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Best RV loans of December 2022

As of December 02, 2022

Bankrate analyzes the best RV lenders and what borrowers should look for before signing a loan agreement.

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Answer a few questions in two minutes or less to see which personal loans you pre-qualify for. It's free and will not impact your credit score.

4.6

Bankrate Score
APR from

7.99- 22.49%*

with Autopay
Loan Amount

$5k- $100k*

Term: 2-7 yr*
Min. Credit

749

Apply on partner site

4.8

Bankrate Score
APR from

7.96- 35.97%

with AutoPay
Loan Amount

$1k- $50k

Term: 2-7 yr
Min. Credit

560

Check rate with Bankrate

4.6

Bankrate Score
APR from

8.99- 35.99%

Loan Amount

$2k- $50k

Term: 3-5 yr
Min. Credit

600

Check rate with Bankrate

4.6

Bankrate Score
APR from

8.99- 24.99%

Loan Amount

$5k- $40k

Term: 2-5 yr
Min. Credit

600

Check rate with Bankrate

4.5

Bankrate Score
APR from

9.95- 35.95%

Loan Amount

$2k- $35k

Term: 1-5 yr
Min. Credit

None

Check rate with Bankrate

3.8

Bankrate Score
APR from

18.00- 35.99%

Loan Amount

$1.5k- $20k

Term: 2-5 yr
Min. Credit

None

Check rate with Bankrate

4.6

Bankrate Score
APR from

7.99- 29.99%

Loan Amount

$5k- $50k

Term: 2-5 yr
Min. Credit

620

Check rate with Bankrate

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The Bankrate guide to choosing the best RV loan

Why trust Bankrate?

Bankrate's goal is to empower you to make financial choices confidently. To help you with finding the best RV loan, we have compared the top lenders and pulled together the information you need to make your decision. 
 
Our editorial team has researched online RV lenders to find trustworthy options that offer competitive rates. Our choices are not influenced by advertisers or partnerships and are based on what lenders are best for this type of financing.
 
Loan details here are current as of the publication date. Check with individual lenders for the most up-to-date information in case of any changes. The RV lenders here were selected based on critical factors like APR, loan amounts, fees and eligibility requirements.
 

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.
 
Here’s a quick comparison of rates, terms and loan minimums as of late March 2022:
 

Compare RV loan rates in December 2022

LENDER BEST FOR RATE TERMS LOAN MINIMUM
LightStream Overall 7.99% – 22.49% (with autopay) 24 to 84 months $5,000
Upgrade Fast funding 7.96%-35.97% 24 to 84 months $1,000
Best Egg Online lender 8.99%-35.99% 36 to 48 months $2,000
PenFed Small loan amounts 7.74%-17.99% Up to 60 months $600
SoFi Flexible repayment terms 7.99%-23.43% 24 to 84 months $5,000
Happy Money Customer service 8.99%-29.99% 24 to 60 months $5,000
Prosper Borrowers with good credit 7.99%-35.99% 36 to 60 months $2,000
Avant Borrowers with bad credit 9.95%-35.95% 12 to 60 months $2,000
Figure Retired borrowers 5.75%-31.44% 36 to 60 months $5,000

Best overall RV loan

Min. credit score:
749
Fixed APR From:
7.99% –22.49%
Loan amount:
$5,000– $100,000
Term lengths:
2 to 7 years
Min. annual income:
$50,000

Overview: LightStream is the only lender on this list that offers personal loans specifically made for financing a recreational vehicle. LightStream offers term lengths of 24 to 84 months and loan amounts from $5,000 to $100,000.

Why LightStream is the best overall RV loan: LightStream has a low rate cap, making it an accessible lender for borrowers with less than stellar credit. This lender also offers a very low minimum APR of 6.99 percent for borrowers with excellent credit who sign up for autopay.

Best for fast funding

Min. credit score:
560
Fixed APR From:
7.96% –35.97%
Loan amount:
$1,000– $50,000
Term lengths:
2 to 7 years
Min. annual income:
$30,000

Overview: Upgrade offers a wide range of loan amounts from $1,000 to $50,000. This lender also offers a relatively low minimum APR of 7.96 percent and does not charge prepayment penalties if you decide to pay off the loan early.

Why Upgrade is best for fast funding: Upgrade advertises one-day funding, meaning borrowers can expect to receive funds within 24 hours of being approved.

Best online lender

Min. credit score:
600
Fixed APR From:
8.99% –35.99%
Loan amount:
$2,000– $50,000
Term lengths:
3 to 5 years
Min. annual income:
$0

Overview: Best Egg offers personal loans from $2,000 to $50,000 with a reasonably low minimum APR of 8.99 percent. Borrowers can find out if they qualify within minutes of applying. 

Why Best Egg is best for an online lender: This lender is well-suited for borrowers looking for a streamlined, simple online experience. Best Egg’s website offers resources to help borrowers make decisions and develop financial literacy, and their loan application process is quick and easy.

Best for small loan amounts

Min. credit score:
700
Fixed APR From:
7.74% –17.99%
Loan amount:
$500– $50,000
Term lengths:
1 to 5 years
Min. annual income:
$0

Overview: PenFed offers loans from $600 to $50,000, the largest loan amount range on this list. PenFed offers APRs from 7.74 percent to 17.99 percent.

Why PenFed is best for small loan amounts: PenFed’s flexible loan range allows borrowers to take out exactly what they need and is particularly well-suited for those looking for smaller loans.

Best for flexible repayment terms

Min. credit score:
Not disclosed
Fixed APR From:
7.99% –23.43%
Loan amount:
$5,000– $100,000
Term lengths:
2 to 7 years
Min. annual income:
$30,000

Overview: SoFi offers loans from $5,000 to $100,000 and relatively low APRs from 7.99 percent to 23.43 percent.

Why SoFi is best for flexible repayment terms: SoFi offers flexible repayment options from 2 to 7 years. The option for a long repayment period makes this lender well-suited for major purchases like an RV.

Best for customer service

Min. credit score:
600
Fixed APR From:
8.99% –24.99%
Loan amount:
$5,000– $40,000
Term lengths:
2 to 5 years
Min. annual income:
$30,000
Overview: Happy Money offers loans from $5,000 to $40,000 with relatively low APRs of 8.99 percent to 29.99 percent. Borrowers can choose from repayment plans ranging from 24 to 60 months.
 
Why Happy Money is best for customer service: Happy Money offers customer phone support 7 days a week and includes an online chat feature on its website. For borrowers looking for attentive customer service from an online lender, Happy Money is a good fit.

Best for borrowers with good credit

Min. credit score:
560
Fixed APR From:
7.99% –35.99%
Loan amount:
$2,000– $50,000
Term lengths:
3 to 5 years
Min. annual income:
$0
Overview: Prosper is a peer-to-peer lender that offers loans from $2,000 to $50,000 with APRs from 7.99 percent to 35.99 percent. Repayment terms for this lender range from 36 to 60 months.
Why Prosper is best for borrowers with good credit: Prosper requires a minimum credit score of 640 to qualify, and borrowers with good to excellent credit are more likely to qualify for this lender’s lowest APR.

Best for borrowers with bad credit

Min. credit score:
580
Fixed APR From:
9.95% –35.95%
Loan amount:
$2,000– $35,000
Term lengths:
1 to 5 years
Min. annual income:
$14,400
Overview: Avant offers loans from $2,000 to $35,000 with APRs from 9.95 percent to 35.95 percent. This lender offers terms from 12 to 60 months.
Why Avant is best for borrowers with bad credit: Avant requires a minimum credit score of 580, making it an ideal lender for borrowers who have less than stellar credit or little credit history.

Best for retired borrowers

Min. credit score:
680
Fixed APR From:
5.75% –15.75%
Loan amount:
$5,000– $50,000
Term lengths:
3 to 5 years
Min. annual income:
$40,000
Overview: Figure offers loans from $5,000 to $50,000 with APRs from 5.75 percent to 31.44 percent. This lender offers terms from 36 to 60 months and requires a minimum credit score of 640 to apply, making it well suited for borrowers with good credit.
Why Figure is best for retired borrowers: Figure does not require verification of employment for retired borrowers, making the lending process easier for borrowers who are no longer in the workforce.

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 $10,000 to more than $1 million, so most RV buyers rely on financing.
 
Many lenders offer RV loans for both new and used recreational vehicles. You may be able to find RV financing through an online lender, a bank, a credit union or the RV dealership where you purchase the vehicle. The RV itself will usually serve as collateral for the loan, 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 15 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. Similar to a home loan, your lender may 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 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 consumer 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.
 
The type of RV and trailer style can determine which lender is best for you. 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 240 months, or 20 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, you’ll pay less in interest over the life of the loan.
 

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. RVs are considered luxury items, and lenders are more cautious about lending money for luxury items because they’re considered expendable during a financial crisis. 
 
Because RVs are considered luxury items, financing is more expensive than with other vehicles. Lenders also generally require that your RV be collateral for the loan.
 
Check your credit score to see what kind of rates you might receive from lenders. Lenders use credit scores (generally FICO scores) to determine your level of credit risk. They will also consider your debt-to-income ratio, which reflects your monthly debt payments divided by your monthly gross income. Most lenders will require a debt-to-income ratio under 40%, although some may go as high as 50%.
 
“Having five or more years of significant credit history, a variety of account types, excellent payment history, a proven ability to save and stable and sufficient income are characteristics that contribute to applicants qualifying,” Nelson says.
 
If you want a variety of quotes, use lending marketplaces that let you fill out one application to get offers from several lenders. This makes it easier to see which terms you qualify for and choose the best deal for your situation. You should also consider pre-qualifying with a few lenders before deciding on one.
 
Whichever route you choose, the lender will want to know some basic information about the RV you intend to purchase. For example, you will need to provide the value, age and mileage of the RV. Buying a used camper can save you money upfront, but it will usually come with higher interest rates and potentially higher maintenance costs in the long run.
 
 

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 lets you get an idea of your terms with a particular lender without making a commitment.

 

Insurance for RV loans

To get a loan from most lenders, you’ll need proof of insurance. Talk to your insurance company and get enough coverage to meet the lender’s requirements. Insurance will add to your monthly costs, so budget for that as well. Consider the best RV insurance companies when comparing rates.
 

How to finance an RV

The steps to getting an RV loan is similar to getting other kinds of loans, but there are some unique things to consider:
 
  • Set a budget: RVs vary widely in price. Before you can figure out what financing you'll need, you need to know about how much you are willing to spend on the vehicle.
  • Save a down payment: You will likely need a 10 to 20 percent down payment. Ideally, you should pay for this out of pocket rather than with a loan to decrease your overall costs.
  • Check your credit score: Your credit score will determine what loan options may be available to you.
  • Decide what type of loan you want: You will want to decide if you would prefer an unsecured personal loan or a secured loan with your RV as collateral.
  • Compare lenders: To find the best loan options, you will want to compare several lenders. If possible, prequalify with a few to determine a realistic idea of your rates and loan costs.
  • Negotiate: You may be able to negotiate a price for your RV, lowering the amount you will need to finance.

Frequently asked questions

Methodology

To select the top RV loan lenders, Bankrate considers 15 factors. These factors include credit requirements, APR ranges, fees, loan amounts and flexibility to account for a wide range of credit profiles and budgets. Of the lenders reviewed, 8 made Bankrate's list of best RV loans. Each lender has a Bankrate rating, which consists of three categories. These categories include:

  • 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.

  • Availability: What the minimum loan amounts are, its eligibility requirements and loan turnaround are considered in this category.

  • Customer experience: This category covers customer service hours, if online applications are available, online account access and mobile apps.