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If you’re looking at buying an RV, you may need to finance the purchase through an RV loan. Because recreational vehicles are a little different from typical vehicles, not all banks offer funding for RVs, and those that do often have strict loan limits with both vehicle and borrower requirements. RV loans can help you to cover the cost of purchasing an RV.
The best RV loans have low rates, flexible term limits, and flexible loan amounts. They cover a wide range of RV types and are available in most areas of the country. They also feature an easy application process and quick funding.
Best Overall : Alliant Credit Union
With low rates, high maximum loan amounts, and flexible loan terms, Alliant is our top overall pick for RV loans.
Part- and full-timers accepted
Wide range of loan terms
Same-day funding available
Refinancing also offered
Online info is limited
Our top pick for recreational vehicle (RV) loans goes to Alliant Credit Union. It offers a variety of competitive RV loan products for a borrower who plans to live in their vehicle either occasionally or full-time with fast funding.
Though membership is required in order to obtain one of these loans, becoming a member is easy: you’ll just need to be an employee of (or retire from) one of Alliant’s partner companies, have a family member who is already an Alliant member, live in certain communities, or be a member of certain partner organizations. If none of these apply to you, you can simply support Alliant’s partner charity and you’ll be eligible for membership.
RV loans through Alliant Credit Union are available to both part- and full-timers. While many lenders only offer loans to those who use their RV recreationally, Alliant accepts applicants who plan to live in the vehicle full-time.
Loans are offered up to $400,000 with repayment terms as long as 20 years. Rates are competitive and range from 5.09% APR to 5.54% APR. There are no prepayment penalties or fees involved with an Alliant RV loan. Refinance loans are also available to qualified applicants, and both original and refi loans are offered to borrowers in all 50 states.
Same-day funding is possible in many cases, and loan pre-approval is available if you’re still shopping around.
As a membership-based banking institution, there is some information that Alliant does not publish online. For instance, they don’t specify things like down payment requirements for RV loans or loan-to-value (LTV) limits for refinancing. Also, potential borrowers are not able to rate-shop without joining the credit union.
Best for Bad Credit : Southeast Financial
If you’re looking to take out an RV loan with less than stellar credit, Southeast Financial offers loans to borrowers with a minimum credit score of 550.
Credit score minimum of only 550
Previous bankruptcies are OK
Excellent consumer ratings on their site
Financing only available up to $75,000 for those in the Credit Challenge Program
Full-time and park model units not allowed
Prior positive installment loan history required
Getting approved for a competitive loan can be tough if you have poor credit or a past bankruptcy. Through Southeast Financial, however, borrowers with bad credit aren’t just accepted—there’s an entire loan program dedicated to them.
The Credit Challenge Program offered by Southeast Financial offers to connect borrowers with credit scores as low as 550 to banks willing to offer them RV loans. Past bankruptcies are allowed as long as they’re discharged, with stable income requirements of only $20,000 to $30,000.
Recreational vehicles accepted for collateral can be as old as 15 years and loans are offered up to $75,000. Repayment terms range from 60 to 180 months, and there is no penalty if you pay off the loan early. Loans are only available for recreational vehicles, however; if you live in a park model or in a motorhome full-time, this loan isn’t for you.
In order to connect a poor-credit applicant with a loan product, Southeast Financial will look at past installment loan history. This means that if you haven’t had an installment loan before—or if it wasn’t repaid as agreed—you may have trouble getting approved (or snagging a lower rate). On that note, Southeast Financial does not publish partner rates when it comes to non-prime loans, though it does offer to reduce your rate down the line once creditworthiness has been established.
Best for Good Credit : Bank of the West
For borrowers with a credit score of 680 or higher, Bank of the West offers RV loans with maximum loan amounts of up to $2 million.
Loans up to $2 million
Repayment terms range from four to 20 years
Financing available to non-U.S. citizens
Available in all 50 states
Many different vehicle types allowed
Rates as low as 4.74%
Mileage maximums for used/refinanced RVs
Park models not accepted
Credit score of 680+ required
Loan fees apply
Bank of the West, also known as Essex Credit, was founded in the U.S. in 1874. This bank offers highly competitive interest rates and a variety of flexible RV loan products to customers in all 50 states, as long as they have a good credit score (specifically, a score of 680 or higher). For creditworthy borrowers, this lender provides access to rates starting as low as 4.74% APR (up to 10.54% APR).
RV loans through Bank of the West are available from $10,000 all the way up to $2 million, with repayment terms ranging from 48 to 240 months. Loans are very inclusive as well and are offered for a variety of different vehicles and uses.
For instance, RV loans are offered to both part- and full-timers whereas many other lenders only offer loans to recreational owners. Loans include a variety of recreational vehicles such as Class A/B/C motorhomes, fifth-wheels, travel trailers, pop-ups, truck campers, and even certain horse trailers. Park models and tiny homes are some of the only exclusions.
Financing is available to both new and used vehicles from model year 2011 onward. Mileage limits are 60,000 for gas engines and 100,000 for diesel engines, whether you’re buying used or refinancing. Down payments range from 10% to 30%, depending on the purchase amount, and added expenses—such as taxes, title fees, warranties, and loan processing fees—which are rolled into the final loan, as long as maximum LTV limits are met.
Since the loan being offered by Bank of the West is contingent on collateral, pre-approvals are not available. Loan approval can take one to three business days before you’ll get a credit decision, and then there is an additional wait of 9 to 12 business days for RV loan applications to be processed—so it’s definitely not the fastest lender around.
It’s also important to note that there are fees involved with a loan from this bank. There are no application fees or prepayment fees, but Essex Credit does charge loan processing fees.
Best for Quick Funding : LightStream
- Starting interest rate: 4.49%* with AutoPay and Excellent Credit
- Minimum credit score: Not stated
- Loan terms: 36 to 120 months
LightStream offers RV loans with funding as soon as the same day for qualified borrowers.
Same-day funding available
No fees or prepayment penalties
Loans starting at just $5,000
Low loan maximum
If you’re looking for a competitive RV loan that offers quick funding, LightStream is the best option. This lender—which is part of the Truist family—can provide RV loan funding as soon as the same day you apply.
Loans through LightStream are offered starting at $5,000, enabling borrowers to purchase smaller or more affordable recreational vehicles than many other lenders will allow. LightStream will only lend up to $100,000, however, and repayment terms are limited to between 36 and 120 months.
Interest rates range from 4.49% APR to 11.89% APR, depending on the loan amount, repayment term, and borrower’s creditworthiness. An auto-pay discount of 0.50% is also offered. There are no prepayment penalties or fees to worry about with a LightStream RV loan, either.
If you want to save even more, LightStream also has a Rate Beat Program, which offers an interest rate 0.10% lower than a competing lender. Certain terms apply (you must have been approved for a loan with the same terms no more than two business days earlier, for instance), but this gives borrowers a great way to snag even lower rates.
There are a variety of loan options to choose from when it comes to financing the purchase of an RV. Depending on your budget and how you plan to use the RV, you may opt to go with a lender that offers large loan amounts, low rates, or fast funding. Overall, our top choice for an RV loan is Alliant Credit Union
Alliant Credit Union offers flexible RV loans of up to $400,000. While some lenders will only lend to customers who plan to use their RV recreationally, Alliant lends to both part-time and full-time RV residents. They also feature competitive rates and funding as soon as the same day.
Compare the Best RV Loans
|Company||Starting Interest Rate||Minimum Credit Score||Loan Terms (range)||Maximum Loan Amount|
|Alliant Credit Union Best Overall||5.09%||Not stated||120 to 240 months||$400,000|
|Southeast Financial Best for Bad Credit||5.49%||550||Not stated||$75,000|
|Bank of the West Best for Good Credit||4.74%||680||48 to 240 months||$2,000,000|
|LightStream Best for Quick Funding||4.49%||Not stated||36 to 120 months||$100,000|
Guide to Choosing an RV Loan
Understand the Cost of an RV
RVs come with a lot of considerations beyond those of a typical vehicle. For one thing, RVs tend to be much more expensive than cars, with prices ranging from a few thousand dollars to millions of dollars. Luxury RVs often come with additional amenities and internal features to make them comfortable for long-term occupation. When using your RV, there may be additional costs to keep in mind, including campground rental and hookup fees.
Compare RV Loan Lenders
There are a few different factors to consider when comparing RV lenders. These include:
- Rates: The lower the interest rate, the less you’ll end up paying over time. Look for a lender that offers you the lowest possible rates.
- Maximum loan amount: RVs can be much more expensive than other vehicles, so you should choose a lender with a maximum amount that meets your needs.
- Loan terms: Because RVs tend to be more expensive, they also often come with longer term lengths. Keep in mind that you’ll end up paying more interest over a longer term.
- Credit score requirements: Some lenders require that borrowers have a certain minimum credit score. To qualify for the best rates, try to get your credit score as high as possible before applying.
Apply for an RV Loan
Applying for an RV loan is similar to the process of applying for a regular car loan. You’ll need to gather some documents and information beforehand, including your name, address, and Social Security Number, along with what type of RV you plan to purchase and how much money you need. Before you apply, you’ll likely need to save up a down payment of at least 10 to 20%.
You should also work to improve your credit score in order to qualify for lower interest rates. It’s a good idea to compare quotes from different lenders in order to make sure you’re getting the best deal possible.
What Is an RV Loan?
An RV loan is a financial product designed to help finance the purchase of a recreational vehicle. RV loans are typically offered for motorhomes, fifth-wheels, travel trailers, pop-up campers, and even horse trailers in some instances.
Lenders may offer RV loans to a variety of borrowers; some RV owners live in their vehicles full-time while others only use them recreationally throughout the year. In order to find the right lender, you’ll need to decide how you plan to use your RV and choose a lender that accepts those types of borrowers.
How Are RV Loans and Car Loans Different?
While RV and car loans both provide financing for a wheeled purchase, there are many differences. For example, RV loans may include trailer-style vehicles that do not have their own engine, such as fifth-wheel trailers.
RV loans also allow for much larger loans; this is important since RVs are often hundreds of thousands of dollars. Some RVs can cost well into the millions. You won’t typically find an auto lender willing to hand over that kind of funding.
Lastly, auto lenders don’t typically care how often you’re using your vehicle when they approve you for a loan. RV lenders, on the other hand, will often exclude certain borrowers depending on whether they plan to use the RV part- or full-time.
What Is a Good Credit Score for an RV Loan?
As with any loan product, the better your credit score, the better the rate you’ll typically be offered. In order to qualify for the best RV loan rates, you should aim for a credit score of around 700 or higher.
Of course, there are many lenders who also offer RV loans to those with bad credit. While there may be certain income requirements and higher interest rates, borrowers with scores of 550 or higher can often get approved for RV financing.
How Hard Is It to Get Approved for an RV Loan?
Getting approved for an RV loan depends on a variety of factors, such as the vehicle you’re looking to purchase and how often you plan to use it.
If you’ll be using your RV for full-time use, you may find it more difficult to find a competitive lender than if you were using it part-time. Borrowers with credit scores of 700+ will also find it easier (and faster) to get funding.
Many lenders have steady income requirements and may request income verification before loan approval. However, the actual income amount required will vary from one lender to the next.
As with most financial products, borrowers will need to be at least 18 years old. Some lenders have higher age requirements as well. You can typically expect banks to require you to be a U.S. citizen, though some lenders will finance purchases for non-U.S. citizens as long as they reside in the U.S.
How We Chose the Best RV Loans
In order to provide this list of the best RV loans and lenders, we compared more than 10 different financial institutions. We looked at not only their history and consumer ratings, but also their availability and the ease with which consumers can apply for funding. We also compared loan repayment terms, interest rates, credit score requirements, vehicle limitations, and loan minimums/maximums to help you find the best possible loan for your unique RV purchase.