RV Loans & Rates in November 2024

See the best RV loan rates lenders are offering

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Written by
Amanda Push
Updated November 04, 2024
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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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GreatRVLoan: Best for bad credit borrowers

5.99%

$10,000 to $10,000,000

60 - 240 months

550

Pros
  • Can finance RVs up to 15 years old
  • Can finance both private party and dealership purchases
  • No prepayment penalties
Cons
  • Only refinances RV loans above $75,000
  • Unclear eligibility requirements
  • APRs can get as high as 19.95%

What to know

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GreatRVLoan.com has a low minimum credit score threshold (550) and works with challenged-credit borrowers. Still, you may want to work to improve your credit score before applying for a loan, as those with good credit scores tend to lock down the lowest APRs. Although rates for GreatRVLoan.com loans start at 5.99% for borrowers with excellent credit, their bad-credit loans start at 9.99%. They also limit loans to a maximum of $75,000 and 180 months for borrowers with bad credit.

If your current RV loan has unaffordable rates or you want to change the terms, GreatRVLoan.com also offers the option to refinance your loan. However, it only offers refinancing for loan amounts above $75,000.

How to qualify

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  • Credit score: 550+
  • Open to borrowers with credit issues including late payments, bankruptcies and foreclosures
  • Age of RV: up to 15 model years
  • Types of RVs: motorhomes, fifth wheels, utility trailers, travel trailers, horse trailers, toy trailers and toter homes
  • Offers loans for private-party and dealer purchases
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BoatLoan.com: Best for co-borrowers

6.49%

$10,000 and up

84 - 252 months

640

Pros
  • Allows joint RV loan applications
  • Wide variety of loan repayment terms
  • Competitive APRs
Cons
  • Doesn’t provide much insight into RV loan details on its website
  • Credit score of at least 640 needed to qualify
  • Doesn’t fund RV loans directly

What to know

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Despite what the name implies, Boatloan.com offers more than just boat loans — this lender also offers RV loans to eligible borrowers. And if you’re not sure you’ll qualify for decent rates, Boatloan.com gives borrowers the option to apply with a co-borrower. A co-applicant can lessen your risk as a borrower, but it’s important to know that your co-borrower will be held equally responsible for making sure the loan is repaid. While Boatloan.com does offer consumers access to flexible repayment terms and competitive rates, bear in mind that Boatloan.com doesn’t fund its loans directly. Instead, it partners with banks to pair you with a loan that meets your needs.

How to qualify

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Boatloan.com does not offer a lot of information on how to qualify for an RV loan. Typically, you will not be approved if you have a credit score lower than 640.

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iNet: Best for small loan amounts

6.74%

$5,000 to $1,000,000

Up to 240 months

550

Pros
  • Low minimum credit score (550)
  • Finances RVs up to 15 years old
  • No down payment is required for some loan types under $50,000
Cons
  • May find larger loan amounts with other lenders
  • Loans not available in Alaska and Hawaii
  • No option to refinance RV loans

What to know

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While some RV loan lenders have loan amounts starting at $10,000 to $15,000, iNet customers can get a loan for as low as $5,000 — this could make it a good lender for financing a small RV. iNet borrowers can apply for RV loans as large as $1,000,000. iNet will finance RVs that are up to 15 years old, which is a relatively standard restriction among RV lenders. The company’s minimum credit score requirement is 550, though its lowest annual percentage rates (APRs) are reserved for customers with good to excellent credit.

How to qualify

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Other than having a minimum credit score of 550, iNet doesn’t share its RV eligibility requirements. For the best chance to qualify, consumers may want to pay off any delinquent debts and keep their debt-to-income ratio low.

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Southeast Financial : Best for luxury RVs

6.74%

$10,000 to $4,000,000

Up to 240 months

575

Pros
  • Large loan amounts available if you want to finance a luxury RV
  • Loan repayment terms up to 240 months
  • Offers RV refinance loans
Cons
  • High loan amounts only available for borrowers with excellent credit
  • Only finances RVs up to 12 years old
  • Doesn't offer RV loans in Alaska or Hawaii

What to know

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If you want to splurge on your RV purchase, Southeast Financial customers can get approved for loan amounts as high as $4,000,000. Along with these large loan amounts, Southeast Financial customers can also qualify for terms up to 240 months. While some RV loan lenders are willing to finance motorhomes that are up to 15 years old, Southeast Financial only covers vehicles that are 12 years old or newer.

How to qualify

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Southeast Financial provides clear RV loan eligibility requirements:

  • Must be a U.S. citizen
  • Must have a minimum income of $25,000
  • Can’t live in Alaska or Hawaii
  • Minimum credit score of 575
  • RV must be under 12 years old
  • No salvaged, lemon law, flood or frame-damaged titles
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Good Sam Finance Center: Best for refinancing

6.99%

$10,000 to $2,000,000

72 - 240 months

600

Pros
  • Zero-down program for loans up to $70,000
  • Financing available to noncitizens
  • Approval may only take one to two business days
Cons
  • Those with credit scores below 680 can only borrow up to $50,000
  • Charges a loan processing fee, as well as official fees
  • Loans may come with a prepayment penalty

What to know

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Not only can you use Good Sam Finance Center to finance an RV purchase, but this lender can also refinance your existing RV loan. Good Sam can even finance an RV loan from a private seller, which is an option many competitors don’t offer. However, if you want to borrow more than $50,000 from this lender, you’ll want to make sure that your credit score is over 680 before you apply — Good Sam limits how much consumers with lower credit scores can borrow. You’ll also want to budget for additional costs like loan processing fees.

How to qualify

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Good Sam doesn’t provide specific insight into its borrower requirements. However, you will need to have a minimum credit score of at least 600 and you can’t live in Washington, D.C. Depending on the underwriting requirements, Good Sam may approve you for a loan even if you’ve previously filed for bankruptcy.

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LightStream: Best for fast funding

6.99% (with autopay)

$5,000 to $100,000

24 - 144 months

Loan Term Disclosure

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $25,000 loan at 7.49% APR with a term of 3 years would result in 36 monthly payments of $777.54. © 2024 Truist Financial Corporation. Truist, LightStream and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

Not specified

Pros
  • Doesn’t charge any fees
  • Consumers can pay off RV loan early without any prepayment penalties
  • Same-day funding available
Cons
  • May find larger loan amounts elsewhere
  • Consumers with fair or bad credit likely won’t qualify for a loan
  • No option to prequalify for a loan

What to know

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While it takes several days for some RV lenders to approve your loan — and even longer to fund it — LightStream customers may get their unsecured RV loan funds the same day they’re approved and sign their loan agreement. However, LightStream’s loan amounts only go as high as $100,000 (other lenders offer loan amounts in the millions), so this lender may not be a good match if you’re buying a high-end RV. In addition, LightStream doesn’t offer consumers the option to check if they prequalify for a loan and only lends to those with good to excellent credit.

How to qualify

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LightStream doesn’t provide many specifics into its borrower requirements for RV loans and offers loans to consumers with good-to-excellent credit profiles. LightStream also looks for the following qualifications:

  • Five or more years of credit history
  • Demonstrated ability to save (checking, savings, retirement or investment accounts)
  • Healthy debt-to-income ratio
  • Strong payment history
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leaf icon  How do I choose an RV loan lender?

Just as you would with any financial product, it’s important to shop around for the best RV loan lender. You’ll want to determine whether you qualify and compare loan features.

  • Check lender requirements: Lenders may assess your credit score, your credit history, your debt-to-income ratio and details about the RV.
  • Compare rates, fees, terms and amounts: Since these details determine how much you may end up paying over the life of the loan, it’s important to shop around and compare what various lenders are willing to offer you.
  • Look for unique benefits: Some lenders may offer unique perks such as APR discounts or fee-free loans. These benefits could end up saving you money on your loan.

Pros and cons of RV loans

RV loans can make motorhomes much more affordable. However, as with any financial product, it’s important to weigh the benefits and drawbacks before committing to additional debt.

ProsCons

  Financing your RV purchase keeps your savings in your pocket for emergencies

  Long loan terms (up to 20 years) can make an RV more affordable to repay

  May be able to refinance your RV loan down the road if you don’t qualify for a low APR upfront

  Some lenders offer the option to skip a down payment as long as you meet their loan amount borrowing requirements

  Since RVs are considered luxury items, the borrowing requirements are higher than what they may be for other types of credit

  RV loans are typically secured by the vehicle itself; if you don’t keep up with payments, you could lose the RV

  You may have to offer a down payment, ranging from 10% to 20% of the total cost of the RV

  RVs have high depreciation, so it can be easy to become upside down on your RV loan

What are the current average RV loan rates?

As of September 2024, RV loans come with interest rates as low as 6.74% for borrowers with excellent credit. You may qualify for a loan if you have bad credit, but you’ll pay much higher rates.

To help you determine what APR you can expect to pay, we pulled data on RV loans from the LendingTree marketplace.

Credit typeCredit score rangeAverage RV loan APR
Excellent720-8509.17%
Good680-71911.87%
Fair640-67913.89%
Poor300-639 16.12%

Source: LendingTree user data on closed RV loans in 2024.

What are typical RV loan terms?

Typical RV loan terms range from 60 months (five years) to 240 months (20 years). Longer terms are reserved for larger loan amounts (often $50,000 and up), depending on the lender. Some lenders, like LightStream, may offer terms as short as 24 months (2 years).

How do I choose an RV loan term?

The length of your loan term will depend on how much you can afford each month. The longer your loan term, the lower your minimum monthly payments will be — at the same time, you’ll likely pay more in interest over the life of the loan. The shorter your loan term, the higher your monthly payments will be, but you can save money on interest overall.

How to get an RV loan in 3 easy steps

Complete the form

Answer a few simple questions

Compare lenders

Get matched with up to five lenders

Save money

With the loan that’s right for you

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What credit score do you need to buy an RV?

Because RVs are often considered luxury items, a credit score of at least 660 to 700 is typically required, though a credit score of at least 700 is strongly preferred. It is possible to get an RV loan with bad credit, but you’ll pay much higher interest rates.

LendingTree can help you find new and used RV loan offers from lenders, including RV loans for motorhomes, fifth-wheels, travel trailers, pop-up campers and toy haulers. We can even help you with RV refinancing and with RV loans for bad credit.

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Is there a no-down-payment option for an RV loan?

If you want to avoid saving up for an RV loan down payment, you may be able to find a lender that requires no money down. However, you may receive higher interest rates if you don’t offer a down payment. To qualify, you’ll likely need to have a robust credit score and be able to secure the loan with valuable collateral. If you can’t repay the loan, you may lose your collateral.

How to apply for an RV loan

While each lender has its own RV loan application process, you’ll generally follow these steps:

  1. Decide on a price tag: Well before you apply for an RV loan, you need to figure out the size of the loan you can afford. This is an important step, as you don’t want to take out a loan that’s too large and expensive to repay.
  2. Check your credit score: Your credit score will play a large role in whether you qualify for an RV loan. Generally, you’ll want a credit score of at least 660 — depending on the lender — though if you can improve your credit score to 700 or higher, you may have an easier time qualifying for a loan with better rates.
  3. Save up for a down payment: Some lenders require that you put down money upfront when taking out an RV loan. Expect to offer up a down payment anywhere from 10% to 20%.
  4. Prequalify when possible: Prequalifying for a loan allows you to check the rates, terms and amounts you may be eligible for without any impact to your credit score. Unfortunately, not all lenders offer this feature and you’ll have to submit to a hard credit pull to see loan details. As long as you do your shopping within a 14-to-45 day window, however, this shouldn’t impact your credit score.
  5. Negotiate with the lender: In some instances, you may be able to negotiate a lower price for your new RV. This can lower the amount of money you’ll need to borrow.
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Questions to ask when buying an RV

How do I estimate my monthly payment for an RV loan?

Before applying for an RV loan, you should examine your budget to estimate how much you can afford each month.

With a budget in mind, use our RV loan calculator to estimate your monthly payment and determine how much RV you can afford. You’ll need to know the amount you intend to borrow, the potential interest rate and the expected repayment term.

What is the best way to get an RV loan?

The best way to get an RV loan is to shop around and compare lenders. Apply to several lenders before accepting an offer. The credit bureaus allow a window ranging from 14 to 45 days for rate shopping — during this period, multiple applications won’t reduce your credit score any more than one would.

You can also apply for dealer financing, though the best rates are usually found with independent lenders.

How do I qualify for an RV loan?

Each lender has its own set of criteria you’ll need to meet in order to qualify for an RV loan. Lenders typically look for minimum credit scores of at least 660, though you’ll have a better chance of qualifying for a loan if you can improve your score. The lowest rates are commonly reserved for borrowers with scores over 800.

You can make the biggest impact on your credit score by making sure you don’t miss any payments on your bills and paying down debt to reduce your credit utilization rate.

RV loan alternatives

Personal loan

Because personal loans can be used for a wide variety of purposes, consumers can use them to fund their motorhome purchase.

Personal loans are typically unsecured and are offered in the form of a lump sum. They come with fixed interest rates, so your minimum monthly payment will be the same each month. Since they also come with set repayment terms, you’ll also know exactly when your RV will be paid off.

A personal loan may come with an origination fee — a one-time administrative fee — that’ll come out of your loan balance. Since most personal loans are unsecured, you’ll want to check your credit score and reports before applying, since lenders heavily rely on those to make loan decisions.

Home equity loan

Home equity loans work like a second mortgage and your home is used as collateral. They allow consumers to borrow against the equity they’ve built in their homes while paying off their mortgage.

Borrowers can typically borrow up to 85% of their home’s value and, like a personal loan, will have fixed minimum monthly payments. Keep in mind, however, that you could lose your home if you’re unable to repay the debt.

Cash

The thought of hitting the open road in a shiny new RV can be an exciting dream, but since a recreational vehicle is usually not a must-have purchase, it may not always be the smartest financial decision to take on the new debt.

If you already have a lot of debt or don’t want to risk potential repayment troubles, instead focus on saving your money and paying cash for your purchase. Owning your RV outright may give you added peace of mind and the freedom to enjoy your new purchase — plus, you’ll avoid paying interest.

How we chose the best RV loans

To make our list we prioritized lenders that consumers choose most often and lenders that offer the lowest annual percentage rates (APRs). We then ranked higher the lenders that offer more options in terms of loan amounts, repayment terms and credit requirements.

Not all lenders we reviewed can be found on LendingTree’s loan marketplace. GreatRVLoan and Good Sam Financial Center are not LendingTree partners; we considered these lenders because of their low rates and competitive loan products.

Frequently asked questions

A repayment term of 144 months is 12 years; 180 months is 15 years.

You can use an RV loan for camper financing. If the camper doesn’t meet lender requirements for an RV loan — due to age, miles or other factors — you could consider applying for a personal loan.

Lenders offer financing options for all types of RVs, including Class A, B and C motorhomes, fifth wheels, travel trailers and more. Before applying for RV financing, be sure to check if the lender covers the type of RV you intend to purchase.

Whether you should rent or buy depends on how often you plan to use the motorhome. While renting won’t cost you nearly as much as buying an RV, owning your vehicle can offer more flexibility for when and how you use it. If you’re looking to purchase an RV but still want to save money, you can also consider looking at new versus used RVs.

Like buying a car, purchasing an RV can sometimes come with tax deductions. Specifically, you may be able to deduct the interest, depending on the type of loan you have.

Yes, Bank of America offers RV loans through partner dealerships but doesn’t offer loans directly to consumers. If you’d like a Bank of America RV loan, you’ll have to apply at a participating dealership.

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