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Best RV loans of March 2024

Feb 23, 2024

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Personal loans

LightStream: BEST OVERALL RV LOAN

LightStream
Rating: 4.7 stars out of 5
4.7
Est. APR
7.99%–25.49%
* with AutoPay
Loan term
2-7 yrs
Loan amount
$5k– $100k
Min credit score
695
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Personal loans

Upgrade: BEST FOR FAST FUNDING

Upgrade
Rating: 4.7 stars out of 5
4.7
Est. APR
8.49%–35.99%
with AutoPay
Loan term
2-7 yrs
Loan amount
$1k– $50k
Min credit score
600
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Personal loans

Prosper: BEST FOR BORROWERS WITH GOOD CREDIT

Prosper
Rating: 4.7 stars out of 5
4.7
Est. APR
8.99%–35.99%
Loan term
2-5 yrs
Loan amount
$2k– $50k
Min credit score
560

Personal loans

SoFi: BEST FOR FLEXIBLE REPAYMENT TERMS

SoFi
Rating: 4.8 stars out of 5
4.8
Est. APR
8.99%–29.99%
with all discounts
Loan term
2-7 yrs
Loan amount
$5k– $100k
Min credit score
680

How to compare RV loan lenders

For many, an RV is a hefty expense that requires financing. When sifting through lenders to find your best fit, there are many factors to consider, with the following being the most important. 

  • Loan approval requirements: Every lender comes with a unique set of approval requirements. Those that specialize in RV financing will likely require a high credit score, low debt-to-income (DTI) ratio, steady income and clean credit history. 
  • Available interest rates: To get the best interest rate available, compare quotes from lenders by prequalifying. The rates advertised on the lender website are the minimum and maximum that anyone could qualify for, and quotes let you know what you're likely to receive before applying. 
  • Loan amounts: Before deciding on a lender, calculate exactly how much you need to borrow, including all costs like sales tax, insurance and possible maintenance and repair costs. If at all possible, only borrow exactly as much as you need so you can avoid paying interest on money you're not using.
  • Repayment options: The longer your repayment term is, the lower your monthly cost will be — but you'll pay more interest. Consider the repayment options offered by each lender to determine what will best align with your financial goals. 
  • Customer experience: An important part of the lending process is your experience as a customer. Before applying, think carefully about what you prefer (in-person or a completely online experience) and make sure there are brick-and-mortar locations near you if that's something you value.   

Compare RV loan rates from Bankrate’s top picks

LENDER BEST FOR EST. APR LOAN AMOUNT LOAN TERM MIN CREDIT SCORE
LightStream Overall 7.49%-25.49% with Autopay $5,000-$100,000 2-7 years 695
Upgrade Fast funding 8.49%-35.97% with Autopay $1,000-$50,000 2-7 years 600
Prosper Borrowers with good credit 8.99%-35.99% $2,000-$50,000 2-5 years 600
SoFi Flexible repayment terms 8.99%-29.99% with Autopay $5,000-$100,000 2-7 years 680

A closer look at our top RV loan lenders

Here's a deep-dive into each lender, why it's the best in each category and specifically who would benefit most from borrowing from the lender.

LightStream: Best overall RV loan

LightStream
Rating: 4.7 stars out of 5
4.7

Overview: LightStream is one of the most competitive online lenders in the personal loan space, offering a quick application process, fast funding and low APRs. LightStream is owned by Truist Bank.

Est. APR
7.99%–25.49%
Loan amount
$5k– $100k
Min credit score
695

Upgrade: Best for fast funding

Upgrade
Rating: 4.7 stars out of 5
4.7

Overview: Personal loans from Upgrade come with the benefit of competitive, fixed rates, a simple application, quick funding process and flexible borrowing amounts. These loans can be used to refinance credit cards, consolidate debt, take on home improvement projects or finance major purchases.

Est. APR
8.49%–35.99%
Loan amount
$1k– $50k
Min credit score
600

Prosper: Best for borrowers with good credit

Prosper
Rating: 4.7 stars out of 5
4.7

Overview: Prosper is a personal loan pioneer — the company became the first firm to enter the peer-to-peer lending arena when it launched in 2005. Prosper offers unsecured personal loans through WebBank to customers with a variety of credit profiles. It also offers home equity lines of credit (HELOCs).

Est. APR
8.99%–35.99%
Loan amount
$2k– $50k
Min credit score
560

SoFi: Best for flexible repayment terms

SoFi
Rating: 4.8 stars out of 5
4.8

Overview: A SoFi personal loan is a good choice for borrowers who have a stable income and good-to-excellent credit. Along with a fully digital experience, SoFi has large loans and accepts joint applications. 

Est. APR
8.99%–29.99%
Loan amount
$5k– $100k
Min credit score
680

How we made our picks for best RV lenders

To select the best personal loans, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories:

  • Checkmark
    Affordability
    The interest rates, penalties and fees are measured in this section of the score. Lower rates and fees and fewer potential penalties result in a higher score. We also give bonus points to lenders offering rate discounts, grace periods and that allow borrowers to change their due date. 
  • Checkmark
    Availability
    Minimum loan amounts, number of repayment terms, eligibility requirements, ability to apply using a co-borrower or co-signer and loan turnaround time are considered in this category.
  • Checkmark
    Customer experience
    This category covers customer service hours, if online applications are available, online account access and mobile apps.
  • Checkmark
    Transparency
    For this factor, we consider how well information is presented to the borrower on the lender’s website. This includes listing credit requirements, rates and fees, in addition to offering prequalification.
Clock Wait
47
years in business
Credit Card Search
30+
lenders reviewed
Loan
20
loan features weighed
Rates
665
data points collected

What to know about RV loans

While an RV loan is typically specific to the purchase or refinance of a recreational vehicle, it works like any other installment loan. A financial institution or lender provides the funds for the purchase, and you pay back the money with interest over a specified time frame. Some RV loans are secured loans, meaning they’re backed by collateral — usually the RV itself.

Before diving into the lender comparison process, know exactly what you want out of a lender to find the best loan for you and your financial situation. Loans will differ based on what type of vehicle you're financing — and if you're financing a motorhome or RV — how you intend on using it. 

What is an RV loan?

An RV loan is a type of installment financing used to buy a recreational vehicle, camper or travel trailer. You’ll typically receive a fixed-rate loan in a lump sum and make monthly installment payments for the term of the loan. Most RV loan terms range between two and 10 years.

Secured RV loans are often offered by dealerships but may also be available through your local bank, credit union or through online lenders. Unsecured personal loans can also be used to finance an RV if you can afford the higher rates and more expensive fees that usually accompany them. 

Why are RV loans less common?


Nationally recognized student financial aid expert

RV loans are less common because RVs are less common than other types of motor vehicles. Cars outnumber RVs 25 to 1. RV loans are also more specialized than other types of loans. RV loans involve higher loan amounts and longer repayment terms than most car loans. As recreational vehicles, there is less demand for RVs as compared with cars that are needed for your daily commute.

Senior Loans Writer

To a lender, an RV has some complicated risks associated with it. Because it’s a vehicle, it can depreciate quickly after you purchase it. With starting prices that may rival a home, lenders may not want to offer financing because they won’t recoup their costs if they end up repossessing an RV with lots of miles and wear and tear. If they do lend, they may want a higher down payment, or they may limit the loan amount. You may have to meet higher RV loan approval standards. If you can’t meet the more stringent requirements, an unsecured personal loan may be worth considering since your RV isn’t part of the approval decision.

Types of RV loans

There are two types of RV loans. Determining which is right for you will depend on your credit profile, the amount you require and whether you immediately want your title in hand.

  • Secured loans are generally easier to get approved for and have less stringent financial requirements. However, this is because the lender is incurring less risk — if you default on your loan, the lender can repossess the RV to satisfy the overdue payments. 
  • Unsecured loans don't require any collateral, and approval is based solely on your credit profile and financial health. While the risk of losing your vehicle isn't a factor, unsecured loans are often harder to get approved for.

Pros and cons of RV loans

Just like with every other type of loan, there are both advantages and disadvantages to taking out a secured RV loan. Here's what to be aware of before signing on the dotted line.

Pros

  • Checkmark

    Rates and terms could be more competitive than other forms of lending.

  • Checkmark

    Some lenders could carry RV-specific benefits.

  • Checkmark

    Terms and payment dates may be negotiable.

Cons

  • You could end up paying more in interest due to a longer repayment term.

  • If you fail to make the monthly payments, you run the risk of losing your RV.

  • Approval requirements may be higher to finance a full-time motorhome.

Insurance for RV loans

Savings

Money tip: To get a loan from most lenders, you’ll need proof of insurance. Depending on your insurance company and vehicle details, the insurance costs could add a significant amount to your monthly payment, so budget for that as well. To avoid a clunky application process, talk to your insurance company and make sure your coverage meets the lender's requirements before signing on the dotted line.

What are the current interest rates for RV loans?

Current secured RV loan rates can range from around 7 percent all the way up to almost 20 percent. If you have fair or poor credit, which is typically anything under 670, your interest rate will likely be higher. In this case, consider saving for a larger down payment and working to improve your credit in the meantime.

The application process

How to get an RV loan

The process of applying for an RV loan may vary depending on whether you choose a secured or an unsecured loan. Getting a secured RV loan is similar to taking out an auto loan, but otherwise, the basic steps for either loan type are similar. 

Alternatives to RV loans

If an RV loan isn't the best financing route for you, there are a few other ways to fund your purchase. However, your options may be more limited due to the expensive nature of RVs. 

Aside from opting for a used or less expensive vehicle and paying for it in cash, you can use a home equity loan — which allows you to tap into and borrow from the equity you've built in your home. Using this type of funding risks your home if you default and may not be the best option, even if it's technically available.

Frequently asked questions about RV loans