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RV Loans in 2022: Compare RV Financing Options

RV loans are personal loans from online lenders, or secured vehicle loans from banks and credit unions, that pay for your camper, motorhome or trailer.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Purchasing a new or used camper, motorhome, trailer or other type of recreational vehicle is a large expense that many people can’t afford outright.

Whether you’re looking for unsecured or secured loan options, here’s how to finance an RV with a personal loan, plus tips on where to find the best RV loans and how to apply.

RV Loans in 2022: Compare RV Financing Options From Our Partners

Our pick for

Unsecured RV loans

SoFi
Get rate

on SoFi's website

SoFi

5.0

NerdWallet rating 
SoFi

Est. APR

7.99-22.73%

Loan amount

$5,000-$100,000

Min. credit score

680
Get rate

on SoFi's website


Min. credit score

680

Key facts

Qualified borrowers will find few lenders better than SoFi, thanks to its zero fees and thoughtful perks like unemployment protection and free financial advising.

Pros

  • No fees.

  • Offers co-sign loan options.

  • Offers 0.25 percentage point rate discount for setting up autopay.

  • Offers unemployment protection.

  • Provides mobile app to manage your loan.

Cons

  • No secured or joint loan option.

  • High minimum loan amount.

Qualifications

  • Must legally be an adult in your state.

  • Must be a U.S. citizen, permanent resident or visa holder.

  • Must be employed, have sufficient income or have an offer of employment to start within the next 90 days.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Fixed rates from 7.99% APR to 22.73% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/1/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

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Upgrade
Get rate

on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

6.95-35.97%

Loan amount

$1,000-$50,000

Min. credit score

560
Get rate

on Upgrade's website


Min. credit score

560

Key facts

Customizable loan features and discount opportunities make Upgrade a strong option for fair- and bad-credit borrowers.

Pros

  • Secured and joint loans.

  • Multiple rate discounts.

  • Mobile app to manage loan payments.

  • Direct payment to creditors with debt consolidation loans.

  • Long repayment terms on home improvement loans.

Cons

  • Origination fee.

  • No option to choose your payment date.

Qualifications

  • Minimum credit score: 560.

  • Minimum number of accounts on credit history: 1 account.

  • Maximum debt-to-income ratio: 75%, including the loan you're applying for.

  • Minimum length of credit history: 2 years.

  • Minimum income requirement: None. Lender accepts income from alimony, retirement, child support, Social Security and other sources.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: 1.85% to 8%.

  • Late Fee: $10.

  • Failed payment fee: $10.

Disclaimer

Personal loans made through Upgrade feature Annual Percentage Rates (APRs) of 6.95%-35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $341.48. Over the life of the loan, your payments would total $12,293.46. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early.

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Upstart
Get rate

on Upstart's website

Upstart

4.5

NerdWallet rating 
Upstart

Est. APR

5.42-35.99%

Loan amount

$1,000-$50,000

Min. credit score

None
Get rate

on Upstart's website


Min. credit score

None

Key facts

Though Upstart’s personal loans don’t come with dazzling features, they’re a fast-funding option for borrowers with low credit scores and strong earning potential.

Pros

  • Accepts borrowers new to credit.

  • Able to fund loans within one business day.

  • Offers direct payment to creditors with some debt consolidation loans.

  • Allows borrowers to choose and change payment date.

Cons

  • Borrowers can choose from only two repayment term options.

  • Charges origination fee.

  • No mobile app to manage the loan.

Qualifications

  • Minimum credit score: None.

  • Minimum credit history: None, this lending platform accepts borrowers with credit history too limited to produce a FICO score.

  • Minimum gross income: $12,000.

  • Employment: Full-time job, full-time job offer starting in 6 months, a regular part-time job, or another source of regular income.

  • Must have U.S. residential street address where borrower resides (unless military personnel on active duty).

  • Must be at least 18 years old.

  • Valid email account required.

  • Personal bank account with U.S. routing number required.

Available Term Lengths

3 to 5 years

Fees

  • Origination fee: 0% - 8%.

  • Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer

Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state: GA ($3,100), HI ($2,100), MA ($7,000), NM ($5,100), OH ($6,000).This offer is conditioned on final approval based on our consideration and verification of financial and non-financial information. Rate and loan amount are subject to change based upon information received in your full application. This offer may be accepted only by the person identified in this offer, who is old enough to legally enter into contract for the extension of credit, a US citizen or permanent resident, and a current resident of the US. Duplicate offers are void. Closing your loan is contingent on your meeting our eligibility requirements, our verification of your information, and your agreement to the terms and conditions on the www.upstart.com website.The full range of available rates varies by state. The average 5-year loan offered across all lenders using the Upstart platform will have an APR of 21.4% and 60 monthly payments of $24.62 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $14,775 including a $582 origination fee. APR is calculated based on 5-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.

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Marcus by Goldman Sachs
Get rate

on Goldman Sachs' website

Marcus by Goldman Sachs

5.0

NerdWallet rating 
Marcus by Goldman Sachs

Est. APR

6.99-24.99%

Loan amount

$3,500-$40,000

Min. credit score

720
Get rate

on Goldman Sachs' website


Min. credit score

720

Key facts

With zero fees and customizable repayment terms, Marcus offers one of the best personal loans for borrowers with good credit.

Pros

  • No fees.

  • Wide variety of repayment term options.

  • Offers 0.25 percentage point rate discount for setting up autopay.

  • Offers direct payment to creditors for debt consolidation loans.


Cons

  • No co-sign, joint or secured loan option.

Qualifications

  • Minimum credit score: 720 FICO.

  • May need to provide proof of income, including recent pay stubs or bank statements.

  • May need to provide Social Security number, Individual Tax ID number or a photo ID.

Available Term Lengths

3 to 6 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. Rates range from 6.99% to 24.99% APR, and loan terms range from 36 to 72 months. For NY residents, rates range from 6.99%-24.74%. Only the most creditworthy applicants qualify for the lowest rates and longest loan terms. Rates will generally be higher for longer-term loans. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans). Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

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Lightstream
Get rate

on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

4.99-19.99%

Loan amount

$5,000-$100,000

Min. credit score

660
Get rate

on LightStream's website


Min. credit score

660

Key facts

LightStream’s low rates and zero fees make it one of the top lenders for borrowers with good or excellent credit.

Pros

  • No fees.

  • Competitive rates among online lenders.

  • Offers 0.5 percentage point rate discount for setting up autopay.

  • Special features including rate beat program and satisfaction guarantee.

Cons

  • No option to pre-qualify on its website.

  • Requires several years of credit history.

  • No direct payment to creditors with debt consolidation loans.

Qualifications

  • Minimum credit score: 660.

  • Several years of credit history.

  • Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage.

  • Strong payment history with few or no delinquencies.

  • Investments, retirement savings or other evidence of an ability to save money.

  • Enough income to pay existing debts and a new LightStream loan.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: None.

  • Late fee: None.

Disclaimer

Rates quoted are with AutoPay. Your loan terms are not guaranteed and may vary based on loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice. AutoPay discount is only available when selected prior to loan funding. Rates without AutoPay are 0.50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $25,000 loan at 4.98% APR with a term of 20 years would result in 240 monthly payments of $164.71. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. Truist Bank is an Equal Housing Lender. © 2022 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

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How do RV loans work?

RV loans are installment loans, meaning you’ll receive the loan in a lump sum, then pay it back in fixed monthly installments that include interest. Repayment terms range from one to 20 years.

Banks, credit unions and online lenders offer RV loans. The type of lender you choose will probably depend on whether you want a secured or unsecured loan.

Before hitting the road, consider that most financial experts don't recommend using 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.

Secured RV loans vs. unsecured RV loans

The biggest differentiator between RV loans is whether they’re secured or unsecured. Secured RV loans use collateral — in this case, the RV itself — to guarantee the loan. Each type of loan has its advantages.

Secured RV loans

Since the loan is guaranteed by collateral, secured loans typically have lower rates than unsecured loans. Lenders may also be more willing to approve your application if you secure the loan with the RV, so if you have a lower credit score, it may be easier to get approved or to finance a larger loan amount.

But secured loans come with a big risk: If you fail to make payments, the lender can repossess the RV. Lenders may also require a down payment, which means you’ll need money upfront, but it also means you borrow less and pay less overall for the RV.

Unsecured RV loans

Unsecured loans do not require collateral. Instead, approval is based on your credit score, income and existing debt. For some borrowers, rates may be higher on an unsecured loan.

Online lenders that offer unsecured loans usually allow you to pre-qualify, so you can compare rates and terms with no impact on your credit score. This isn’t as common with secured loans, because their rates are determined by the vehicle you’re financing.

You also won’t lose your RV if you fail to repay an unsecured loan (although there are still consequences to not paying). It may also be possible to finance an older RV or one with more miles on it, which are limitations on some secured RV loans.

Pros and cons of secured and unsecured RV loans

Pros

Cons

Secured RV loans

  • May carry lower interest rates and longer terms.

  • If you have a low credit score, you may have an easier time qualifying.

  • You may need to have cash on hand for a down payment.

  • If you fail to repay the loan, the lender can seize your RV.

Unsecured RV loans

  • Can usually pre-qualify to preview potential rate and term.

  • No collateral is required, so you won’t risk losing your RV.

  • Interest rates may be higher and terms shorter.

  • You’ll need a strong credit score and solid finances to get the best offer.

  • If you fail to repay the loan, the lender can take you to court.

Who gives RV loans?

The online lenders listed above provide some of the best unsecured RV loans. If you want a secured RV loan, you’ll probably need to apply with a bank or credit union.

Secured RV loans from banks

Bank of the West

Bank of the West offers RV loans in all 50 states but not in Washington, D.C. You can apply for a loan online. Then, you'll be assigned a sales representative who will work with you to close the loan.

Loan amounts: $10,000 to $2 million.

Rates: 4.24% to 10.49%.

Terms: 4 to 20 years.

U.S. Bank

U.S. Bank’s RV loans are available in the 25 states where the bank has branches. You may have to visit a branch to close an RV loan, but the bank says it can give you an approval decision on the same day you apply.

Loan amounts: $25,000 to $150,000.

Rates: Starting at 5.24%.

Terms: 1 to 15 years.

USAA

USAA offers RV loans to military members and their families. Members can apply for an RV loan online but will need to call USAA to close the loan.

Loan amounts: $5,000 to $500,000.

Rates: Starting at 6.20%.

Loan terms: 1 to 15 years.

Secured RV loans from credit unions

Credit unions also offer secured RV loans and tend to look more favorably on applicants with fair or bad credit (689 FICO or lower). You’ll need to become a member to apply.

Check with your local credit union first. National credit unions also offer RV loans. First Tech Federal Credit Union and Alliant Credit Union have financing up to $400,000 with rates starting below 4.5%.

How long are RV loans?

The length of an RV loan will depend on the lender, loan amount and whether the loan is secured or unsecured. Terms usually range from one to 20 years.

You’ll want to select a loan term where you can comfortably afford the monthly payments while keeping in mind overall interest costs. A longer term means lower monthly payments, but more interest.

For example, a $30,000 loan at 6% APR with a five-year repayment term would have monthly payments of $580 and cost $4,799 in total interest. The same loan with an eight-year repayment term would have monthly payments of $394, but cost $7,847 in total interest.

Use NerdWallet’s RV loan calculator to calculate your RV payments.

What is the current interest rate for RV loans?

Similar to repayment terms, the annual percentage rate on RV loans varies.

An unsecured RV loan will have an APR ranging from 6% to 36%. See the table below for average unsecured interest rates based on your credit bracket. If you’re unsure what credit bracket you fall into, you can check your credit score for free on NerdWallet.

How's your credit?

Score range

Estimated APR

Excellent

720-850.

10.6%.

Good

690-719.

15.5%.

Fair

630-689.

19.6%.

Bad

300-629.

25.6%.

Source: Average rates are based on aggregate, anonymized offer data from users who pre-qualified in NerdWallet’s lender marketplace from Jan. 1, 2022, to July 31, 2022. Rates are estimates only and not specific to any lender. The lowest credit scores — usually below 500 FICO — are unlikely to qualify. Information in this table applies only to lenders with APRs below 36%.

Secured loans typically have lower annual percentage rates, with many lenders offering single-digit rates.

How to get an RV loan

To get an RV loan, you’ll need to apply for the loan with the lender. Most applications are online, but you may need to close the loan in person at a branch or by phone, especially if it’s a secured loan.

Loan applications require you to submit personal information including your name, address, contact details and Social Security number. You may also need to provide supporting documents to verify your identity, employment and income.

If you’re applying for a secured RV loan, you’ll need to supply vehicle information, like the vehicle year, make, model and model number.

Unsecured loans can be funded as quickly as the same or the next day after you’re approved. Secured loans may take one to two weeks.

Last updated on April 27, 2022

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 35 financial institutions. We collect over 45 data points from each lender, interview company representatives and compare the lender with others that seek the same customer or offer a similar personal loan product. NerdWallet writers and editors conduct a full fact check and update annually, but also make updates throughout the year as necessary.

Our star ratings award points to lenders that offer consumer-friendly features, including: soft credit checks to pre-qualify, competitive interest rates and no fees, transparency of rates and terms, flexible payment options, fast funding times, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider regulatory actions filed by agencies like the Consumer Financial Protection Bureau. We weigh these factors based on our assessment of which are the most important to consumers and how meaningfully they impact consumers’ experiences.

This methodology applies only to lenders that cap interest rates at 36%, the maximum rate most financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation for our star ratings. Read more about our ratings methodologies for personal loans and our editorial guidelines.

To recap our selections...

NerdWallet's RV Loans in 2022: Compare RV Financing Options

Frequently asked questions