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Best RV loans of October 2024

Updated Oct 16, 2024

What to know first: The best lenders for RV loans give you access to a wide range of loan amounts at competitive rates and flexible terms to help you finance the perfect RV for your travel plans. You’ll find loan amounts as high as $100,000 with repayment terms as long as 12 years to buy a luxury RV. If you just want a used RV for weekend warrior getaways, you could borrow as little as $1,000 and pay it off in a year.

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PERSONAL LOANS

LightStream: Best overall RV loan

4.7

Est. APR
6.99- 15.89%
Loan term
2-12 yrs*
Loan amount
$5k- $100K
Min credit score
695
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PERSONAL LOANS

Upstart: Best for bad credit

4.8

Est. APR
7.80- 35.99%
Loan term
3-5 yrs
Loan amount
$1k- $50K
Min credit score
300

PERSONAL LOANS

Upgrade: Best for flexible fair-credit terms

4.7

Est. APR
9.99- 35.99%
with AutoPay
Loan term
2-7 yrs
Loan amount
$1k- $50K
Min credit score
580
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PERSONAL LOANS

Best Egg: Best for secured and unsecured options

4.6

Est. APR
7.99- 35.99%
Loan term
3-5 yrs
Loan amount
$2k- $50K
Min credit score
600
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Check rate with Bankrate

PERSONAL LOANS

Prosper: Best for borrowers with good credit

4.6

Est. APR
8.99- 35.99%
Loan term
2-5 yrs
Loan amount
$2k- $50K
Min credit score
640

PERSONAL LOANS

SoFi: Best for HIGH LOAN AMOUNTS FOR LOWER CREDIT SCORES

4.7

Est. APR
8.99- 29.49%
with all discounts
Loan term
2-7 yrs
Loan amount
$5k- $100K
Min credit score
300

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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. Check the Bankrate insights in the closer look sections to see how other Bankrate users have benefited from each lender’s products.

LightStream: Best overall RV loan

LightStream
Rating: 4.7 stars out of 5
4.7

Overview: LightStream, owned by Truist Bank, is one of the most competitive online lenders in the personal loan space. It offers a quick application process, fast funding and low APRs. While LightStream's standard rates run from 6.99 percent to 25.49 percent, its RV loan option caps out at just 15.89 percent, with autopay.

Est. APR
6.99%–15.89%
Loan amount
$5k– $100k
Min credit score
695

Upgrade: Best for flexible fair-credit terms

Upgrade
Rating: 4.7 stars out of 5
4.7

Overview: Upgrade offers personal loans with competitive fixed rates, a simple application, a quick funding process and flexible borrowing amounts. These loans can be used to finance a new or used RV, even if your credit is not the best. 

Est. APR
9.99%–35.99%
Loan amount
$1k– $50k
Min credit score
580

Prosper: Best for peer-to-peer lending

Prosper
Rating: 4.6 stars out of 5
4.6

Overview: Prosper is a personal loan pioneer. When it launched in 2005, it was the first firm to enter the peer-to-peer lending arena. Prosper offers unsecured personal loans through WebBank to customers with a variety of credit profiles, which may come in handy if you need RV financing. 

Est. APR
8.99%–35.99%
Loan amount
$2k– $50k
Min credit score
640

SoFi: Best for high loan amounts for lower credit scores

SoFi
Rating: 4.7 stars out of 5
4.7

Overview: A SoFi personal loan is a good choice for borrowers with stable incomes and slightly lower credit scores. Along with a fully digital experience, SoFi offers large loan amounts and accepts joint applications to give borrowers more RV purchasing power.

Est. APR
8.99%–29.49%
Loan amount
$5k– $100k
Min credit score
300

Upstart: Best for bad credit loans

Upstart
Rating: 4.8 stars out of 5
4.8

Overview: Upstart looks at more than just your credit score when reviewing your application, which makes it a solid choice if you’ve got some credit history issues. The lender doesn’t publish a credit score minimum and offers loan amounts between $1,000 to $50,000, which should cover a smaller RV.

Est. APR
7.80%–35.99%
Loan amount
$1k– $50k
Min credit score
300

Best Egg: Best for secured and unsecured options

Best Egg
Rating: 4.6 stars out of 5
4.6

Overview: Best Egg gives borrowers creative secured and unsecured loan options. Qualified borrowers may even be able use the equity in their car to buy an RV with a Best Egg loan.

Est. APR
7.99%–35.99%
Loan amount
$2k– $50k
Min credit score
600

What are RV loans?

An RV loan works like any other installment loan — it’s just specifically for buying a recreational vehicle. If you opt for an unsecured RV loan, you qualify based on your credit score, income and credit history. They're offered by banks, credit unions, online lenders and dealerships and typically have terms that range between two and seven years.

Although most lenders require at least good credit, approval requirements will vary across companies. However, it's likely that the RV you're financing will need to be approved as well if it's a secured loan, regardless of your creditworthiness. If your RV doesn't match the make, model or year standards set by the lender, you could be denied. 

Types of RV loans

There are two types of RV loans: secured and unsecured. Which is right for you depends on your credit profile, the amount you require and whether you want to offer your RV as collateral for the loan.

  • Secured RV loans: Secured loans are generally easier to get approved for and have less stringent financial requirements. The lender can repossess your RV if you default. They may also take longer to approve since the RV must meet the lender’s requirements. 
  • Unsecured RV loans: This type of RV loan is simply a personal loan that you take out to fund the purchase of an RV. No collateral is required. Approval is based solely on your credit profile and financial health. Rates may be higher than secured loans. They are often funded faster since they don’t require the lender to approve the RV.

Pros and cons of RV loans

Like every other type of loan, there are advantages and disadvantages to taking out a secured or unsecured RV loan. Here's what to be aware of before signing your final paperwork.

Green circle with a checkmark inside

Pros

  • No collateral is required to qualify for unsecured loans.
  • Funding is often faster for unsecured loans.
  • Some lenders offer RV-specific benefits.
  • Higher loan amounts and longer terms may be available than other loan types.
  • Unsecured RV loans don’t require a down payment.
Red circle with an X inside

Cons

  • Interest rates and fees may be more expensive than other types of financing.
  • You must make the monthly payments to avoid losing your RV on a secured loan.
  • You may need a down payment to qualify for a secured RV loan.
  • If you choose a secured option, the RV may not meet the lender’s requirements.

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 rivaling 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.

Current RV loan rates

Current unsecured RV loan rates can range from around 7 percent up to almost 36 percent. If you have fair or poor credit your interest rate will be higher. In this case, consider saving for a larger down payment and working to improve your credit

CREDIT BAND CREDIT SCORE RANGE AVERAGE PERSONAL LOAN INTEREST RATE
Excellent Credit 720-850 10.73%-12.50%
Good Credit 690-719 13.50%-15.50%
Average Credit 630-689 17.80%-19.90%
Bad Credit 300-629 28.50%-32.00%

Your RV rate is considered “good” if it gives you an affordable payment based on the loan amount and term you choose without excessive origination fees. For example, you may be offered the lowest rate for a short term — like two years. However, you’ll make a bigger monthly payment than if you chose a slightly higher interest rate with payments spread out over a longer term, like seven years. 

How to compare RV loan lenders

For many, affording an RV requires financing. Consider these factors when choosing the best RV lender.

  • Loan approval requirements: Every lender has a unique set of approval requirements. Lenders specializing in RV financing generally 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 displayed on the lender website are typically the minimum and maximum you can qualify for. 
  • Loan amounts: RV loan amounts can be high depending on the vehicle you want to buy. Use a loan calculator to determine exactly how much you need to borrow. Include costs like sales tax, insurance and immediate maintenance and repair costs. Borrow only what you need to avoid paying interest on money you're not using.
  • Repayment options: RV lender terms tend to be long since recreational vehicles tend to cost more than cars. A longer repayment term keeps your payment low but costs you more interest in the long run. Consider each lender's repayment options 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 whether you prefer an in-person or a completely online experience. Check with your local bank or credit union if you prefer in-person service.
  • Perks and special features: Whether the lender has usage restrictions, discounts offered, additional features and special programs may help sway your decision when comparing similar lenders.
  • Co-borrowing availability: Not all RV lenders allow co-borrowers, so if you need two incomes to qualify, choose a lender that permits them.

How to apply for an RV loan

The process of applying for an RV loan varies depending on whether you choose a secured or an unsecured loan. Getting a secured RV loan is similar to taking out an auto loan.

  1. Prepare your financial information: You’ll be asked to verify financial information, like income, so have documentation like bank statements and pay stubs ready. Qualification requirements will vary by lender, but most will require a minimum credit score, typically 670 or higher. If your score is low, you may qualify for a bad credit personal loan, but the interest rate and fees will be much higher. You could also consider a co-signer.
  2. Compare loans from several different lenders: Always prequalify with at least three lenders and compare the rates, fees, loan amounts and terms they offer. Once you decide whether you want a secured or unsecured loan, make sure you’re comparing apples-to-apples loan types.
  3. Choose a lender and apply: Once you review your offer and pick the best option, follow the lender’s instructions to apply. Make sure this is the lender you prefer because this step requires a hard credit check. During the approval process, the lender will ask for additional documents, including proof of identity. If you apply for a secured loan, the lender will also need detailed information about the RV you’re financing.
  4. Receive funds: If you take out a secured loan, your funds will be paid directly to the RV dealer. If you choose an unsecured personal loan, in most cases, the funds are paid to your bank account for you to use to buy your RV.

Insurance for RV loans

Savings Icon

Money tip: To get an RV 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. Get a quote from your insurance company and ensure your coverage meets the lender's requirements to speed up the RV loan process.

Alternatives to RV loans

If an RV loan isn't your best financing route, there are a few other ways to fund your purchase. Keep in mind that your options may be more limited depending on the price tag of the RV you want.

  • Pay in cash: Take the time to save and pay cash. This route could save you thousands of dollars in interest accrual and fees. Consider preowned and older models to save on the cost.
  • Use your home equity: A home equity loan allows you to borrow against the equity in your home and offers lower interest rates and longer repayment terms, up to 30 years.
  • Rent instead: If you aren’t a frequent RV-er, determine how much you’ll actually use the vehicle. If you’re only planning a couple camping trips per season, it may make more sense — and save you a ton of money — to rent an RV instead of buying one.

Frequently asked questions about RV loans

How we made our picks for best RV lenders

Bankrate's trusted personal loans industry expertise

48

years in business

30

lenders reviewed

20

loan features weighed

665

data points collected

Finding the right RV loan can mean the difference between worry-free roadtrips and monthly payment headaches. To select the best personal loans for RVs, Bankrate’s team of experts evaluated over 30 lenders. Each lender was ranked using a meticulous 20-point system, focusing on four main categories: