BEST OF
RV Loans: How to Finance an RV Purchase
RV loans are personal loans from online lenders, or secured vehicle loans from banks and credit unions.
RV loans can be unsecured personal loans that you get from online lenders, or secured vehicle loans from banks and credit unions. Rates and terms vary by lender, and the rate you receive will depend on your credit score and income, the age of the vehicle, and if the loan is secured by the RV, or unsecured.
Before hitting the road, consider that most financial experts don't recommend taking a personal loan for discretionary purchases. So unless you’re going to live in your RV, carefully consider the costs of financing — including monthly payments that you may owe longer than the life of the vehicle. If you do take a loan, have a solid plan to pay it off.
Here’s where to find RV loans, how to calculate the costs and questions to ask before you take a loan.
RV loans can be unsecured personal loans that you get from online lenders, or secured vehicle loans from banks and credit unions. Rates and terms vary by lender, and the rate you receive will depend on your credit score and income, the age of the vehicle, and if the loan is secured by the RV, or unsecured.
Before hitting the road, consider that most financial experts don't recommend taking a personal loan for discretionary purchases. So unless you’re going to live in your RV, carefully consider the costs of financing — including monthly payments that you may owe longer than the life of the vehicle. If you do take a loan, have a solid plan to pay it off.
Here’s where to find RV loans, how to calculate the costs and questions to ask before you take a loan.
Summary of RV Loans: How to Finance an RV Purchase
Lender | NerdWallet Rating | Est. APR | Min. Credit Score | Learn More |
---|---|---|---|---|
Best for RV loans | 4.49 - 20.49% | 660 | on LightStream's website | |
Best for RV loans | 6.99 - 19.99% | 660 | on Goldman Sachs's website | |
Best for RV loans | 5.99 - 24.49% | None | See my rates on NerdWallet's secure website | |
Best for RV loans | 5.49 - 16.99% | None | See my rates on NerdWallet's secure website | |
Best for RV loans | 6.99 - 17.65% | None | See my rates on NerdWallet's secure website | |
Best for RV loans | 6.70 - 18.00% | None | See my rates on NerdWallet's secure website | |
Best for RV loans | 7.49 - 18.00% | None | See my rates on NerdWallet's secure website |
Our picks for
RV loans
on LightStream's website
LightStream
Min. Credit Score
Est. APR
Loan Amount
on LightStream's website
on Goldman Sachs's website
Marcus by Goldman Sachs
Min. Credit Score
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on Goldman Sachs's website

on NerdWallet's secure website
Wells Fargo Personal Loan

Min. Credit Score
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on NerdWallet's secure website

on NerdWallet's secure website
U.S. Bank Personal Loan

Min. Credit Score
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on NerdWallet's secure website

on NerdWallet's secure website
USAA Personal Loan

Min. Credit Score
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on NerdWallet's secure website

on NerdWallet's secure website
First Tech Credit Union Personal Loan

Min. Credit Score
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on NerdWallet's secure website

on NerdWallet's secure website
Navy Federal Credit Union Personal Loan

Min. Credit Score
Est. APR
Loan Amount
on NerdWallet's secure website
Where to get an RV loan
When comparing RV loans, use the loan’s annual percentage rate, which includes the interest rate and fees. The loan with the lowest APR is the least expensive.
Online lenders
RV loans from online lenders are typically unsecured and quick to fund, and you can pre-qualify to check your rate with no impact to your credit score.
LightStream offers unsecured personal loans for RVs or trailers priced up to $100,000, with funding as fast as the same day. APRs start at 4.29% for borrowers with excellent credit (720 to 850 FICO) and include a small discount for automatic payments.
Marcus personal loans can be used for any purpose, including RVs. Its maximum loan amount is $40,000, and APRs start around 6% for good-credit borrowers.
Banks
Banks have competitive rates and terms for RV loans. They typically don’t offer pre-qualification and may require an in-person visit to apply.
Wells Fargo provides secured vehicle financing up to $100,000, including RV loans for campers, motorhomes and travel trailers, with funding in one to two business days. Rate discounts are available for setting up automatic payments from a Wells Fargo checking account, and for being a Wells Fargo customer.
U.S. Bank offers secured loans from $5,000 to $150,000 for new or used RVs, travel trailers, pop-up campers and truck campers. You can apply online, by phone or at a branch.
U.S. Bank also provides secured RV loans through dealerships, with loan amounts from $10,000 to $500,000 and repayment terms of up to 20 years. However, the bank may require a down payment of at least 10% on dealer loans.
USAA is a financial services company serving members of the military and their families. It offers secured RV loans for motorhomes, pop-up campers, fifth-wheel RVs, campers and trailers. APRs start at 5.49% for borrowers with excellent credit.
Credit unions
Credit unions are nonprofit organizations serving members who live or work in a particular area or are associated with a certain group. Potential benefits may include lower rates for borrowers with fair or bad credit.
First Tech Federal Credit Union offers secured loans from $1,500 to $300,000 for new and used RVs (up to 10 years old), campers and travel trailers. Rates start at 5.34% APR and are slightly higher for older models.
Navy Federal Credit Union members can apply for secured loans up to $500,000 for campers and RVs, with rates starting at 8.09% APR.
RV loan calculator
Use this calculator to determine the affordability of an RV loan. Enter your expected loan amount, repayment term and APR to see estimated monthly payments, interest costs and total payments.
Financing your RV: Unsecured loans vs. secured vehicle loans
RV loans, whether unsecured or secured, are repaid in fixed monthly installments, typically over a period of two to 20 years. Compare the potential benefits of financing an RV with an unsecured personal loan or a secured vehicle loan.
Reasons to finance an RV with an unsecured loan
Pre-qualification: Online lenders allow you to pre-qualify for a personal loan, to compare your potential rates and loan terms with no impact to your credit score.
Fast time to funding: Online loans can be funded as fast as the same day, depending on how quickly you submit the required documents.
Less risk: You may not lose your RV if you fail to repay an unsecured personal loan (although there are still consequences to defaulting).
Reasons to finance an RV with a secured vehicle loan
Lower rates: Some secured vehicle loans may have lower rates than unsecured loans, as the loan is guaranteed by collateral.
Approval for bad credit: Lenders may be more willing to approve your loan request if you secure the loan with the RV.
Larger loan amounts: You may also be able to finance a larger RV purchase.
RV loans: Questions to ask yourself before applying
What is the RV's true cost? Factor in expenses such as gas, RV insurance, storage, sales tax, repairs and maintenance to determine the RV's total cost.
These costs should fit within a budget that covers your needs, wants, savings and debt payments. Aim to keep savings and loan payments at 20% or less of your income.
Should I build my credit score first? Credit score is a major factor in loan approval, and it impacts your rate and loan terms. Consider building your credit score before applying for an RV loan.
Can I rent an RV instead? Renting an RV may be a faster and more affordable way to get on the road. It also lets you test out a vehicle before committing to a purchase. RVs can be rented from local dealerships or through peer-to-peer rental marketplaces.
Last updated on July 31, 2020
Methodology
NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.
To recap our selections...
NerdWallet's RV Loans: How to Finance an RV Purchase
- LightStream: Best for RV loans
- Marcus by Goldman Sachs: Best for RV loans
- Wells Fargo Personal Loan: Best for RV loans
- U.S. Bank Personal Loan: Best for RV loans
- USAA Personal Loan: Best for RV loans
- First Tech Credit Union Personal Loan: Best for RV loans
- Navy Federal Credit Union Personal Loan: Best for RV loans
Frequently asked questions
Some banks and online lenders have repayment terms of five to eight or more years on large purchases, while credit unions offer terms of five to seven years for RV loans. Repayment terms on RV loans can vary depending on the lender, loan amount and whether the loan is secured or unsecured.
An RV loan that you secure with the vehicle can be financed through a lender. The dealer may also make arrangements for secured financing. With a secured RV loan, you use the vehicle as collateral, so if you fail to make payments, the lender can repossess your RV.
An unsecured loan may have a higher annual percentage rate and shorter repayment terms. If you fail to repay the lender won't take your vehicle. Instead, your credit will be affected.
The minimum credit score to get RV financing depends on the type of financing you choose. For an unsecured RV loan, those with good and excellent credit (690 or higher FICO) and little existing debt typically get the lowest rates. For an RV loan that you secure with the vehicle, rates and credit requirements are often lower.