Skip to Main Content

Best RV loans of June 2023

Sep 20, 2023


Take 2 minutes and unlock personalized loan offers with no impact to your credit

Bankrate logo The Bankrate promise

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here’s an explanation for . Learn more about who we are and our promise to guide you through life’s financial journey.

Personal loans

Best overall RV loan

Est. APR
with Autopay
Loan amount
$5k– $100k
Term: 2-7 yrs
Min credit score
See offers Arrow Right

Apply on partner site

Personal loans

Best for fast funding

Est. APR
with AutoPay
Loan amount
$1k– $50k
Term: 2-7 yrs
Min credit score
See offers Arrow Right

Check rate with Bankrate

Personal loans

Best for small loan amounts

Est. APR
Loan amount
$600– $50k
Term: 1-5 yrs
Min credit score

Personal loans

Best for borrowers with good credit

Est. APR
Loan amount
$2k– $50k
Term: 2-5 yrs
Min credit score

Personal loans

Best for flexible repayment terms

Est. APR
with AutoPay
Loan amount
$5k– $100k
Term: 2-7 yrs
Min credit score

In the last two years, we helped fund over $744 million in loans. Let’s fund yours next.

How to get an RV loan in 3 easy steps

1. Answer a few questions

Take a few minutes to answer questions about yourself and the loan that you need, and we can match you with potential lenders. This service is free and will not affect your credit score. 

Make sure you have good credit, look into a co-signer or find a lender that works with bad credit borrowers.
compare offers
2. Compare your offers

Get prequalified and compare loan product offers based on important factors like APR, loan amount and minimum monthly payments. 

Take your time and check with multiple lenders to ensure you get the best deal possible.
apply for loans
3. Lock in your rate

Choose a lender and visit its website to complete the application process. If you’re approved, you could get funding within a few weeks.

Make sure you have financial documents regarding existing loans, income verification, etc.
On This Page

What is an RV loan?

An RV loan is a type of long-term financing used to purchase a motorhome, travel trailer or camper. The cost of an RV can range from as little as $5,000 to more than $500,000, so most RV buyers rely on financing.

The RV itself will usually serve as collateral for the loan — if you default on the balance, it could be seized by the lender to satisfy the delinquent payments — just like when you purchase a car. While an RV loan is similar to an auto loan, loan terms are generally longer and the transaction is oftentimes more complicated, like a mortgage.

Most RV loans feature repayment terms that range between one and seven years. However, some lenders and financial institutions may offer RV loans that stretch as long as 20 years.

Depending on the amount you need to borrow, your lender may be more stringent with your term length, fees and approval odds. Similar to a home loan, it's likely that the lender will want to see other documentation, such as tax returns, financial statements and detailed credit history.

A good credit score for a car loan is around 660 or higher, but for an RV loan, credit scores of 700 and above will help you get a favorable interest rate. The lender may also require an inspection, which can range from $150 to $1,200, depending on the RV.

How to choose the best RV loan lender 

For most, an RV is a hefty expense that requires financing so you want the lender you're working with to be the best for your current and future needs. When sifting through lenders to find your best fit, consider the following factors to ensure you're getting the best deal possible. 

  • 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, a low debt-to-income (DTI) ratio, a stable, steady income and a clean credit history. 
  • Available interest rates: To avoid signing up for a loan with a sky-high interest rate, compare quotes (with no impact to your credit score) from lenders through prequalification. The rates advertised on the lender website are the minimum and maximum that anyone could qualify for, so it's important to know exactly what you're signing up for before you apply. 
  • 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 interest accruing on money you're not using.
  • Repayment options: The longer your repayment term is, the lower your monthly cost will be. On the other hand, the shorter your term, the higher your monthly payment will be but you'll accrue less 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 signing on the dotted line, 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.   
  • Perks and special features: When evaluating lenders, look at the perks and benefits they offer. Some offer hardship repayment options, while others offer rate discounts for signing up for autopay. If a large discount or significant perks are offered, evaluate the price of the loan and compare it with other lenders to make sure the benefits don't come at the expense of a good price.

What can you use an RV loan for? 

RV loans can be used to purchase a motorhome, travel trailer, RV and in some cases, transport trailers, like animal trailers. Even though they function like an auto loan, lenders are more strict on what the funds can be used for since the loan amount is often much higher

Every lender will differ on its requirements; however, it's a general rule of thumb that most RV loans can only be used to fund the vehicle or related expenses, like repairs and maintenance costs.

What are the current interest rates for RV loans?
Current average RV loan rates range from 4.49 percent to 11.89 percent for borrowers with excellent credit. If you have poor credit, which means having a FICO score below 580, your interest rate will likely be much higher. In this case, consider saving for a larger down payment and working to improve your credit in the meantime.

Compare RV loan rates in September 2023

LightStream Overall 7.99%-25.49%* with AutoPay $5,000-$100,000 2-7 years 695
Upgrade Fast funding 8.49%-35.99% $1,000-$50,000 2-7 years 600
PenFed Small loan amounts 7.74%-17.99% $600-$50,000 Up to 5 years 700
SoFi Flexible repayment terms 8.99%-25.81% $5,000-$100,000 2-7 years 680
Prosper Borrowers with good credit 6.99%-35.99% $2,000-$50,000 2-5 years 640

A closer look at our top RV loans 

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

LightStream: Best for fast funding 

Overview: As stated on its website, LightStream offers loans for practically anything, including RVs. The lender offers fixed-rate personal loans with competitive interest rates and a maximum borrowing amount of up to $100,000.

Upgrade: Best overall RV loan 

Overview: Offering loans specifically for larger purchases, Upgrade's maximum loan amount is $50,000. The lender also touts a fast approval and funding process — borrowers can receive their funds within one business day of applying.

PenFed: Best for small amounts

Overview: PenFed is a national credit union that offers a number of financial services and products. To take out an RV loan, borrowers must be a current member or qualify for membership.

SoFi: Best for flexible repayment terms 

Overview: SoFi is a standout online lender that offers a number of products and services, a mobile app and a plethora of member benefits and perks.

Prosper: Best for borrowers with good credit 

Overview: Since its inception in 2005, Prosper has funded over 1 million personal loans that range from $2,000 to $50,000 and have APRs that start at 6.99 percent.

How we choose our best 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
    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
    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
    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
years in business
Credit Card Search
lenders reviewed
loan features weighed
data points collected

Where to get RV loans

Many lenders offer RV loans for both new and used recreational vehicles. You may be able to find RV financing through an online lender, bank, credit union or the RV dealership where you purchase the vehicle. 

Some financial institutions and online lenders won't have RV-specific loans, instead they may be advertised as personal loans that can be used for RV-related expenses. However, make sure that the lender approves the loan for these types of purchases; some may require you take out a secured loan due to size of the purchase. If you finance directly through a dealership, it's likely that the loans will be advertised as RV loans.

How to compare RV loan lenders 

Use the following factors to compare RV lenders and find the best one for you and your credit situation. If the lender offers prequalification, which allows you to check your approval odds and potential rates without impacting your credit, make sure to take advantage of this tool to ensure you're applying for the loan that will best benefit you now and in the future. 

  • Rates: The lower the interest rate, the less you'll end up paying over the life of the loan. When looking at lenders, look for the ones that offer the lowest rate maximums. The best rates will go to the most creditworthy borrowers, but it's always wise to compare multiple offers to find the most competitive rate for you. 
  • Max loan amount: Make sure the lender you're looking at meets your borrowing needs. Most lenders offer maximums that range from $30,000 to $50,000. Generally, the better your score, the more you'll get approved for.  
  • Loan terms: Most RV lenders offer terms that last between 12 months and 60 months, although some lenders may allow for longer or shorter terms if they offer repayment flexibility. 
  • Credit score requirements: To qualify for an RV loan, you'll likely need a good-to excellent credit score. However, every lender will differ in its minimum score requirement. Make sure to compare as many lender's as possible when it comes to minimum score requirements; just because you don't meet one lender's requirements doesn't  mean you won't get approved for another lender. 

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. 

How to qualify for the best RV loan rates 

When qualifying for an RV loan, your rate for financing might be higher than the rate you get for a car loan. Because RVs are considered luxury items, only the most creditworthy borrowers will be eligible for the best rates.

While every lender is different, the following factors below are a good indication as to whether you're a candidate for the most competitive loans.

  • An excellent credit score (800 and above)
  • Proof of sufficient income
  • Several years of positive, diverse credit history 
  • The ability to meet any other lender-specific requirements, like proof of income, assets or proof of residence

Can you prequalify for an RV loan? 

If you decide to get an RV loan from a lender rather than financing through the dealership, most lenders allow you to prequalify. This allows you to see the terms you are eligible for without hurting your credit.

The lender will perform a soft credit check in order to determine what you might be eligible for. You will still have to do a hard credit check when you officially apply, but prequalifying gives you an idea of what your terms with a particular lender could look like without making a commitment.

Insurance for RV loans

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.

How does an RV loan work?

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. RV loans are secured loans, meaning they’re backed by collateral — usually the RV itself.

Once you’ve decided on a lender, you’ll complete an application and, if approved, sign an agreement outlining the terms of the loan. Before signing an agreement make sure you can maintain the monthly payments, as your RV could be seized if you default on the loan. 

The type of RV and trailer style can determine which lender is best for you, as not all lenders will finance every type of RV. You’ll also need to let your lender know if you plan to use your RV as a primary residence.

What are typical RV loan terms?

Because RVs are more expensive than regular cars and trucks, lenders typically offer longer terms for RV loans than auto loans. Some lenders offer terms as long as 10 years. However, borrowers who can afford higher monthly payments can find shorter terms.

For example, LightStream offers terms ranging from 24 to 84 months, while USAA offers terms as short as 12 months. If you can afford the payments under these shorter terms the monthly payment will be larger, but you’ll pay less in interest over the life of the loan.

Secured vs unsecured RV loans 

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, because if you default on your loan you run the risk of losing the RV to satisfy the overdue payments. 

Unsecured loans don't require any collateral and approval is based solely on creditworthiness and financial health. While the risk of losing your vehicle isn't a factor, unsecured loans are often much harder to get approved for.

How to finance an RV loan 

  1. Know how much RVs cost. An RVs cost is dependent on the year, make, model and condition of the vehicle. They can range anywhere from $5,000 to over $1 million, so it's important to know the exact price of the vehicle you have your eye on. There are lenders that offer financing for both used and new models so if you have your heart set on a specific vehicle but can't stomach the cost, look into financing a more affordable pre-owned RV. 
  2. Set a budget. Before you sign on the dotted line, consider all of the financial factors that come with an RV to craft a realistic budget. Insurance, maintenance, gas and storage need to be accounted for as well as the repayment term options, which can range from one year all the way to 20 years. 
  3. Save for a down payment . Most RV companies require a down payment of at least 10 percent of the purchase price, while some require as much as 20 percent. In general, make sure you're prepared to put at least 10 percent down, but check with your lender for the specific amount so you can budget and save accordingly.
  4. Check your credit score. Your credit score ultimately determines how expensive your loan will be in the long run. Lower scores will likely result in higher interest rates, while high credit scores — those at least over 700 — are required to qualify for the lowest rates. Know your score well in advance of applying so you can improve your credit health or enlist the help of a co-signer.
  5. Decide which type of loan you want. Unsecured personal loans and secured vehicle loans are your two primary loan options for an RV. Unsecured loans require a higher credit score and better financial health, while a secured loan is typically easier to get approved for, but it's backed by collateral — typically the RV — that can be seized if you default on the loan. 
  6. Compare lenders. Do your research and compare lender offers, rates, fees and terms, since they vary widely from lender to lender. Prequalify for at least two loan terms to potentially save thousands of dollars over the life of your loan. 
  7. Negotiate. Research RV prices to get an idea of what other dealers are charging and what the current market trends are. This could give you an edge if you decide to negotiate and ask for a lower price.

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.


  • 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.


  • 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.

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 — or use a personal loan

While most personal loans don't have the maximum borrowing amount needed to purchase an RV, they can help make a dent. Plus, the borrowing requirements for personal loans may be less stringent than RV loans due to the smaller loan size. Keep in mind that some lenders may not allow the funds to be used for vehicular expenses, so always check before signing on the dotted line.

Frequently asked questions