Recreational vehicles (RVs) are a lot of fun, but they can be pretty expensive. Luckily, you don't have to front the entire cost out of pocket. Like a car loan, an RV loan lets you hit the road now and pay off your balance in installments.
While some of the best RV loans come from speciality outfits, traditional lenders can also offer great deals.
CNBC Select has picked the best lenders for RV loans, looking at rates, credit scores, funding speed and more. (For more on how we made our picks, read our methodology below.)
Compare offers for personal loans
Best for bad credit: OneMain Financial
Who's this for? If you have poor to fair credit (a FICO score below 669), OneMain Financial approves applicants in this range. If your score is higher, you're more likely to qualify for a better rate and terms.
Standout benefits: OneMain Financial offers loan terms of 24, 36, 48 or 60 months. There is no prepayment penalty for paying off your loan early.
We like that OneMain accepts borrowers with bad credit and offers secured loans and fast funding. However, its minimum APR is on the high side and the $30,000 financing maximum may be too low if you need a larger loan.
- Approves applicants with bad/fair credit
- Same-day funding available
- Can apply with collateral
- Co-applicants allowed
- High origination fee
- High minimum interest rate
- No autopay discount
- Co-signers not allowed
*You must complete a loan application and continue to meet any criteria used to select you for a loan offer. Not all applicants are approved. Loan approval and actual loan terms depend on applicant's state of residence and ability to meet OneMain Financial credit standards such as a responsible credit history, sufficient income after monthly expenses, and if applicable, availability of eligible collateral.
Not all approved applicants qualify for larger loan amounts, lower APRs, or the most favorable loan terms. For example, larger loan amounts typically require a first lien on a motor vehicle that is no more than ten years old, meets our value requirements, and is titled in applicant's name with valid insurance. APRs are generally higher on loans not secured by a vehicle.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
OneMain charges origination fees allowed by law. Depending on the state where the loan is opened, the origination fee may be either a flat amount or a percentage of the loan amount. Flat fees vary by state, ranging from $25 to $500. Percentage-based fees vary by state, ranging from 1% to 10% of the loan amount subject to certain state limits on the fee amount.
For information about these fees and minimum and maximum loan sizes available in certain states, visit omf.com/loanfees.
Current OneMain Customers: Loan offers presented to a consumer assume the individual has no active loan with OneMain or one of its affiliates. If a customer applies for a new loan offer, a OneMain representative will discuss available options.
Active-duty military, their spouse or dependents covered by the Military Lending Act (MLA) may not pledge any vehicle as collateral. If you are covered by the MLA, you are not eligible for secured loans.Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB's Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Time to Fund Loans: Funding within one hour after loan closing through SpeedFunds® must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after closing.
Best for low rates: Alliant Credit Union
Who's this for? As a credit union, Alliant offers some of the most competitive rates on the market. Loan funding is available up to $400,000 with terms of up to 240 months.
Standout benefits: While some lenders won't allow borrowers to live in their RVs year-round, Alliant approves funding for full-timers. Same-day approval is available in most cases.
We like how Alliant Credit Union combines competitive rates with easy membership requirements and high loan limits. There are no physical branches, however, which could be a deal-breaker if you want in-person banking.
- No origination fee.
- Loan limit of $100,000, which is higher than many other credit unions
- Quick approval with potential same-day funding into an Alliant account.
- Membership only requires joining the Alliant Credit Union Foundation, with dues waived.
- You must be a member for at least 90 days before applying
- Alliant does not offer prequalification
- You can't add a co-signer or collateral.
Best for fast funding: LightStream
Who's this for? In a hurry to close on your RV? LightStream offers unsecured loans that can be funded within one business day. Just apply from your smartphone, tablet or computer, electronically sign your loan agreement and complete the final verification process by 2:30 p.m.
Standout benefits: LightStream offers a 0.50% interest rate discount for borrowers who enroll in autopay. Loans of up to $100,000 are available, with terms of up to 240 months.
We like that LightStream offers competitive APRs, no late or origination fees and long loan term options. But you can't prequalify and the loan minimum may be too high if you only need to borrow a small amount.
- Same-day funding available.
- Loan amounts up to $100,000.
- No origination fee or late fee.
- The minimum loan amount is $5,000.
- Prequalification not available.
- No option to pay your creditors directly.
Best for large loans: Southeast Financial
Who's this for? If you have your eyes on a class A or C motorhome, Southeast Financial is an RV loan marketplace that connects borrowers with partners that approve loans for up to $4 million, the highest limit we've found. It also offers repayment terms of up to 15 years.
Standout benefits: While most RV lenders cap units at 10 years, Southeast Financial will fund units up to 12 years old.
Southeast Financial
Annual Percentage Rate (APR)
Fixed rates starting at 6.99%
Loan purpose
RVs, trailers, boats, motorcycles for non-commercial use
Loan amounts
$10,000 to $4,000,000
Terms
Up to 240 months
Credit needed
Minimum credit score of 575
Origination fee
Not disclosed
Early payoff penalty
Not disclosed
Late fee
Not disclosed
Click here to see if you prequalify for a personal loan offer. Terms apply.
Pros
- Low minimum credit score requirement
- Offers long repayment terms of up to 20 years
- High loan amounts of up to $4,000,000
Cons
- Loan cannot to be used to purchase vehicles for commercial use
- Fees are not disclosed on the website
RV FAQs
What credit score is needed for an RV loan?
There is no uniform credit score needed for an RV. Generally speaking, the higher your credit score, the more likely you are to get approved and receive good terms.
How much of a down payment do you need for an RV?
A down payment for an RV is not always needed. But if your lender does require one, it will typically range from 10% to 20% of the purchase price.
Is it harder to get an RV loan?
Because RVs are more expensive than automobiles and require larger loan amounts, it can be harder to be approved. In addition, the loan term may be as long as 15 years.
Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed financial decisions. Every article is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of loan products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best RV loans.
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Our methodology
To determine which lenders are the best for financing an RV, CNBC Select analyzed dozens of lenders offering speciality RV loans or personal loans that could be used to finance an RV.
When narrowing down and ranking the best loans, we focused on the following features:
- Fees: We considered whether a lender charged an origination fee or other upfront charge. None of the lenders on our list charges an early payoff penalty.
- Loan amounts: Lenders with higher loan maximums were given more weight
- Terms: We considered the maximum loan term a lender would approve and gave more weight to those with longer terms.
- Application: We considered whether lenders offered an easy-to-use online application and same-day or next-day approval and funding
- Customer support: Every lender on our list provides robust customer service and an online resource hub.
- Autopay discounts: We noted whether lenders rewarded borrowers with a lower APR for enrolling in autopay.
We also considered CNBC Select audience data when available, such as general demographics and engagement with our content and tools.
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