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RV Loans in 2021: Compare RV Financing Options

RV loans are personal loans from online lenders, or secured vehicle loans from banks and credit unions.

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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 an unsecured 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 secured and unsecured RV loans, and what to consider about each option.

Unsecured RV loans:

  • Lightstream: Best unsecured RV loan rates.

  • Marcus: Best unsecured RV loan repayment terms.

  • Upgrade: Best unsecured RV loan for co-signers or joint borrowers.

  • OneMain: Best unsecured RV loan for low credit scores.

Secured RV loans: 

  • Bank of the West: Best overall secured RV loan.

  • Alliant Credit Union: Best secured RV loan for preapproval.

  • U.S. Bank: Best secured RV loan for existing customers.

  • USAA: Best secured RV loan for military members and their families.

  • First Tech Federal Credit Union: Best secured RV loan for new and gently used RVs.

Summary of RV Loans in 2021: Compare RV Financing Options

Our pick for

Low RV loan rates

Lightstream
Check rate

on LightStream's website

LightStream

5.0

NerdWallet rating 
Lightstream

Est. APR

4.49 - 20.49%

Loan Amount

$5,000 - $100,000

Min. Credit Score

660
Check rate

on LightStream's website


Min. Credit Score

660

Key facts

LightStream targets strong-credit borrowers with no fees and low rates that vary based on loan purpose.

Pros

  • No fees.

  • Competitive rates among online lenders.

  • Offers .5% 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.

  • Does not offer 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

Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. AutoPay discount of .50% points is only available when selected prior to loan funding. Rates without AutoPay will be .50% points higher. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 6.14% APR with a term of 3 years would result in 36 monthly payments of $304.85. Truist Bank is an Equal Housing Lender. ©2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust 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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Our pick for

RV loan repayment terms

Marcus by Goldman Sachs
Check rate

on Goldman Sachs's website

Marcus by Goldman Sachs

5.0

NerdWallet rating 
Marcus by Goldman Sachs

Est. APR

6.74 - 19.74%

Loan Amount

$3,500 - $40,000

Min. Credit Score

660
Check rate

on Goldman Sachs's website


Min. Credit Score

660

Key facts

Marcus personal loans stand out with zero fees and a wide range of repayment terms.

Pros

  • No fees.

  • Wide variety of repayment term options.

  • Offers .25% 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: 660 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. 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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Our pick for

Co-signed and joint RV loans

Upgrade
Check rate

on Upgrade's website

Upgrade

5.0

NerdWallet rating 
Upgrade

Est. APR

5.94 - 35.47%

Loan Amount

$1,000 - $50,000

Min. Credit Score

560
Check rate

on Upgrade's website


Min. Credit Score

560

Key facts

Upgrade offers personal loans plus credit-building tools; you'll need strong cash flow to qualify.

Pros

  • Allows secured and joint loans.

  • Offers a wide range of repayment terms.

  • Offers a 0.5% rate discount for setting up autopay.

  • Offers significant rate discount for checking account customers.

  • Offers rate discount with direct payment to creditors on debt consolidation loans.

Cons

  • Charges origination fee.

  • No co-signed loan option.

Qualifications

  • Minimum credit score: 560.

  • Minimum annual income: $35,000; average borrower income is $87,000.

  • Minimum credit history: 3 years.

  • Minimum number of accounts on credit history: 2.

  • Minimum monthly free cash flow: $800.

  • Maximum debt-to-income ratio: Varies between 55% and 65% including the loan you’re applying for and mortgage payments. To see your post-loan DTI, calculate your monthly payments on a personal loan, and then add them to your debt-to-income calculation.

  • Average loan amount is $10,000.

  • Average repayment term is 40 months.

Available Term Lengths

2 to 7 years

Fees

  • Origination fee: 2.9% to 8%.

Disclaimer

Personal loans made through Upgrade feature APRs of 5.94%-35.47%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% 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 $343.33. Over the life of the loan, your payments would total $12,359.97. 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. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor.

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Our pick for

RV loan borrowers with low credit scores

OneMain
Check rate

on OneMain Financial's website

OneMain Financial

4.0

NerdWallet rating 
OneMain

Est. APR

18.00 - 35.99%

Loan Amount

$1,500 - $20,000

Min. Credit Score

None
Check rate

on OneMain Financial's website


Min. Credit Score

None

Key facts

OneMain is an option for bad-credit borrowers, but it comes with high starting rates and an origination fee.

Pros

  • Option to choose your payment date.

  • Offers joint and secured loans.

  • Able to fund a loan the same or next business day.

  • Offers direct payment to creditors on debt consolidation loans.

Cons

  • Rates are high compared to other online lenders.

  • Charges origination fee.

  • No rate discount for autopay.

Qualifications

  • Minimum credit score: None.

  • Minimum income: None; average is $45,000.

Available Term Lengths

2 to 5 years

Fees

  • Origination fee: $25 to $400 or 1 - 10%.

Disclaimer

Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $300. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. New York: $20,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

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Secured RV loans

Secured loans require collateral — in this case, the RV that you’re purchasing — and you may be able to add a down payment to lower the loan amount. This type of RV loan is more commonly offered by banks and credit unions.

Here are five lenders that offer secured RV loans.

Lender

Best for

Loan amounts

Starting APR

Repayment terms

Bank of the West

Best overall secured RV loans.

$10,000 to $2 million

4.29%

4 to 20 years

Alliant Credit Union

Best secured RV loan for preapproval.

Up to $300,000

4.24%

10 to 20 years

U.S. Bank

Best secured RV loan for existing customers.

$25,000 to $150,000

5.24%

1 to 15 years

USAA

Best secured RV loan for military members and their families.

$5,000 to $35,000

5.75%

1 to 15 years

First Tech Federal Credit Union

Best secured RV loan for new and gently used RVs.

$1,500 to $300,000

4.40%

5 to 15 years

Bank of the West

Bank of the West has branches in 19 states across the Midwest and West, but it offers RV loans in all 50 states. You can’t add a co-signer with Bank of the West, but you can get a joint loan, perhaps with someone you’ll share the RV with. The bank requires a down payment of 10% to 30%, depending on the loan amount.

Loan amounts: $10,000 to $2 million. For loans less than $10,000, the bank recommends a personal loan.

Rates: 4.29% to 9.99%. Rates vary by repayment term and amount financed.

Terms: 4 to 20 years. The longest terms are available for large loan amounts only.

Qualifications: To qualify for an RV loan, Bank of the West requires:

  • Asset information, like how much you have in savings and retirement.

  • Two years’ verifiable income history.

  • Existing debt information.

  • Social Security number or individual tax identification number.

The bank says it prefers borrowers with credit scores of 700 or higher.

Alliant Credit Union

Alliant Credit Union offers preapproval, which you can use to negotiate an RV purchase. The credit union says it can usually approve and fund a loan the day you apply. The RV can’t be over 15 years old or have more than 75,000 miles on it to qualify for financing, according to a customer service representative.

Loan amounts: Up to $300,000.

Rates: 4.24% to 23.74%. Ranges vary slightly depending on the repayment term you choose.

Terms: 10 to 20 years.

Qualifications: You have to be an Alliant member to apply for a loan. Your credit profile and the vehicle you’re purchasing affect your ability to qualify for an RV loan.

U.S. Bank

U.S. Bank says it can tell you the day you apply if you’re approved for an RV loan. It offers a 0.5% APR discount for existing customers who set up autopay from a checking account. This is the only lender listed here that charges a fee for paying off the loan early: 1% of the original loan amount if it’s paid off within the first year, up to $100. Borrowers can add a down payment, but it isn’t required. RVs over 12 years old won’t qualify for financing, according to a customer service representative.

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

Rates: Starting at 5.24%.

Terms: 1 to 15 years.

Qualifications: You must live in one of the 25 states where U.S. Bank has branches to apply for a loan. Approval is based on your credit, income, existing debts and the RV.

USAA

USAA is a bank and insurance company that serves military members and their families. The lender says it offers a 0.25% rate discount for setting up autopayments. No down payment is required, and there’s no maximum mileage or age requirement for a vehicle to qualify, according to a customer service representative.

Loan amounts: $5,000 to $35,000.

Rates: Starting at 5.75%.

Loan terms: 1 to 15 years. Repayment term options vary based on the loan size.

Qualifications: You must meet USAA’s membership requirements to qualify for a loan.

First Tech Federal Credit Union

First Tech is mostly for tech company workers and their families. Members can finance an RV up to 10 years old with up to 100,000 miles on it.

Loan amounts: $1,500 to $300,000.

Rates: Starting from 4.40% to 5.30%, depending on loan amount and repayment term.

Terms: 5 to 15 years.

Qualifications: Borrowers must meet First Tech’s eligibility requirements. Membership is also available for those who work for the state of Oregon and members of the Computer History Museum or the Financial Fitness Association.

Approval for an RV loan is based on the vehicle you’re financing and your credit information, but credit unions tend to base part of your loan decision on your history as a member.

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 one to 20 years.

Unsecured RV loans

  • Pre-qualification: Online lenders allow you to pre-qualify for a personal loan, to compare your potential annual percentage rates and loan 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.

  • No collateral: You may not lose your RV if you fail to repay an unsecured personal loan (although there are still consequences to defaulting). 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. The no-collateral aspect of these loans means rates are often higher, but some lenders, like LightStream, offer special rates to finance RVs.

Secured RV loans

  • Lower rates: Some secured vehicle loans 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.

  • Down payment: Some lenders require a down payment, while others make it optional. A down payment means you’ll need money upfront, but it also means you borrow less and pay less overall for the RV.

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 May 5, 2021

Methodology

NerdWallet’s review process evaluates and rates personal loan products from more than 30 lenders. 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 our editorial guidelines.

To recap our selections...

NerdWallet's RV Loans in 2021: Compare RV Financing Options

Frequently asked questions