RV Loan Options: How to Finance an RV
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More people than ever before are vacating traditional homes in favor of the flexibility that comes with living in a van, boat, or recreational vehicle (RV). This “van life” is a new trend for people who want to live a more nomadic lifestyle while taking advantage of a lower cost of living.
If you’re interested in buying an RV, keep in mind they fall into a somewhat unique funding category — since they’re less expensive than a traditional home but much more costly than a car. One option to cover the expense is to take out an RV loan.
Here’s what you should know about RVs loans and where to find them:
What is an RV loan?
An RV loan is a type of personal loan specifically designed for purchasing a new or used RV. With some lenders, an RV loan will be secured by the RV itself, while other lenders offer unsecured loans that don’t require collateral.
Because RVs are considered luxury vehicles, the process to get funding tends to be more complicated compared to regular personal loans. Additionally, repayment terms typically range from one to 15 years — longer than most personal loans.
Learn More: How to Get a Personal Loan
Where can I get an RV loan?
There are a few types of lenders that offer RV loans, including:
Online lenders
Several lenders offer a fully online experience for personal loans — you can apply and get your funds without ever needing to step foot in a physical location. Online loans are also often one of the quickest options for getting a personal loan.
If you decide to take out an online RV loan, be sure to consider as many lenders as possible to find the right loan for your needs. Credible makes this easy: You can compare your prequalified rates on unsecured personal loans from our partner lenders in the table below in two minutes.
| Lender | Fixed rates | Loan amounts | Min. credit score | Loan terms (years) |
|---|---|---|---|---|
 Credible Rating  Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
9.95% – 35.99% APR | $2,000 to $35,000** | 550 | 2, 3, 4, 5* |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
6.79% – 17.99% APR | $10,000 to $50,000 | 700 | 3, 4, 5, 6 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
4.99% – 35.99% APR | $5,000 to $35,000 | 600 | 2, 3, 4, 5 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
5.99% – 24.99% APR | $2,500 to $35,000 | 660 | 3, 4, 5, 6, 7 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
7.99% – 29.99% APR | $10,000 to $50,000 | Not disclosed by lender | 2, 3, 4, 5 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
7.04% – 35.89% APR | $1,000 to $40,000 | 600 | 3, 5 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
9.99% – 35.99% APR | $2,000 to $36,500 | 580 | 2, 3, 4 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
2.49% – 19.99% APR | $5,000 to $100,000 | 660 | 2, 3, 4, 5, 6, 7 (up to 12 years for home improvement loans) |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
6.99% – 19.99% APR1 | $3,500 to $40,0002 | 660 (TransUnion FICO®️ Score 9) |
3, 4, 5, 6, 7 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
18.0% – 35.99% APR | $1,500 to $20,000 | None | 2, 3, 4, 5 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
4.99% – 17.99% APR | $600 to $50,000 (depending on loan term) |
660 | 1, 2, 3, 4, 5 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
6.95% – 35.99% APR | $2,000 to $40,000 | 640 | 3, 5 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
4.74% – 19.28% APR10 | $5,000 to $100,000 | Does not disclose | 2, 3, 4, 5, 6, 7 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
8.93% – 35.93% APR7 | $1,000 to $50,000 | 560 | 3 to 5 years 8 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
5.94% – 35.97% APR | $1,000 to $50,000 | 560 | 2, 3, 5, 6 |
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 Credible Rating Credible lender ratings are evaluated by our editorial team with the help of our loan operations team. The rating criteria for lenders encompass 78 data points spanning interest rates, loan terms, eligibility requirement transparency, repayment options, fees, discounts, customer service, cosigner options, and more. Read our full methodology. |
4.37% – 35.99% APR4 | $1,000 to $50,0005 | 580 | 3 to 5 years4 |
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| Compare rates from these lenders without affecting your credit score. 100% free!Compare Now |
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| All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | 10SoFi Disclosures | Read more about Rates and Terms | ||||
Banks
A traditional bank could also be an option for an RV loan. Not all banks offer RV loans, but some do. If you already have a bank account, you might also qualify for a rate discount if you also take out an RV loan with them.
Credit unions
As nonprofit organizations, credit unions often have lower rates and fees compared to banks. However, credit union loans also tend to be smaller, so you might not be able to borrow enough to fund a particularly expensive RV.
Finance through the dealer
Some RV dealerships offer their own financing either in house or through a partnership with a lender. Depending on the dealer, dealer financing might also give you more flexibility when it comes to determining the final vehicle price or interest rate.
Check Out: Personal Loan Requirements
How to finance your RV
If you’re ready to finance your RV, follow these five steps:
[numbered jumplinks for steps below]
1. Set a budget and save for a down payment
RVs can be expensive — depending on whether you buy a used or new RV as well as the style and amenities you choose, an RV could cost anywhere from $10,000 to $300,000 (or more), according to Camper Report.
Before you borrow, it’s important to take some time to figure out how much you can reasonably afford. Also consider saving up for a down payment to reduce how much you’ll have to borrow. You can estimate how much you’ll pay for a loan using our personal loan calculator below.
Enter your loan information to calculate how much you could pay
With a $ loan, you will pay $ monthly and a total of $ in interest over the life of your loan. You will pay a total of $ over the life of the loan.
2. Check your credit score
When you apply for an RV loan, the lender will review your credit to determine your creditworthiness — so it’s a good idea to check your credit beforehand to see where you stand.
You can use a site like AnnualCreditReport.com to review your credit reports for free. If you find any errors, dispute them with the appropriate credit bureaus to potentially boost your credit score.
If you have poor or fair credit and are struggling to get approved, consider applying with a cosigner to improve your chances. Not all lenders allow cosigners on RV loans, but some do. Even if you don’t need a cosigner to qualify, having one could get you a lower interest rate than you’d get on your own.
3. Decide what type of loan is best for you
There are two main types of RV loans you can choose from, which include:
- Secured loans: If you opt for a secured RV loan, your RV will typically serve as collateral. Because there’s less risk for the lender, rates on secured loans tend to be lower, and you might also have an easier time qualifying compared to an unsecured loan. Just keep in mind that if you can’t keep up with your payments, the lender could seize your RV to recoup their losses.
- Unsecured loans: With this kind of loan, you don’t have to worry about collateral. However, because this is riskier for the lender, the requirements to qualify can be more stringent.
| Pros | Cons | |
|---|---|---|
| Secured loans |
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| Unsecured loans |
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4. Compare lenders and complete the application
Be sure to shop around and compare your options from as many personal loan lenders as you can. This way, you’ll have an easier time finding a loan with favorable terms. As you do your research, consider not only interest rates but also repayment terms, any fees charged by the lender, and eligibility requirements.
After comparing lenders, you can pick which loan option best suits your needs and fill out a full application. Also be prepared to submit any required documentation, such as tax returns or pay stubs.
Learn More: Where to Get a Personal Loan
5. Get your funds
If you’re approved, the lender will have you sign for the loan so the funds can be released to you. In some cases, funds might be sent directly to the dealer.
If an RV loan seems right for you, remember to shop around and consider as many lenders as possible to find a loan best suited to your needs. Credible makes this easy — you can compare your prequalified rates on unsecured personal loans from multiple lenders in two minutes.
Ready to find your personal loan?
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About Rates and Terms: Rates for personal loans provided by lenders on the Credible platform range between 4.99-35.99% APR with terms from 12 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.
