loan may not be a realistic choice to purchase some RVs.
Good to know
Because personal loans are unsecured, they may have higher APRs than secured RV loans.
How to compare RV loans
When you’re shopping around for an RV loan, there are a few factors to be aware of:
- Secured or unsecured: Consider whether you’d prefer a secured or unsecured loan. Your desired loan amount and repayment term may impact your decision. Secured loans typically have higher loan amounts and longer repayment terms, but unsecured loans don’t require collateral.
- Loan amount: Decide on your RV budget so you can shop for lenders that offer loans in the size you need. The amount you’re qualified to borrow typically depends on the lender, your credit score, your income, and your current debt.
- APR: The annual percentage rate includes the interest rate and any upfront fees. RV loans can have competitive APRs, especially if they’re secured. However, compare rates across several lenders to find the lowest one.
- Fees: Some lenders may have fees, including origination fees and late fees. Origination fees are typically 1% to 12% of the loan amount, depending on the lender, and are usually deducted from the funds before you receive them.
- Repayment term: An RV loan term can last from as short as just one year to as long as 20 years, depending on the loan type. Some personal loan lenders offer 12-year terms for RV loans.
- Monthly payment: Make sure your RV loan payment fits comfortably in your budget. Your monthly payment is determined by a combination of your loan amount, APR, and repayment term.
- Time to fund: Many online personal loan lenders can fund your loan as soon as the same or next business day.
- Customer reviews: Before choosing a lender, take the time to research customer testimonials. Some good websites to consider are Trustpilot and the Better Business Bureau.
Pros and cons of using a personal loan for an RV
Taking out an RV loan comes with pros and cons. However, the pros and cons differ depending on whether you’re applying for a secured or unsecured loan.
Pros and cons of secured RV loans
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Pros and cons of unsecured RV loans
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How to apply for an RV loan
Here’s how to get a personal loan:
- Check your credit: Before applying for any loan, check your credit score so you know what loans you may be eligible for and whether you should improve your credit before applying. Visit AnnualCreditReport.com for free credit reports.
- Set your budget: Knowing the price range of RVs you’re shopping for can help narrow down your loan options, especially if you’re eying an RV on the higher end of the price spectrum.
- Determine the best loan type: You can purchase an RV with either a secured or unsecured loan; you could use the RV as collateral or you could use your home's equity as collateral with a home equity loan. Different loan types may be best for certain types of borrowers and RVs, so consider your situation to decide which is right for you.
- Get prequalified: Depending on your loan type and lender, you may be able to prequalify for a loan. Prequalification can give you an estimate of the APR and loan amount you may qualify for, and it won’t impact your credit. But it’s not an offer of credit, and the final rate you get may differ from the estimate.
- Apply for your loan: Once you’ve decided on a loan type and chosen the right lender, complete your application. The lender will perform a hard credit pull, which can lower your score by a few points temporarily. The application process may look different depending on whether you’re applying for a secured or unsecured loan.
- Finalize your loan agreement: If your loan is approved, you’ll have to sign your loan document to finalize it. You may receive your funds, or the lender may send them directly to the RV dealer — this is especially likely for a secured loan. For an unsecured loan, you can expect to receive funds anywhere from as soon as the same or next business day to within a week.
RV loans FAQ
What are current RV loan rates?
RV loans differ depending on whether you’re shopping for secured or unsecured loans, as well as your personal financial situation. As of January 2024, you can find RV loan rates for both secured and unsecured loans as low as 7.24% APR.
Do I need good credit for an RV loan?
You don’t necessarily need good credit to get an RV loan, but it certainly makes it easier to qualify. However, you may need good credit if you’re seeking a large RV loan. Even if you do qualify without good credit, you’re likely to get a higher APR, which can increase your loan costs. However, a cosigner with good credit can increase your chances of approval. But keep in mind they become responsible for making payments if you default.
How long are RV loan repayment terms?
RV loan repayment terms are different for secured and unsecured loans. Unsecured personal loans have terms up to seven years, typically, and up to 12 years with some lenders. An RV loan secured by the RV or your home could have a repayment term from 10 to 30 years.
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Meet the contributor:
Erin Gobler
Erin Gobler is a freelance personal finance writer with more than eight years of experience writing online. She’s passionate about making the financial services industry more accessible by breaking down complicated financial topics in simple terms.
