Are you dreaming of hitting the open road with a home on wheels? With the help of recreational vehicle (RV) financing, you can bring that dream to life sooner rather than later. But how do RV loans work, where can you get one, and will you qualify? Here’s what you need to know.
What is an RV loan?
An RV loan is an installment loan that covers the cost of a recreational vehicle. Similar to an auto or personal loan, you repay the loan amount (plus interest and fees) through monthly payments over a set term. You can find RV loans from a variety of companies, including banks, credit unions, RV dealers, and online lenders.
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How do RV loans work?
The cost of a new RV ranges from around $14,000 to well over $750,000 — a large amount to pay out of pocket. RV loans provide you with a lump sum of funds upfront so you can purchase your RV of choice. You then repay the amount through installment payments over a set term, such as 10 to 15 years.
RV loan costs
RV loans have an annual percentage rate (APR), which accounts for the loan’s interest and upfront fees, and indicates the percentage of the balance you’ll pay in borrowing costs each year. For example, if you request a $50,000 RV loan with a 10-year term, and the loan has a 10% APR, you’d be looking at a total of $29,290 in interest charges over the life of the loan with a $661 monthly payment.
Keep in mind, you may need to pay fees for state tax, title, registration, Uniform Commercial Code filing, and loan processing.
Tip:
Plug an RV loan amount, term, and APR into our personal loan calculator to see your estimated monthly payment amount and total loan cost.
Learn More: What Is the Difference Between Interest Rate and APR?
Down payments and collateral requirements
Beyond the basics, the way an RV loan works varies depending on the lender and loan type you choose. For example:
- Down payments: Some lenders require down payments on RVs, while others offer 100% financing. A down payment can reduce your loan amount and borrowing costs, but requires you to pay more upfront.
- Collateral: Lenders might require you to use the RV as collateral for the loan. If you opt for a secured loan, you may be able to get a lower APR and higher loan amount, but the loan origination process can take longer and your RV can be repossessed if you fail to make payments.
Where to get an RV loan
You can find RV financing from a variety of organizations. Here’s what you should know about each.
Banks
You may be able to get an RV loan from certain traditional banks. However, many of the largest banks either don’t offer RV loans or don’t provide them directly to consumers. For example, Chase doesn’t provide RV loans at all, while U.S. Bank and Bank of America only offer RV financing through their networks of RV dealers. You may have better luck with smaller community banks.
Credit unions
RV loans are more common among credit unions. They often have competitive loan offerings and flexible eligibility requirements. Many credit unions operate on a regional basis and require members to meet certain requirements to become members. However, credit unions have become more accessible thanks to online banking.
Online lenders
Another option is online lenders. Many online financial service organizations offer RV loans and/or personal loans that can be used to purchase an RV. In most cases, you can apply online and get an approval decision within a few minutes. While often unsecured, some lenders also offer secured options.
A perk of going this route is the sheer amount of online lenders in the market. You can prequalify with several lenders without hurting your credit score, and compare rate estimates side by side to find the best deal. Just note that prequalification is not an offer of credit, and your score may temporarily drop when you formally apply for a loan.
Advertiser DisclosureOverview
Lightstream is one of three Credible partner lenders to offer loan amounts up to $100,000, which makes it ideal for financing large expenses like home improvements or weddings. Funds are available as soon as the same day you apply, and you'll have up to 12 years to repay certain types of loans, including home improvement loans, RV loans, and boat loans. There are no origination fees, and rates are low — Lightstream's lowest APR beats SoFi's advertised lowest APR by 1 percentage point. But you'll need good credit to qualify.
Unlike most lenders, Lightstream does not let you prequalify on its site. Nor does it provide a contact phone number next to its customer service hours on its website.
Repayment terms
2 - 12 years, depending on loan purpose
Eligibility
Available in all states except RI and VT
Time to get funds
As soon as the next business day
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Upstart has one of the lowest available APRs of Credible partner lenders and of all non-partners we reviewed, making it a good choice for well-qualified applicants. However, it's also is one of few lenders that doesn't have a minimum credit score requirement (if you apply on the lender's website), which makes it an option if you have bad credit or no credit history. Upstart may charge an origination fee as high as 12%, but good-credit borrowers may not be charged one at all.
Trustpilot gives Upstart 4.9 stars, which is the highest of all lenders we reviewed.
Time to get funds
As soon as 1 to 3 business days
Loan uses
Pay off credit cards, consolidate debt, relocate, make a large purchase, and other purposes
Overview
Discover Personal Loans offers low APRs, repayment terms up to seven years, no origination fees, nationwide availability, and doesn't require your Social Security number to prequalify on its site. You'll need to have an annual income of at least $40,000, and a FICO score 660 or higher, to be eligible. If your credit score is fair or poor, you'll need to go elsewhere, as Discover doesn't allow cosigners.
Funds are available as soon as the next business day after loan approval.
Eligibility
Available in all 50 states
Time to get funds
Funds can be sent as soon as the next business day after acceptance
Loan uses
Auto repair, credit card refinancing, debt consolidation, home remodel or repair, major purchase, medical expenses, taxes, vacation, and wedding
Overview
Upgrade has a suite of features that make it a very attractive lender: competitive interest rates, discounts for direct pay and autopay, as soon as same-day funding, up to seven-year repayment terms, and nationwide availability. Plus, loans are available to fair-credit borrowers, and you don't need to input your Social Security number to prequalify on the website. Upgrade even offers secured personal loans, which is not common among lenders.
However, Upgrade does charge an origination fee of 1.85% to 9.99%. You must have a FICO score of at least 600 and a minimum income of $25,000 annually to qualify.
Loan amount
$1,000 to $50,000 ($3,005 minimum in GA; $6,600 minimum in MA)
Loan uses
Credit card refinancing, debt consolidation, home improvement, major purchase, other
Overview
LendingClub is a solid lender for good credit borrowers and some fair credit borrowers that apply directly on its website. It's easy to prequalify with LendingClub, especially if you're uncomfortable providing your Social Security number, as the company doesn't require it at the prequalification stage. (You will need to provide it if you move forward with a full application.)
While prequalification is not a guarantee that you'll be approved for a loan, LendingClub does a better job than most other Credible partner lenders at approving applicants that have successfully prequalified. In other words, you're less likely to have your application declined once you apply (if you've already prequalified). LendingClub may charge an origination fee between 3% and 8%.
Eligibility
Available in all 50 states
Loan uses
Debt consolidation, paying off credit cards
Overview
SoFi stands out for offering no-fee personal loans with competitive rates, high loan amounts, long loan terms, discounts for autopay and direct pay, and funding as soon as the same day. Plus, SoFi prioritizes convenience for existing and potential customers with features like live chat and an easy prequalification process that doesn't require your Social Security number.
The main catch is that you need to qualify for a loan with SoFi, which can be hard to do if you don't have good credit. You also won't be able to apply with a cosigner, since SoFi doesn't accept cosigners; nor does it offer secured personal loans.
Fees
Option to pay an origination fee (up to 6%) in exchange for a lower rate
Time to get funds
Typically within a few days, given approval and bank account verification, but sometimes within the same day
Loan uses
Solely for personal, family, or household uses
Overview
Best Egg is a solid lender for a wide range of borrowers and, notably, scored second for personal loan satisfaction in J.D. Power's Consumer Lending Study. It offers competitive rates, reasonable loan terms and amounts, and personal loans for fair credit. You'll need a FICO score of at least 600 to qualify, but the lower your score, the higher your APR may be. The APR includes the interest rate and origination fees, which range from 0.99% to 8.99% with Best Egg.
Note that if you successfully prequalify with Best Egg, you may be more likely to be approved for the loan relative to other lenders you prequalify with. Based on Credible data, borrowers who chose to apply for a loan with Best Egg were more than twice as likely to be approved (relative to most other Credible partners).
Fees
Origination fee, late fee, unsuccessful payment fee, check processing fee
Eligibility
Available in all states except DC, IA, VT, and WV
Time to get funds
As soon as 1 to 3 business days after successful verification
Loan uses
Credit card refinancing, debt consolidation, home improvement, and other purposes
Overview
Avant personal loans are a good choice for borrowers with bad credit looking for small- to moderate-sized personal loans. Loans are available up to $35,000 and you could get the money as soon as the next business day after approval. Plus, Avant is more likely than some lenders to approve the applications of borrowers who've prequalified with Avant. However, the lender charges an origination fee up to 9.99%, and its top-range interest rates are among the highest of the lenders we reviewed.
Fees
Origination fee, late fee, dishonored payment fee
Eligibility
Available in all states except HI, IA, MA, ME, NY, VT, and WV
Time to get funds
As soon as the next business day (if approved by 4:30 p.m. CT on a weekday)
Loan uses
Debt consolidation, emergency expense, life event, home improvement, and other purposes
Repayment terms
1 to 5 years (2 to 5 years through Credible)
Overview
It’s worth considering a personal loan through Splash if you have good credit (ideally, a FICO score above 700). The platform offers loans from a wide range of lenders, and next-day funding is available. Plus, Splash has a live chat feature so you can get real-time answers without having to wait on hold or for an email. Loans are available up to $100,000 if you apply via Splash’s website.
Rates are competitive, but borrowers with excellent credit may find lower APRs elsewhere. If you need a repayment term longer than five years, you’ll need to look elsewhere as well.
Loan amount
$5,000 - $100,000 (up to $35,000 on Credible)
Eligibility
Available in all states except VT. OH and NM net disbursed amount must be greater than $5,000. MA must be greater than $6,000
Time to get funds
Same day available, typically 1-3 days
Loan uses
Debt consolidation, home improvement, medical expenses, major purchases
Overview
Universal Credit is one of a handful of lenders that offers personal loans for bad credit. If your FICO credit score is at least 560, you may be eligible for a Universal Credit personal loan. It offers loan amounts up to $50,000, repayment terms up to seven years, and discounts for direct pay and autopay. Funds are available as soon as the next business day after loan approval.
Note that rates and fees can be relatively high — you may pay an origination fee from 5.25% to 9.99%, and APRs start at 11.69%. If you get a loan with a high interest rate, consider refinancing your personal loan at a lower rate once you've improved your credit score.
Eligibility
A U.S. citizen or permanent resident; not available in DC, IA, SC, WV
Time to get funds
As soon as 1 business day after acceptance
Loan uses
Debt consolidation, pay off credit cards, home improvements, unexpected expenses, home and auto repairs, weddings, and other major purchases
Overview
Happy Money has been in operation since 2009 (formerly known as Payoff). It's an option for fair-credit borrowers (plus those with better credit), and notably has a relatively low top-end APR. In other words, you could qualify for a lower rate with Happy Money with fair credit, relative to other lenders that offer fair-credit loans. The company does charge an origination fee on some loans, up to 5%, but that's not as high as some other lenders' origination fees.
You should be prepared to wait a few days to get your money, as funding can take three to five days once approved. And loans aren't available in Massachusetts or Nevada. Happy Money has an A+ rating with the BBB and is ideal for debt consolidation and credit card consolidation loans.
Eligibility
Available in all states except MA, MS, NV, and OH
Time to get funds
As soon as 2 - 5 business days after verification
Loan uses
Debt consolidation and credit card consolidation only
Overview
BHG Money stands out for offering the largest loan amounts — up to $200,000 — of any Credible partner lenders. Simply put, if you need an unsecured personal loan over $100,000, there are very few places to look, but BHG is one. You'll have up to 10 years to repay the loan, but you'll need an annual income of at least $100,000 to qualify and a FICO score that's 660 or higher. However, if you have a cosigner that meets these requirements, BHG will consider your application.
Loan amounts start at $20,000, so look elsewhere for small loans. And BHG charges a modest origination fee between 2% and 4%, depending on your financial profile. Loan funds are available within three to 14 days of loan approval. Note that you can't prequalify with BHG.
Fees
Origination fees, late fees
Eligibility
Available in all states except Maryland and Illinois
Loan uses
Debt consolidation, baby (adoption), engagement ring financing, moving (relocation), business, home improvement, special occasion, cosmetic procedures, major purchase, taxes, credit card refinancing, medical expenses, vacation, wedding, other
Fees
Origination Fee, $15 Late Fee, $25 NSF Fee
Eligibility
Available in all states except CO, CT, ME, NV, NH, TN, VT, WV, WY, and all U.S. Territories
Time to get funds
Funds typically deposited into your account in 1 business day13
Loan uses
Debt consolidation, credit card refinancing
Overview
OneMain Financial has multiple options for bad-credit personal loans. There is no minimum credit score required (if you apply directly with OneMain), which means you could get a loan with bad credit (FICO below 580). Plus, cosigners are allowed — a cosigner is someone (ideally, with good credit) who promises to repay the loan if you can't, which can make it easier to qualify or lower your rate. And, secured personal loans are available. You secure a loan with collateral, which may also help you qualify or lower your rate.
Rates are higher than competitors and OneMain charges origination fees as either a flat fee up to $500, or a percentage from 1% to 10% (depending on your state of residence). Note that even if you prequalify for a personal loan with OneMain, getting approved isn't a given.
Fees
Origination fee, unsuccessful payment fee, late fee
Eligibility
Must have photo I.D. issued by U.S. federal, state or local government
Time to get funds
As soon as 1 to 2 days after acceptance
Loan use
All except business, and education
RV dealerships
If you’re buying an RV from a dealership, dealers often offer loans in-house or through their network of lenders. It can be convenient to take care of the purchase and financing in one place. Further, dealers are incentivized to get you approved to close the sale. However, it may be harder to negotiate the sale price when the dealer knows your full financial situation (as they would once you’ve applied for financing). They may also mark up interest rates or tack on hidden fees to increase their profit.
How to get an RV loan
Once you’re ready to get an RV loan, here are the general steps to follow:
1. Check your credit and finances
Before comparing lenders, perform a few financial checks of your own. First, review your budget to figure out the maximum monthly RV payment amount you can afford, and for how long you can afford it. Decide on your ideal monthly payment amount, along with the absolute maximum you’d be willing to pay per month. (Don’t be tempted to go over that amount.)
Next, review your credit reports and scores. Ensure that all the information is correct and look for opportunities to get a quick credit score boost. For example, you may be able to increase your Experian credit score by adding utility bills to your account. Paying down outstanding credit card balances can also help decrease your credit utilization, which can quickly increase your score.
2. Research RVs
If you already have an RV in mind, skip this step. If you don’t, research online to get a better idea of the type of RV you want. There are many types, including travel trailers, fifth wheels, toy haulers, truck campers, van campers, Class A’s, and more. Further, there are a wide variety of makes, models, and years.
Key factors to consider during this stage are the RV’s length, weight, floor plan, style, appliances, features, and reviews. Additionally, check on the towing capacity of your vehicle, pay attention to how many people the RV sleeps, and consider whether you want to buy a new or used RV. Sites like Camping World and RV Trader can be helpful for this research.
3. Shop around and get quotes
With an idea of the RV you want, take note of its ballpark cost. From there, shop around for RV loan quotes online. You can start by checking with your bank or credit union. Additionally, prequalify with online lenders to get an estimate of rates.
Within a few minutes, you can have a lineup of quotes to compare side by side. Look for a loan that covers the RV’s estimated purchase price minus the amount you intend to cover, and plus taxes and fees. If you can’t afford the payments, you may need to reduce the loan amount by covering more of the upfront cost yourself (a higher down payment) or by considering a more affordable RV.
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4. Find your RV
Next, head out to find the right RV at the right price. Visit local RV dealerships, search RV sites online, and search online platforms like Facebook Marketplace or Craigslist. With your financing in place, you can negotiate the sale price as a cash buyer.
Tip:
If you find an RV at a dealership, you can still negotiate the price as a cash buyer. However, once the price is settled, see how their financing compares to yours.
5. Finalize the loan
Once you’ve found the RV you want to buy and agree with the seller on the price, contact your lender of choice to move forward. You may need to provide the details of the RV you’re purchasing and verify information like your identity, income, and employment. Upon approval, the lender will fund the loan, sometimes as soon as the same day. For example, they may send you a check, deposit money via an ACH transfer, or wire it directly to the seller.
RV loan eligibility requirements
While eligibility requirements vary from one lender to the next, most consider your:
- FICO score
- Credit history
- Debt-to-income ratio
- Assets/liquidity
- Employment status/history
- Down payment amount (if any)
- RV make, model, year, and fuel type (when secured)
- State of residency
RV loans for bad credit
Bad credit — meaning a FICO score below 580 — can make it hard to get an RV loan, but you may still get approved. A good place to start is checking which online loans are available to you. If you prequalify with lenders, but don’t receive any suitable estimates, try applying through a credit union or RV dealership.
Credit unions tend to have more lenient requirements for their members, relative to banks. And RV dealers are incentivized to get you financed, so they often have a wide network of lenders for different types of borrowers. Finding a loan that uses the RV as collateral may be your best bet.
RV loan FAQ
How long are RV loans?
RV loan terms often range from 10 to 15 years, sometimes even 20. Smaller loan amounts, however, may have shorter terms, such as four years. Lenders determine the terms available to you based on your loan amount, income, current debt, credit history, and whether the RV will secure the loan.
What are the interest rates on RV loans?
Interest rates on RV loans vary by provider and depend on your credit, income, and current debt. You can typically check a lender's APR range online and request a quote to find the rate available to you. Secured loans generally have lower APRs than unsecured loans, since the lender can take your collateral if you don’t make payments.
Can you have a cosigner on an RV loan?
Some lenders allow you to apply for RV loans with the help of a cosigner, but not all. For example, Achieve, OneMain Financial, PenFed, and BHG all offer unsecured loans and let you apply with a cosigner. OneMain and BHG are Credible partners.
Loan Amounts:
- $2,000 Loan
- $1,000 Loan
- $5,000 Loan
- $10,000 Loan
- $30,000 Loan
- $40,000 Loan
- $45,000 Loan
- $60,000 Loan
- $80,000 Loan
- $100,000 Loan
Meet the expert:
Jessica Walrack
Jessica Walrack is a freelance finance writer and journalist with over a decade of experience. During that time, she’s written hundreds of articles about loans, insurance, banking, mortgages, credit cards, budgeting, and taxes for well-known publications including CBS News MoneyWatch, USA Today, US News and World, Investopedia, and The Balance Money.
