RV prices range from thousands into millions of dollars. Towable RVs represent the more affordable end of the spectrum, starting around $14,000, according to Bish’s RV, while luxury Class A diesel motorhomes can top out well over $750,000.
If you need a loan for your RV dreams, it pays to find the right lender by comparing interest rates, terms, fees, and minimum credit requirements, to name a few. Our evaluation equips you with the knowledge needed to navigate the complexities of RV financing with confidence.
The following personal loan lenders represent some of the best unsecured RV loans, based on loan amounts, annual percentage rates (APRs), loan terms, funding time, eligibility criteria, and more. Note whether loans are secured by the RV or unsecured, as is the case with most personal loans. And prequalify to see which lenders are most likely to approve your loan, and to get a sense of rates you might qualify for.
We evaluated the best personal loan lenders for RV loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Our team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date. Read our full lender rating methodology for more information.
An RV loan is a type of installment loan you can use to purchase an RV. Depending on the type of RV loan, you may receive a fixed-rate loan in a lump sum that you can use to purchase an RV. Or, if using dealer financing, the money will likely bypass you and go straight to the dealer.
In either case, you’ll make monthly payments for the term of the loan. Most RV loan terms range from two to ten years, but you may be able to secure a longer repayment period, depending on the lender.
There are two types of RV loans: secured and unsecured. The right choice for you depends on your credit history, the loan amount needed, and whether you want to have your RV act as collateral or not.
A secured RV loan is similar to an auto loan, however the RV is used to secure the loan. Some lenders offer secured RV loans with repayment terms of up to 20 years, and often require a down payment of 10% to 20%. However, if you fail to repay your loan, the lender can seize the RV to cover its losses.
Secured loans are generally easier to qualify for since they place less risk on the lender. To qualify for an RV loan, you need to meet the lender’s credit, income, and debt-to-income (DTI) requirements. The higher your credit score, the easier it may be to get an RV loan. But since the loan is secured by the RV, you may be eligible even with bad credit.
Dealerships for RVs have financing options that may include special discounts or perks for using their in-house lender. Moreover, you may be able to qualify for lower rates and APRs than with an unsecured personal loan.
An unsecured loan is a personal loan that you use to fund an RV. Since it’s unsecured, you don’t need to use your RV as collateral. Plus, you don’t need to provide a down payment. Both are key benefits of personal loans relative to RV dealer financing.
While personal loans can be used for most legal purposes, some lenders allow RV loans, while others don’t. For instance, Lightstream and BHG Money offer RV loans for up to $100,000 and $200,000, respectively, and offer repayment terms up to 12 or 10 years.
Unsecured loans are widely available and can be found through banks, credit unions, and online lenders. Approval is dependent on your credit profile and financial health. Personal loan interest rates can range from around 8% up to almost 36% with the average rate for a two-year loan being 12.49% APR, according to Federal Reserve data.
RV loans differ depending on whether you’re shopping for secured or unsecured loans, as well as your personal financial situation. As of May 2024, you can find RV loan rates for unsecured loans as low as 6.99% APR.
You don’t necessarily need good credit to get an RV loan, but it certainly makes it easier to qualify. However, you may need good credit if you’re seeking a large RV loan. Even if you do qualify without good credit, you’re likely to get a higher APR, which can increase your loan costs. However, a cosigner with good credit can increase your chances of approval. But keep in mind they become responsible for making payments if you default.
RV loan repayment terms are different for secured and unsecured loans. Unsecured personal loans have terms up to seven years, typically, and up to 12 years with some lenders. An RV loan secured by the RV or your home could have a repayment term from 10 to 30 years.
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